Which is better? Wait until I can afford to buy a home, or rent?

I really can’t stand living in my mother’s home anymore. My plan originally was to wait until I had enough money saved up to buy a home but now I’m thinking that it would be better to rent out a crappy little apartment and stay there until I can raise money to buy a home.

15 Answers

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  • 1 month ago

    We know nothing about you.

    How might we know "what's better"?

    As a rule I could never purchase a property without living autonomously first.

    You may "figure" you will like certain things however until you really do it, you don't have the foggiest idea

  • SW-6
    Lv 6
    1 month ago

    Man, you are in a predicament.  IMO I would tough it out with Mom in an effort to save more money as opposed to moving out and spending more.  You are going to spend more money in furniture, towels, toiletries, utilities, food, recreation if you move out and not have much left over to put in the bank for the house you want to buy.  Short of Mom tying you to a pipe in the basement and throwing croutons at you to eat, I would find a way to make living with her work somehow

    and save, save, save.  :)

  • ?
    Lv 7
    1 month ago

    Work on raising your credit score.

    Set attainable goals. Apply for a credit card and ONLY use it to set up auto-pay for your phone and car insurance along with any other re occurring monthly bills. . Then, pay the credit card bill in full every month. This simple finance planning does two things: I.) Your monthly re-occurring bills are ALWAYS paid through your credit card ON TIME. 2.) Since you are using your credit card and paying it off every month on time, you are not only preventing interest to accrue, you are automatically establishing a good credit history. These benefits and positive consequences are an easy and care free way to build your credit by simply using your credit card to pay basic bills. Also, you then only have to keep track of paying just one bill a month.Owning a credit card is a huge responsibility And it takes a great deal of discipline to use it properly. In fact, you should not even carry it with you because you WILL NOT BE USING IT FOR SHOPPING, on-line or otherwise (unless you already have the cash to pay off any and all credit card purchases BEFORE making that charge).You need to respect a credit card like it is fire. Fire is needed to eat and keep warm. But the moment you use that fire carelessly, you WILL burn yourself and have the blisters and scars (high interest, missed payments, ruined credit score) that will haunt you. It really is a double edge sword. You must be mature enough to use a creditcardto help you, not hurt you.With COVID -19 I Kicking our economy, it probably is best for you to remain at home to save money. Go on a spending FREEZE in hot pursuit to SAVE money. You know how fast your bills add up? Conversely,  savings add up just as quickly .A spending FREEZE means you do not buy anything you absolutely do not need. For instance, grocery shop and prepare meals, don't eat out/ takeout. Brew your own coffee at home, don't go to a coffee shop. Stay out of stores. PERIOD.Everytime you are tempted to spend money, ask yourself this one Question:Is what I am about to do going to help me reach my goals? Answering honestly is ALWAYS the right answer! Think about that.Okay... now about living at home. Change your attitude - yes, I am talking to YOU ! You do not even realize it but by remaining at home is a luxury that will help you reach your goal of owning your own house. You see, there are so many hidden costs to owning a home. Of course there is the obvious...a mortgage payment. But there are also property taxes, homeowner's insurance, the internet, cable TV, cellphone, heating oil and or gas, water and or sewage bills and electricity to pay or save for every month. So, staying home is to your GREAT financial advantage, especially at this time.About attitude...I have raised children, so I know the phases of teenage to young adult back talk, entitlement issues and disrespect. I get that you want to be free and independent without rules because you are not 17 any more. But for now, you have to come to terms with the fact that you are an adult and if you wish to be treated like one, you MUST act like an adult. As long as you act like an irresponsible kid, you will be treated like an irresponsible kid. The recipe for harmony is respect. If you want to be treated like an equal, you have to conduct yourself like an equal. The sooner you practice it or fake it until you make it, the happier your home life will be. I promise.A household does not run smoothly by itself. You live there and should equally share the household responsibilities. Help out; finish what you start; if you take it out, put it away; if you make a mess, clean up ; you eat, right ? - offer to do the shopping or at least carry the groceries into the house. Have you ever cleaned your mom's laundry? When was the last time you scrubbed the kitchen, the bathroom or your bedroom floor? Trust me... once you are an active participant in your household, your mom will chill out and the tensions will fade and perhaps rules will be more lienient. The more you give, the more you get. And, that same question will always guide you → Is what I am about to do going to help me reach my goals ← WRITE THAT DOWN and post it where you can read it often.I dare you to be the best you can be. GOOD Luck!

  • 1 month ago

    Now would be the time for you to save up for a down payment. Renting is just going to delay the process of getting your own place. 

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  • 1 month ago

    Financially speaking, waiting to buy is probably the far better decision.  Each month you are not renting, most of that entire rent payment plus utilities and maybe other costs (do you get free food at home, for example) can be put towards buying a place.

    However, if you have the money to rent and just can't take being at home anymore, there is something to be said for being on your own and moving to the next step in life.

    Its your call, but if you could keep living at home and can be disciplined about saving whatever you can, then at least financially that is the far better option.

  • 1 month ago

    I'll bet your mom is cooking for you too, and paying for electricity, water, gas, cable and maybe doing your laundry.  You might be saving an extra $800 per month by living there. 

  • 1 month ago

    Either way you will pay for housing. If you don't like where you are now, then moving almost anywhere is better. And if you can save money when you move, all the better. Renting and buying are not opposites--they are two ways to have a home. You BUY them either way--you either rent and buy the privilege of living somewhere for every month you pay that rent, or you buy and you buy the privilege of living somewhere for every month you pay the mortgage. The only difference is the amount of maintenance you have to do--rent and the landlord does it--buy and you do it. 

  • 1 month ago

    When ever I see questions like this I wonder if the asker is thinking they need to save enough to buy a house without a mortgage, or just saving for a down payment and closing costs.  The latter is the realistic goal.

    Buying is better than renting towards your long term wealth.  Paying rent is just throwing money away to make your landlord wealthier.  But I get it, being independent of the parent(s) is something most adults have hungered for and eventually achieved.  But many of us wished we either had the opportunity to stay longer to get closer to your original goal.  It is a lot harder to save money when you have to make a rent payment atop of all the other expenses that come with financial independence, and only then do you look back to see exactly how much better you had it with Mom.

  • 1 month ago

    Right now? Rent until covid is gone, there isn't help to pay your mortgage as much as their is with rent. After covid, sure, buy.

  • ?
    Lv 7
    1 month ago

    Personally, I believe if possible, save and buy. While that may make fiscal sense, no one knows exactly what emotional, mental stresses your current living enviroment brings. If you don't like living at home becouse you can't come and go as you please, party, smoke, drink, have sex, wear whatever.  Then suck it up.

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