Why You Should Rent vs Buy A Home

In this video, I explain a few scenarios in which renting may be a smarter option than owning a home



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[NateOBrien]

Hi everyone. In many cases, buying a home can be smarter than renting. With that said, there are a few scenarios in which renting MAY be a more sensible option, especially in the short term. The goal of this channel is to make you think!

[TheCreditShifu]

I think renting will always be better until you are 100% sure you want to live in a certain area long term, the house buying/selling process is just such a headache and expensive

[bhoomishah]

I think buying a property is a great investment. In fact, even if you move to another city you can always rent your apartment to someone and create a new income source.

[mikehenricks]

As a real estate investor and mortgage associate I genuinely never understood the appeal of renting for anyone other than students or temporary workers... until I saw this video. I can now really understand why I am renting a property to people. This was great, thank you for the video.

[TylerSherwin]

People often say “renting is just flushing your money down the toilet”, but they forget that for most people, owning a home isn’t like owning an asset, it’s more like owning a liability. Most people think they make money when the house appreciates, but obviously that’s only if you sell it. Great points Nate!

[c.t.u.o]

Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.

[bookwarmtee]

I rent and for me it is perfect. I work out of my home what safes me money to. No gas expenses to get to work.
I also like renting because I am not responsible for any of the property. Few years ago we got hit with sever hail. Windows and roofs, had to be replaced. Boy was I happy to rent! People are still fixing damage the hail did on their property and it has been 2 years since it happened. I also like the fact that I can move with more ease. A friend of mine had to move out of state. Before he could place his house for sale he had to spend money on fixing up the place. Sure this will not be everyone's case but for me that's to much hassle.

[Idkbkn]

Also dealing with maintenance! Having a apartment, it’s the landlords job if something happens!

[Noah-tqbi]

Still saving for that first down payment 😪❤️

[ChrisInvests]

I know it can sometimes be better to rent but emotionally it's nice to own your own place that you can do what you want with 🤷‍♂️👍

[reverentconsciousness]

California is soo expensive... I bought a few years ago, and glad I did. I can't afford the monthly rent on my old, tiny, apartment

[Idkbkn]

I can’t wrap my head around living in the same place for the rest of my life like some ppl do, I like changing my environment 😭🔥

[kathyvolpe]

Real estate taxes need to b considered also when buying a home. They can b a hefty expense depending on location especially after the home is paid off. I. E. Living in NJ & paying $12, 000.00 to $20, 000.00 yearly in RE taxes vs. living in Fl and paying $700.00 yearly in RE taxes. That s why older people flee high tax states like NY, NJ, & CA and retire in NV & Fl low tax states. Just think of all that $$ that is being paid to government officials to pick up your trash once a week that could otherwise b put into a ROTH or investing in another retirement vehicle. Thanks for the good info Nate.

[WhiteBoardFinance]

Owning > Renting if you're going to live there long term

[sonofroderick]

Very good advice. I'm 58. Owned a home and car. Took care of my mother. She passed at home. I took care of her. Went bankrupt, lost my 401(k). It was something I would do again. I rent now cause I'm older, upkeep is and can be consuming financially, especially when you're starting over

[RyanK-]

Yep. You hit the nail on the head. The financial press has been saying this for 30 years. The difference between renting and owning is a wash. For example, if you take out a 30 year mortgage to buy a home for $400, 000 today, it will be worth $500, 000 at the end of the 30 years. Instead, if you rent at a much lower rate than mortgage payments AND YOU INVEST THE DIFFERENCE + THE OTHER ASSOCIATED COSTS OF OWNING A HOME into the stock market, you will have $500, 000 at the end of 30 years. It seems hard to believe, because you donated so much to your landlords over the years. But this is the consensus among financial gurus. Of course, most people would not invest the difference. They would live a higher lifestyle "because they deserve it." But if you owned the home, you would be living at the lower standard. So it is people's psychology that comes into play for the old mantra, "It is always better to own than rent."

[jonathanmcgovern]

Hate thought being tied down for 30yrs in one place with mortgage+'hidden costs'. Prefer renting - flexibility to move.

[stephen]

Renting can definitely be better depending on life circumstances. Aside of the financial irrecoverable cost with owning a home, there is no price for the stress. All homeowners know the sleepless nights that come with home repairs. A new roof, water in the basement, plumbing problems, liability for sidewalks and trees, repairing appliances, etc.

[vilena]

Grew up in a family home with a large garden. No one could appreciate it more than I do.
However the effort, the time and the money to maintain it were truly never-ending. I hated weekends as a teenager because I knew I had to dust and vacuum the whole house. And my parents would come after work, eat quickly and then throw themselves at some of the many tasks that needed to be doing.
I'll be renting or buying an apartment near some nice green park, thank you very much.

[november]

If you have enough for a deposit, I don't see the point of putting money into someone else's pocket. Where I live, having a mortgage is cheaper than renting. I'm not sure why your parents spend so much on maintenance lol Plus not having to worry about paying rent when I'm retired will be a big relief!