asked in Business+Finance by (187 points) 2 7 26
I am paying my rent from the interest amount accumulated from the deposit. Should I buy a new house with this deposit amount or stay calm? 
replied by LEGEND (6,077 points) 6 9 22
There is nothing like to have something one can call his/her own. Paying for rent while you have money to acquire yours is not wise. Pay the prize of having your own home so that in the future you won't have to have bother about it.
replied by ELITE (3,548 points) 3 7 11
If you can afford to buy a new house of your own, I think that it's right thing to do even though it may be expensive but it will save you a lot of money on the long run. 
replied by ELITE (3,642 points) 6 8 14
If you are capable of buying a house instead of spending your money for renting other houses, you should do it.

4 Answers

2 thanks
answered by LEGEND (7,630 points) 5 15 39
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Best answer
Owning is always better than renting any day of the week. When you own your own home you earn equity in the home each year. This is an investment that will grow as the year pass. If you continue to pay rent each month all you are doing is paying another person's mortgage and putting money in his pocket. You are young and need to think about your future. I know it seems so far away, but it comes before you know it. When you are older more than likely your home will be paid for. You will have the freedom of living there rent free each month. You'll still need to pay the upkeep and utilities, but this is nothing compared to paying rent.

As a renter, you are not guaranteed that your rent will rise from month to month. A landlord can raise the rent as often as he pleases. Even if you live by a lease when the lease expires they can throw you out or chose to renew your lease at a much higher rate. If you own your own home, your house payment will be the same each month and it is so much easier to budget your money and in the end, the house is yours. You can turn around and sell it for a profit and reinvest the money in a new home or a larger one. If you are smart, you'll stop renting and start looking to buy a home. You can always sell it in a few years and buy a larger one if that is what you want to do. 
0 thanks
answered by (275 points) 1 10
Having your own is one of the main goals that we're all aiming, why rent if you can purchase one? Renting is like an investment to something that there's no assurance, you're paying a house that can't be yours, paying a house for the entire time. Why not simply buy yours!? To lessen the expenses than thinking for a monthly payment for a living? Why rent? If you can buy one?
replied by ELITE (3,548 points) 3 7 11
Exactly! At the moment I'm living in a rented apartment but I'm already building my own house and by the grace of the most high God, it's going to be completed by the ending of next year.

Having your own house is better than living as a tenant. 
1 thanks
answered by LEGEND (6,391 points) 5 10 21
First it depends with how much the bank interest is because as far as I know buying a house is really expensive than renting.

If the amount that you're receiving is as interest is much and you are sure that it can buy a house then you should go for it.Buying a house has advantages than renting.

When you buy the house it's your, you're the new owner of the house and you will never pay rents and you'll hence invest the rent you were to pay somewhere else that's productive.

I suggest you buy the house and in case the interest isn't enough maybe you should consider borrowing a loan.
1 thanks
answered by (102 points) 5
Buying a new house is what we are all been dreaming or wanting to. If you already own a house, there's already an assurance and security that it belongs to you and not to anybody else. You can sell it afterwards too if you want and find new one or reolocate to other country to which you find more suitable for you. 

While on the other hand, renting is applicable if you are just starting and making yourself stable (but it is not applicable for a long term) as you are just paying a house that you don't personally own. 
replied by (187 points) 2 7 26
What about the depreciation if I buy a new house? 
replied by LEGEND (7,630 points) 5 15 39
Depreciation comes and depreciation goes. It is good to buy during a depreciation. You'll get a better deal. The economy seems to rebuild and the prices of homes will always rise up again. 
replied by (187 points) 2 7 26
I mean depreciation not depression. The value of a house reduce year after year 
replied by LEGEND (7,630 points) 5 15 39
No, it doesn't. Why would you say that? People who purchased their home 15 years ago and paid 36K have been able to sell the same home 15 years later for 150K. I don't see how a home will depreciate year after year. Your home builds equity in the home and the value will rise over the years. That is why the new homes cost so much to purchases and many people can't afford to own one. 

If this was the case nobody would want to own a home and everyone would just rent because it is so cheap. But renting is not cheap and the prices go up year after year. 

Depreciation is what causes the price of a home to all because nobody could afford to buy it during this time. During this time your house will depreciate, but once the depreciation has ended, your house will gain value again and be worth more.

I understood you were talking about depreciation and in a depreciation your home will depreciate. But once it is over your home will gain equity and the value of the home will rise. 
replied by ELITE (3,548 points) 3 7 11
Over here in my country Nigeria, houses never suffer depreciation rather they would appreciate especially if the house is situated in a very good location. 

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