the Rent or Buy thread

[nathanVY]

So we started this discussion (I'm sure it's not he first one ) In my thread, (link if you want to read).


Posting this thread because I'd like to know peoples opinions and maybe get some new ideas.

a) Save money, Buy a house, Be in thousands of $ of debt for most of your life..

b) Save & invest money, rent the house you want to live in, buy an investment property when you have a substantial amount of money or even outright..


Be interested to know ways of short to long term investments. Open to pro's/con's of each one. Renting is something I can't avoid, I'm not in a position to buy a house -but I could probably get in one reasonably quickly if I wanted to.


Discuss.

 

[Rufys]

Right now...... Rent. Property ownership is not a good investment right now. It will be again at some point.

Long term, buy. But as long as you have a view to own. There is no need to be in a position that means you're paying off a property for a long time.

 

[SP00KSTER]

rent, easy to do and you can save up money while you rent and then buy a house
or like me you can just live at home.

 

[88GreenVN]

Buy is just about always the best way to build wealth. If your on the move all the time then renting is the way to go - but have a base home some place being rented out in return. That way when capital growth is on the go, your not losing out to inflation.

But I would not buy right now with all the pending doom clouds hanging around the economy.

 

[nathanVY]

rent, easy to do and you can save up money while you rent and then buy a house
or like me you can just live at home.

yeah thats what I was thinking.. rent, and use all the extra money to save / invest and then buy a property AS AN INVESTMENT. rent it out straight away, it never affects your personal life.

Buy is just about always the best way to build wealth. If your on the move all the time then renting is the way to go - but have a base home some place being rented out in return. That way when capital growth is on the go, your not losing out to inflation.

But I would not buy right now with all the pending doom clouds hanging around the economy.

Is it? or is it the thing everyone does?

Interesting I would've thought now is the best time to buy a house, the market is at its lowest point in years is it not ?

 

[Big_Simmo]

Oor you could buy a place and rent out rooms

But yeah id just rent a place n save to get an investment property.
I did that then when I was 22 I bought my own place while renting out the 2 others.
All i can say for more advice is get income protection, I never had it and the 9 months in hospital then the 21months without an income ended up with me selling it all off

 

[elmaso]

buying a house is obviously the best bet, but $300,000+ for a fair house is completely ridiculous.
most you can do now is save!
renting is good for the time being, but i have my doubts you pack up and live in a cheap place around norlane/whittington to be able save like crazy. hahaha

 

[GEN3RATD]

just buy a lambo

you can live in a car but you cant race a house

 

[nathanVY]

Oor you could buy a place and rent out rooms

But yeah id just rent a place n save to get an investment property.
I did that then when I was 22 I bought my own place while renting out the 2 others.
All i can say for more advice is get income protection, I never had it and the 9 months in hospital then the 21months without an income ended up with me selling it all off

Haha dude, i'm going to be newly married. Not having anyone else in my house :whistling:

For a good few years at least

income protection would be a good idea if I had loans etc to pay, will keep it in mind, cheers.

 

[minux]

If you are building, I'd buy. If you plan on not building, rent.

I personally would not be buying to invest at the moment. Rent is not even close to covering the average mortgage and you will be out of pocket far too much. It is why all these stupid investors are going belly up. Over borrowed on over inflated properties, now the market is slowing they are suffering.