(Closed) Considering moving out for the first time, should I rent or buy a place?

posted 3 years ago in 20 Something
Post # 31
Member
46 posts
Newbee

Since you have enough saved up and you plan on living in the same town for a long time, I’d suggest buying a home because you are inviesting in something and it’s yours. You pay about the same on a monthly basis once you figure in your mortgage payment, home owner’s insurance, and taxes. The only way it can get pricier is if something breaks then it’s on you to fix or replace it, not a landlord. My family encouraged me to rent after getting married and that’s just what my husband and I did. However, if I had to do it all over again, I would have bought a home instead.

Post # 32
Member
2129 posts
Buzzing bee
  • Wedding: July 2016

Rent. I’ve owned my home for 10 years, home ownership drains your pockets, something ALWAYS  needs fixing. I’m looking forward to selling my home and going back to renting for the rest of my life! Homeownership is a trap…you never really own it…pay off the house and stop paying the taxes on it and see what happens…

Post # 33
Member
55 posts
Worker bee
  • Wedding: April 2017

Rent and then buy. If you’ve never lived out of home before you don’t necessarily know what you would like in a place. Don’t rent long term — like, one or two years tops. If you rent somewhere affordable it’s not TOO much a waste of money. 

It is certainly good to buy because renting is a money sink but buying a house is a money sink too. Sort of, anyways. I think it’s a safer option to rent first because it is a shorter term decision too. Also, being house poor sucks. 

Post # 34
Member
366 posts
Helper bee

Mlim:  definitely buy! have him move in and help you chip away at that mortgage and if you really want to get smart about it, rent a room out ans have them chip in too. Can you tell I have been contemplating the same thing?! good on you for saving that money!

Post # 35
Member
740 posts
Busy bee
  • Wedding: June 2016

I would always recommend rent first – I’ve lived alone for over 5 years and still wouldn’t say I’m ready to buy yet. A house is a huge responsibility. For the first time you move out it is safest to rent, until you have a better idea of what you’re looking for, learn to fully balance the full list of bills, get to know neighborhoods better, etc. 

Post # 36
Member
441 posts
Helper bee
  • Wedding: June 2016

I would suggest renting first. Not only will it give you a better sense of what you want/don’t want in an apartment, but it will also enable you to find out what your monthly expenses will be and give you a better sense of what you can afford. It’s also definitely not true that houses/apartments always gain in value. My FH and I bought an apartment and if we were to sell it now we would definitely have a loss, since we made a lot of renovations on the space. We figure we would have to stay for a minimum of 7 years to break even, or rent it out after we move. In our area renting is definitely an option, but it adds it’s own set of pros/cons.

Post # 37
Member
752 posts
Busy bee
  • Wedding: October 2011

WestCoastV:  thank goodness someone said this!! I was wondering if folks slept through the housing collapse!!

i also agree with renting.  Get a roommate and rent for a year. When boyfriend is a little more self sufficient and can contribute, maybe move in together then. 

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