Comments on: Is Renting a Financially Viable Option?

By: Little House in the Valley - Saving with a Plan

Little House in the Valley - Saving with a Plan — Fri, 18 Feb 2011 13:02:36 +0000

[...] than the endless renter who squanders their money away each month. I’ve written a few posts comparing and contrasting renting versus buying with the hope of resolving this burning question that I just can’t seem to [...]

By: Little House

Little House — Sat, 12 Jun 2010 00:23:21 +0000

@Barb Friedberg – I’ve thought of this. The only problem in SoCal is that many owners are underwater on their homes and the whole arrangement makes me suspicious and a little nervous. I think I’d rather wait it out a while longer. Thanks for the tip, though!

By: Barb Friedberg

Barb Friedberg — Sat, 12 Jun 2010 00:15:11 +0000

If you really want to own, you might consider approaching a seller and ask about a lease with the option to buy. Some owners may consider leasing you their "for sale" home, allowing part of the rent to go towards a down payment, giving you a chance to get on the road to purchase. Good luck, Barb .-= Barb Friedberg´s last blog ..The Secret to Cutting Your Debt IMMEDIATELY =-.

By: Little House

Little House — Tue, 08 Jun 2010 01:42:13 +0000

@Deliver Away Debt – I wonder if you could rent your current house and then rent one someplace less expensive? I’m not sure if you are thinking of moving out of the area or just down the street, but it’s a thought.

By: Little House

Little House — Tue, 08 Jun 2010 01:40:48 +0000

@Dr. Dean – Great point! It’s good to hear from others that my decision has a solid foundation.

@Mr. Credit Card – Well, I can only hope that will be the case. So many options to choose from! Thanks for the wonderful comment.

By: Money Funk

Money Funk — Mon, 07 Jun 2010 16:03:17 +0000

@DeliverAwayDebt Jeff, didn't Brad do the same thing to get his debt paid off? It's definitely one too consider if you can find an awesome landlord or... find a landlord that lives out of state but uses a rental company to take care of the property. Many of times, the houses go for lower rental rates than normal. But you have to act quickly if you find one, because they go fast. We heading up to NV, right below South Tahoe to the city of Gardnerville. No state taxes; works great on buying a house. The only issue, you do get some high winds at times due being cradled in the valley. .-= Money Funk´s last blog ..Early Retirement Extreme 21-Day Makeover =-.

By: dr dean

dr dean — Mon, 07 Jun 2010 14:01:10 +0000

I like that you have looked at it from several angles. I think, as to the final decision, until it is obvious that buying is better, I would rent. As long as it's a toss-up, I would keep piling up the money, if you don't use it as a down payment-you can begin investing down the road! .-= dr dean´s last blog ..Needless Tragedy-Dying Without a Will-Don’t Let It Happen To You! =-.

By: DeliverAwayDebt

DeliverAwayDebt — Mon, 07 Jun 2010 09:08:37 +0000

I'm thinking long and hard about renting. I currently owe my home (not a typo). We bought our house to be a starter home that we hoped to upgrade once we had kids. Well two kids later we are still in the house. We are going to attempt to sell next spring. Since we are still in debt I don't think we'll be able to cover any short fall from our current home value/amount owed and have a downpayment large enough to buy. There are plenty of great rentals so the more I look, the more I like the idea. .-= DeliverAwayDebt´s last blog ..FOCUS On The Debt Snowball =-.

By: Little House

Little House — Sun, 06 Jun 2010 18:16:19 +0000

@Money Funk – You’ve made some terrific points. I also read Millionaire Mommy Next Door and see her point on renting through 2012. As for landlords, they do stink, most don’t want to fix up their places which is why we want to move out of our current rental. Our landlord likes the benefits of receiving our monthly rent (we see them purchase things the very next day! They live next door. But that’s a long story…) but doesn’t want the responsibility of maintaining the house. We’ve put quite a bit of our own money in our rental and don’t want to do that again!

As for moving out of CA, if only I could convince my husband! He loves our weather here and can’t think of any place he’d rather live. *Sigh* Until I can find a similar climate (no snow, very little rain, sunny, sunny, sunny, but not sweltering) I’m stuck in CA.

By: Money Funk

Money Funk — Sun, 06 Jun 2010 17:49:01 +0000

I know My Frugal Freedom lives in an RV and rents her home. But having a rental seems to be a hassle with the tenants. And Millionaire Mommy Next Door is a renter and believed in it for a long time (recent post claims she is waiting until 2012 to buy. In California, I can see the reasoning to rent a home (atrocious buying prices, unless you want to live far out from a main city). For me though, I've had issues with getting the owner to fix or maintain items. So owning is good in that regards, as long as you can cover things when they need to be fixed. Another choice... move out of California to a place that is a bit more affordable, rent (as it will be cheaper) and then buy. Of course, that is assuming the salary is somewhat compareable to here. .-= Money Funk´s last blog ..Early Retirement Extreme 21-Day Makeover =-.