If the amount you are paying in rent would cover a mortgage it’s definitely worth considering. There are other expenses when you’re buying a property so you need to make sure you are aware of these, for example solicitors and application fees etc.
For first home buyers, getting onto the property can be difficult, have a read of this article that discusses some guidelines and opportunities to help buyers get into the market: http://bit.ly/I5GaJx
Melanie1:03AM May 15, 2012
Great stuff. The fact you're paying off the best asset you'll ever have, instead of paying off your landlord's asset, is the most compelling reason I can think of for buying over renting.
Read a great article from a local (New Zealand) perspective on the same topic yesterday: http://news.open2view.com/2012/05/03/for-love-and-money-why-buying-a-house-is-so-much-better-than-renting
Mike6:29PM May 03, 2012
Listen to this interesting situation: I own a home an hour from work. In an attempt to save money, I rented out my home to a tenant and rent a home close to where I work. I didn't want to sell my house at a loss because of current market value. So tax time came and the accountant said I actually had "rental income". I assure you, I am at a loss because of the double insurance I have to have (landlord and rental) and the fact that I receive no tax write-offs for the high rent I have to pay. I feel like this economy is rigged against me either way.
JBof MD12:23PM April 25, 2012
Is it not a mockery to tax someone's property; effectively saying, “You have no home”?
"No landlord can kick you out" is false, and the landlord, “you [must] speak to,” is your city and state imposing their unconstitutional measures daily, constantly displacing families from their homes due to a lack of ability to pay property tax.
But, is it legal: Article 1, Section 1 of the California Constitution reads:
All people are by nature free and independent and have inalienable rights. Among these are enjoying and defending life and liberty, acquiring, possessing, and protecting property, and pursuing and obtaining safety, happiness, and privacy.
Who possesses property, in California, the state will not take even after the purchase has been paid in full if one is unable to pay property tax.
Where is a liberty, what has been acquired, where are the means to protect it, what happened to the safety of knowing you have a home, and a place of privacy?
If that is not enough, the cost of maintaining the home is constantly increasing, especially with “The Federal Reserve’s Explicit Goal: Devalue the Dollar 33%” in 20 years (Forbes). This also should be noted with the ever-increasing tax rate.
Sincerely, Joseph C. Carbone III; 24 April 2012
★"˜¨¯¯¨˜"ª¤(¯`*•.¸(¯`*•.. The Hon. Dr. Ron Paul for 2012 ..•*´¯)¸.•*´¯)¤ª"˜¨¯¯¨˜"★
I'm confused..around here rents are actually higher than mortgages, so I'm not sure why renters wouldn't be forced to save. What's the difference between making sure there's 1200 in the bank on May 1 for the rent and making sure there's 800 in the bank on May 1 for the mortgage?
veronicaof NH7:40PM April 24, 2012
It is the thought of another predatory mortgage not owning another home that is the problem.
Mittens the Cat of OR7:08PM April 24, 2012
Mr. Romney stated: "Corporations are people." That is his family, money and vision for the country. Even while big corporations are lying off American workers, Human Resources will tell you: "this isn't personal, it's business." All Americans think… “United we Stand. ” I will not join the AARP until it stops doing business with Big Businesses (Insurance Companies i.e. the Hartford Ins.) who out sources American workers for foreign India workers, etc. If people would stop joining, we would see corporations respect American workers, because… people are standing united against this abuse of corporate power. Hey, this isn’t personal; it’s the only business, big business understands.
OMG... Ex- Gov. Romney passed into law the Massachusetts Health Care bill, which forces the poor and middle class to obtain health insurance whether they can afford it or not! He taxed to death the state residents to fund the largest tunnel built leading into Boston. Now, the western half of his state's infrastructure (Bridges and Roadways) are decaying, so commerce is not in its' best shape.
When retail gasoline outlets post $5 per gallon before July and thereafter $5.75 per gallon, the wealthy right wing will have crushed the American economy. Stocks will loose what the wealthy middle class has feared most, reaching into their retirement savings.
Greed has overtaken common sense to do the right things, back when businesses paid taxes and not seek loop holes... example, when employers fraudulently lay off their American workers and then reclassify their job title, same tasks with additional work. The laid off worker has to reapply for their same job at a lower starting wage (up to 50% less). It gets worst for the working class taxpayers; employers receive a new hire tax break on rehires (tempts)!! The government does not record the employers laid off workers vs. new hires or what the laid off worker's income was vs. the re-hire's starting wages (same employee trying to keep their job reapplying for the same work). This is employment fraud!!! There isn't one Federal Judge who will put a stop to this abusive business conduct. Companies are notorious for giving their employees an average cost of living increase only to nullify it by cutting back your work hours or suspending any future wage increases for several years.
Politicians are just as blind when towns and other states give big businesses property tax breaks for 5 to 10 years just to acquire them. That is morally wrong and should be illegal. After these new companies establish themselves in those towns, they end up hiring very few locals’ vs. relocating their faithfully following employees to the new state's town. It gets worst, after their tax exemption of five or ten years expires, they threaten to move away if the towns or states don't extend their tax exemption. Tax breaks for big businesses needs to be outlaw by every State in the Union. This is the only way to break the ‘No Tax Cycle’ of big businesses, which are financially hurting states and towns with their perfected method!
Reader Comments
Back to article
Melanie 1:03AM May 15, 2012
Mike 6:29PM May 03, 2012
JB of MD 12:23PM April 25, 2012
Joseph C. Carbone III of CA 9:39PM April 24, 2012
veronica of NH 7:40PM April 24, 2012
Mittens the Cat of OR 7:08PM April 24, 2012
NewRepublican of RI 12:22PM April 24, 2012