buying 1st home

I think it is best to rent, always.. With a mortgage, you are mostly paying off the interest for years, especially when times are tough, which is now and probably will be for the next few years.

Yes it may be good to feel as like you own a place and it's all yours, but you have to pay for everything! Like if the wall gets damp in it( like mine) you have to pay to get it fixed, renevate, blah blah. Whereas if you rent, then the landlord does all the upkeep and if they are a proper landlord, you can still repaint the place to your own liking and such.

I just feel as if people put so much value in owning a house/flat, when really when will you ever own it? The value drops or rises constantly and you may end up with something that is worth nothing.

In Iceland right now, most people who own a home owe more than double what the house was originally. I have spoken to so many who wish they renting right now. All they are paying is interest, they have not even scraped the actual mortgage yet.

If it comes across as glum, I am sorry, but I am fed up of family members blabbing on about how buying is best, when they are the ones in such debt!
Here are a few links

http://efinancedirectory.com/articles/Rent_vs_Buy_Myths_That_Ruined_the_Housing_Market.html
To balance the argument:http://ezinearticles.com/?Buying-a-House---Advantages-of-Buying-Over-Renting&id=596209
those points are pretty rubbish though imo.

thanks for the info

I'm so happy to hear that Michelle! Buying your first house (or in my case a condo) is sooooooo exciting! No more landlords!!!

I don't agree with that. When you rent your wasting your money. Either way you have to pay something so who cares if you have interest. And right now the interest rates are down. I would much wrather pay a morgage everymonth for the next 10 years and it be MY house then, paying rent. And you never know when the rent is going to go up, or if they get new mangagers you can get kicked, out.

But to each their own what is better for you is good.

But I think the best is Rent to Own! Dont' see to many of those anymore.

yeh I'd rather pay a morgage but sometimes it would be better to rent, like if you weren't planning to live there long, but if you get a morgage it's your house eventually and you have something to pass on.

Well you are never wasting your money when you rent, it's paying for your house.

Of course renting is never good if you don't go to a reputable place. I have had good and bad landlords, but having a proper lease means they have to abide by the laws. So there is no getting kicked out or changing of rent, without proper notice and you can always just up and move anyway.

I agree to each her own, but I would always rather people read up about their options, rather than believe old myths about "wasting money".
In my situation renting is best.

I agree with both