• Apartments and Home Rentals

Is renting a home like throwing your money away?

User Avatar

Wiki User

βˆ™ 2006-09-11 21:25:24

Best Answer

Depends. House payments are usually less than rent but in reality, payments never end. There are taxes, utilities, maintenance, mow the lawn, etc. So, I guess it's more a case of pick your poison, so to speak. You're not throwing your money away; you're paying for the roof over your head. Tossing your money in the trash would be throwing your money away. Exchanging money for a service or product is not a waste of money, as your question implies. Is it more cost-effective, in the long run, to purchase one's own home than to pay rent to a landlord? Usually, but not always, and only in the long term, and only if property values increase, which is usually, but not always, the case.

2006-09-11 21:25:24
This answer is:
User Avatar

Your Answer


Related Questions

The Advantages Of Renting To Own?

If you don't qualify for a traditional mortgage, you may want to consider renting to own. Many sellers, faced with a poor housing market, can act as the lender when other lenders, such as banks, have turned down potential buyers. Renting to own has several advantages. First, you could get a better interest rate from the seller than from a bank. Second, you are not throwing your money away with a rental or lease, you are actually putting your money towards owning the home. The next time you are looking for a home, ask the seller if they will consider a rent to own contract.

What are the pros and cons of renting a home?

The pros of renting a home, is that you are not tied down to that one residence. The cons of renting a home, is that you'll never own that residence.

What does mean to take as border into your home?

It means to have someone pay you money so they can stay in a room at your home. Very similar to renting a room to someone.

Is home renting better in any way when compared to renting an apartment?

Home renting is better financially only when you are renting to own. Other than that, simple advantages could include privacy from neighbors and more space.

Is renting a home just like renting an apartment?

Yes renting a home is just like renting an apartment although it may be more expensive as homes normally consist of more rooms whereas an apartment is normally limited to 1 or 2 bedrooms a home can have many bedrooms.

Is home renting more affordable than renting an apartment?

No, renting an apartment is cheaper. If you rent a home, you still have to pay taxes on the property, as well as full sewer, electric and all ammenities.

Should I report income from renting a room in my home to IRS What if I have homestead exemption?

If you made money on the rent you will need to claim it as income.

What if you have a home that you are renting can you buy another home after bankruptcy?


What fb means and stand for when buying or renting a home?

This Free Guide wil show you everything on home renting look in related link for " Home Rental Guide "

What are the advantages and disadvantages of renting or buying a home?

Advantages of renting a home: - Possible free utilities - Possible free water and electricity - Cheaper then buying a house Disadvantages of renting a home: - Possible unneeded costs and maintence, - Damaged house - Bills that should not be paid when owning a home. Advantages of buying a home: - Your own space to relax - Supporting a family - Having a secure base to call home Disadvantages of buying a home: - Depending on how much money you have, you can rack anything from $10k to $400k dollars in debt - Costs of maintenance of a house - Bills and Repairs - Self-maintenance - Cleaning your house Anyway you look at it, renting a home or buying a home has it's pro's and con's The best way to determine which is better is to do your reasearch, go with trusted landowners if you are renting, buy a home within your own financial limitations. Kind Regards, Anonymous Caretaker

Do you have to claim income from renting out a home?


What are the benefits and the drawbacks of renting an apartment?

The benefits for renting an apartment are that first of all, you get a new home. A drawback is that you have to pay to live in another persons home

Does anyone know a good website to rent office furniture?

Renting home office furniture is always a good money saving technique. In face, rent a center offers an online site that is quite handy when it comes to renting furniture.

Is a rent to own home usually costlier than just renting or buying?

Renting to own items, or even a home, make a huge profit for the renting conpany. This means that you are paying far more for them than if you purchased them outright.

What if your husband abandoned you in fl what are his rights to your home he is not on the mortgage and is not giving money towards the home?

they will take the home away

Why did Harry Houdini run away from home?

He ran away because his mom told him to to make money

Can you use the buyers remorse law when renting a home?

This depends on your state. Pennsylvania, for example, has no buyers remorse period for renting.

Renting rather than buying?

Buying a home is nice, and it is consider the American Dream, but that doesn't mean it's right for you. Actually, many have found that renting a home is a better option. If you are not into fixing things around the home for yourself, then renting is certainly for you. After all, you will still have a landlord that has to take care of these things for you if you are renting. When renting your home, make sure that you purchase renter's insurance of some kind in order to protect you from any number of things that could happen. This is just a smart move every time.

Which is not an advantage of renting a home?

No ownership or equity being built.

Does the landlord have to provide a refrigerator if you are renting a home in Ga?


Can mortgage interest and insurance be deducted on a rental home even if someone doesn't own another home and is renting too?

If you own the home in question (the title is in your name), you can deduct mortgage interest. If you are renting out the home, you can deduct some of the costs of having it as a rental, but I am not sure about the insurance. If you are renting the house only, without ownership, you may not deduct the interest.

What actors and actresses appeared in Throwing Home - 2010?

The cast of Throwing Home - 2010 includes: Annie Chernecky Rob Steinhauser

What would be your thesis statement on buying a home is better then renting?

Your thesis statement could be "Buying a home is better than renting." You just want to tell the reader what the main point of your essay is.

Why is buying a house a better investment than renting an apartment?

Renting an apartment is not an investment. Mortgage payments increase the home-owner's equity.

How to Determine the Benefits of Buying a Home over Renting?

When it comes time to acquire a home, many people have a hard time making the decision between renting and buying. While renting may seem as if it is saving you money in the short run, it is not advisable over buying as renting is a terrible investment. Buying a home may seem difficult and somewhat anxiety producing, but it doesn’t have to be and can actually be a very fun & enjoyable process if everything goes smoothly.First, it is important to understand why renting a home is not a good investment. People rent for a few reasons. For one, those who aren’t sure where they want to live permanently use renting as a solution until they come to a sound decision. The other reason why people rent is plain and simple; it’s cost-effective at the time. While purchasing a home seems like a large investment, renting costs can seem more realistic. The reason, however, why renting is not a good idea is because you get nothing out of renting in the long run. Let’s say you spend twelve-thousand dollars per year to rent a home. After the year is over and you move out, you come out of the deal with nothing. When you buy a home, all of your money is invested into something you own, and is not considered to be money down the drain. Renting, however, is a different story.Buying a home does not need to be confusing. The best first step for those who are interested in buying but don’t quite know where to start is to talk to a real estate agent, or realtor. Realtors are experienced in helping people purchase homes from start to finish, and you can rest easy knowing that you are in good hands and will not suffer from any costly mistakes that you might make on your own. Purchasing a house for the first time should be a relaxing, enjoyable experience, and if you use a realtor, it will be.