Renting a House is a WASTE of Money

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Information Renting a House is a WASTE of Money

Title	:	Renting a House is a WASTE of Money
Lasting	:	9.11
Date of publication	:
Views	:	4,4 rb

Renters will never have access to the home's equity House A is rented for for $4500 month while that very same house might have a mortgage for around $2800 month Over the course of 18 months the renter has spent a total of $85,500 @ $4500 per month in rent with security deposit of $4500 while the owner would have spent $50,400 in monthly mortgage payments of $2800 per month Add in around $50,000 for a down payment and another $20,000 for closing costs, fees taxes etc and around $1700 in annual taxes on the property, and that would put the home owner at a total of $122,000 Renter saved $36,600 over the course of 18 months by simply renting right? However the house gained $200K in equity over the 18 month period In the event both renter and owner decide to move who ends up with the advantage? The owner can sell the house and after fees, closing costs etc from selling the home will not only get his or her initial $122,000 back but also profit $48,000 The renter simply moves out and get their initial $4500 security deposit back If we were to run the comparison over 5 years, the owner despite having some home repairs come up and annual taxes and other fees, will still come out on top over the renter
Comment from : @ELECTRICEYEMEDIA

Watching each other chewing :D thanks for looking at financial advice funny!
Comment from : @mariannbenko480

Hate when people say renting dead money yet mortgage extras and lifestyle inflation just normal Bank interest, mortgage insurance, income protection, property taxes and maintenance Lifestyle inflation - a huge money waster - grows faster unknowingly after buying home (need this, want that, a new this, a new that, new garden, patio ) over time compared to renting
Comment from : @jonathanmcgovern2464

i live with a family member, pay monthly ofc but much cheaper so its great for saving i knew what carrier path to take and its worked out pretty well so far and im just waiting for the economy to chill out a bit so i can take a decent mortgage unless i get lucky in an auction for a fixer upper
Comment from : @poisonouscarnage2289

Renting is a pain in the arse, I have had to move 5 times in 7 years and move number 6 is in 2 weeks time for a 12 month contract I'm 60 an pissed off with moving, I have had to move because landlord either sells the property to develop it or they want tp move back into their property It really is a frighin pain!
Comment from : @Histoscape

Great video, your style is engaging BBC will be banging on your door soon to snap you up soon Keep up the great work sir
Comment from : @mrcheeky676

Shame that UK is mostly centred on making money from homes , instead of providing accommodation for the population as a whole Stakeholders reluctant to change their profit machine ?
Comment from : @kennethatkins9250

Great video, hope this channel grows! The banks own the houses at the end of the day!
Comment from : @BarnsFacts

great video!
Comment from : @brickinvesting

Thanks for another great video! It got my 15 year old son thinking a little bit about the future even though it’s probably a few years off for him
Comment from : @nickd1973

Your videos are getting better and better all the time Keep it up, and the recognition (and subscribers) will surely come
Comment from : @af7145-x3n

we are all renting in a way The government is the big landlord
Comment from : @Overthinktank

Great video again thank you Anyone who claims buying a house beats renting every time is totally ignorant, simple as that As would be anyone who claims renting beats buying every time Which option is better very much depends on each person's individual circumstances!
Comment from : @A_friendwithoutbenefits