Is Renting A House A Waste Of Money?

Some people believe renting is a good idea and others think renting is a waste of money. Those who think renting is a waste of money often have firm beliefs, as do those who have rented their entire life. 

I wanted to move out and get my own place, as you can imagine, but I didn’t know where to look. I did know one thing – I wasn’t going to rent an apartment. I was going to get a loan and buy a home. 

My Dumb Mistakes Make Me An Expert!

Renting Is A Waste Of Money, Right?

My opinion was that apartments and rentals were a waste of money. 

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What I Should Have Done – Renting Versus Buying

Renting a small apartment would have allowed me to save up at least 20% to avoid paying extra each month to pay for private mortgage insurance. 

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The people over at MortgageCalculators.info have a great free Rent or Buy Calculator which helps you quickly decide if it makes more sense to rent or buy, depending on your unique situation. 

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Use A Renting V. Buying Calculator To Make Your Decision

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– Monthly rent payment (used as total monthly home expense) – Mortgage term in year – Annual interest rate – Private mortgage insurance

Their interactive calculator allows you to put in anticipated mortgage details related to: 

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It depends. If you do not have a substantial amount of cash saved up to make a significant down payment – renting for a few years is the smarter move.

So Is Renting A Waste Of Money?

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