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Is rent a waste?

 
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amother




OP
 

Post  Mon, Jun 29 2020, 5:25 pm
If you lived in a community that you and your family have there place in. You are close to family, work yeshivah friends. But you and dh are making the most you could make. Your family grew and now rent in your community is expensive. Would you still live there? Would you feel your wasting if you rent is high? Would you move to other community if rent is cheaper there like a more modern community, or very yeshivish community if that's not your family type? Would you buy in a community that's not your family type because prices are cheap but are not aligned with family values?
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SixOfWands




 
 
 
 

Post  Mon, Jun 29 2020, 5:49 pm
amother [ OP ] wrote:
If you lived in a community that you and your family have there place in. You are close to family, work yeshivah friends. But you and dh are making the most you could make. Your family grew and now rent in your community is expensive. Would you still live there? Would you feel your wasting if you rent is high? Would you move to other community if rent is cheaper there like a more modern community, or very yeshivish community if that's not your family type? Would you buy in a community that's not your family type because prices are cheap but are not aligned with family values?


Owning a home builds equity and builds wealth. I'm not going to tell you its a bad idea.

But is it worth being miserable? It sounds like you would not like being in these other communities. And it might be difficult for your kids.
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amother




Floralwhite
 

Post  Mon, Jun 29 2020, 6:09 pm
I would do a lot in order to buy a house. I will encourage my kids to buy.

I don't live in America, so maybe things are different there. But in general, as Six of Wands said, owning builds equity. There is a big difference between owning your own house at sixty and still renting at sixty.

So yeah, I would make a lot of compromises in order to buy. But you have to weigh the cost and benefit. I wouldn't, for example, move far, far away from all my family just in order to buy (in such a case, I would consider buying an investment property further away, renting it out, and using that rent in order to help pay my own).
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amother




Green
 

Post  Mon, Jun 29 2020, 6:20 pm
There isn’t a community that fits your family standards and has affordable housing?

Also maybe today you are fine with renting and it works for your family now but will it work
For you in the future? When your family grows?
Will you need a bigger space? Will you be able fo
Afford higher rent?
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silverlining3




 
 
 
 

Post  Mon, Jun 29 2020, 6:21 pm
I would not move to a place where MY OWN FAMILY, husband, kids, and myself, won't feel comfortable, just because rent or buying is cheap there.
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amother




Firebrick
 

Post  Mon, Jun 29 2020, 6:29 pm
not necessarily depends upon factors in the specific situation
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lamplighter




 
 
 
 

Post  Mon, Jun 29 2020, 7:42 pm
It's not a waste, it provides a place for you to live. But that's all.
Owning a home builds equity and gives you security. Your rent will increase forever. Your mortgage wont.
Whether you should move or not is another question.
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amother




Seashell
 

Post  Mon, Jun 29 2020, 8:04 pm
Rent is not a waste at all. You pay to use a house and not maintain it.

However, I would recommend starting to save for a down payment so that if at some point buying makes more sense you can do so.
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amother




Wheat
 

Post  Mon, Jun 29 2020, 8:16 pm
amother [ Seashell ] wrote:
Rent is not a waste at all. You pay to use a house and not maintain it.

However, I would recommend starting to save for a down payment so that if at some point buying makes more sense you can do so.


The type of frum neighborhood that doesn't have affordable houses to buy, doesn't have cheap rentals either. So it's really really difficult to save that kind of money while renting.
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unexpected




 
 
 
 

Post  Mon, Jun 29 2020, 9:30 pm
If you are talking about Brooklyn, imo it's a waste to buy. I know a lot of people who put together the 1.4-1.6 mil for a shmatta house and now the house is worth 1.2-1.3, it needs a few hundred thousand dollars so you don't feel the ceilings are caving in on you, and they just can't afford it. Renting pays someone else's mortgage, it's true, but the kind of houses in the city that need so much money just to maintain - things breaking, leaking, bugs, rodents, floods etc. are not a good value. Especially, because prices have already hit the ceiling and are starting to drop.
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