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Today: 20.01.2018 - 03:23:52
   Canada Mortgage Hub Discussion Board -> Mortgage Vancouver -> Is it cheaper to rent or to buy a home in the city/town you live in?
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nickyis

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Is it cheaper to rent or to buy a home in the city/town you live in?
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Post # 1.

playdirt

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If you live in a ritzy area, you can expect to pay glam prices. Here in northern IL a three bedroom house rents for $700 to $900.
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Post # 2.

nikeguy999

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Well, I live in Arkansas and I am renting right now for $350 a month for a 3 bedroom. However, we have been here for almost 5 years and are getting a great deal. If I look in the paper the rent anywhere right now ranges from $400 for a 2 bedroom to $1000 for a 3 bedroom. We are in the process of buying a house and our house payment will be anywhere between $600 to $800 depending on how much we spend. So around here I would say if you can buy a house your better off, you can pay less and have more room, not to mention the fact that you own it and don't have to abide by someone elses rules!
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prt_alien

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its really much better to buy a house if you have anything saved. renting is the biggest waste of money, you're not putting that money towards anything except giving your landlord some extra cash. at least you would be paying something off if you were to buy a house.
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nigal16

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Southern California.... 'nuff said.
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Post # 5.

orange_420

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to rent a home here it is from $600 - $1500 monthly. So if you were to buy a home the mortgage payment might be a little less or about the same depending on interest rate, but the return is much greater when buying
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rmoore6483

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With the loan industry in an uproar right now, there are no more "shifty" loans for a house, so you need really good credit and a really good down payment. If you don't have either of those, you are forced to rent!I live in Southern California
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Post # 7.

pammy200

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I don't think it makes a difference where you are located. Owning is not always better. You need to look at a number of facts.Buying means you will need a substantial downpayment. Owning a home does not just mean paying the monthly mortgage. You also need insurance, pay taxes, garbage removal, etc.If the roof leaks - you fix it! Appliances break down - you fix or buy new. Any repairs or maintenance are your expense. That includes mowing the yard and cleaning/painting the exterior. If you lose your job - you still have to make the mortgage payment or risk foreclosure including the loss of your initial investment. We own our home and (thankfully) do not have a mortgage, but the monthly expense of utilities and maintenance is not cheap. Taxes and insurance increase every year even though the property is getting older. Two or three times a year we have a major unexpected expense. Things you don't even think about suddenly need work or replacement. Roof, well pump, septic tank, drainfield, heating, airconditioning, fence, driveway, trees, screening - the list goes on and on.You can not write off any of these major expenses and just try to put in a claim with your insurance company - they will laugh at you. If we would try to sell in today's depressed marked, we could not even come close to recouping our investment.So, all being said and done, perhaps renting is the better way economically and for your peace of mind. You can always move and cut your strings if things don't suit you or your lifestyle changes.
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