Rent Is Dead Money, Buying Is An Investement.
BUt your pouring your money into a whole, a house is an investment, for the long term.
I always think about this because I want to live in a flat when I move out after uni.
Probably buy though if I could, so that if you wern't working either because of being unemployed or age then rent would be one less bill to worry about..
definately buy. Makes sense in the long run. Renting is just throwing money away pretty much....
people seeing houses as investments is exactly why they have lost so much value recently, and will continue to do so.
Interestly, if 2 people had £10,000 to invest in 1980, one put is as deposit on the house and another invested in the stock market, today (2008), the one who invested in the stock market would be about £50k better off even after paying rent all those years.
The model breaks down when you look at shorter periods of time, for example if you did the same model from 2000-2008 then buying wins by £75k, but over a long period of time its interesting to see that most peoples preceptions are out slightly.
I'd buy a house, but I rent a flat at the moment, and I wouldn't buy a flat.
Buying. A) Cheap at the mo B) Get all your money back (nearly or more) when you sell, renting is throwing away money C) Can save say 8k a year opposed to spending it on rent
buy, because then its yours and you own it, its yours to do with what you please
does tie you down a bit though
and you could lose money, especially if the housing market drops when you've decided to sell it
buying is better in the long term if you wnat stability but it is about choosing the right tiem to buy and seell
there are currently lots of people with massive mortgages with houses worth less than the mortgage.
Buy, definitely. I would never like to rent unless it was totally unavoidable.
buy, houses are cheap at the moment
they are unlikely to go down in value that much now. and will as a rule generally increase in value.
renting can be crap. you may not be able to decorate your house how you like etc its just money down the drain