# rent vs buy.....v.home **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [March 24, 2009, 6:19am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010 "2009-03-24T06:19:03Z")\ **Posts on this page:** 9\ **Page:** 1
**Author:** ![Janus](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@Janus](https://forums.speedlife.net/u/Janus)\ **Post date:** [March 24, 2009, 6:19am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/1 "2009-03-24T06:19:03Z")
I’ll be leaving for another 4 years of school mid july and am starting my housing search in Erie PA. Being that housing is dirt cheap there (part of the reason i chose it over NYC) and that im locked in there for 4 years, i’m considering purchasing a home and renting to fellow students rather than rent on my own for 4 years. I am very much new to the idea, and its just something i’m toying with. I would look to probably take over a house that a current 4th year student owns and taking over the lease. i’d be looking at 900-1100 for a 2-3br with 2 bath. Sample property (this happens to be rent-to-own): [http://erie.craigslist.org/apa/1088833073.html](http://erie.craigslist.org/apa/1088833073.html) what sort of pitfalls are associated with ‘rent-to-own’ properties? If i’m renting to own, will i even build equity of any sort in 4 short years? I would imagine you would need a longer span of time to do so. Also, after 4 years its entirely possible that my residency will carry me elsewhere (Mayo Clinic MN, Cleveland Clinic OH, UofR Med Center NY ect) which will force me to sell, maybe something not ideal come time to move on. am I better off renting for another 4 years? ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 24, 2009, 6:41am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/2 "2009-03-24T06:41:49Z")
rent to own can work well for somebody like you… a lot of times you’re getting a lot less equity during the rent to own period (vs. buy and finance) but if you would pay this much to rent anyway, then there is no downside for you. sellers normally use this when a house won’t sell to bait people on the fence into a “trial” ---
**Author:** ![LAFENGAS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/lafengas/32/7573_2.png) [@LAFENGAS](https://forums.speedlife.net/u/LAFENGAS)\ **Post date:** [March 24, 2009, 6:44am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/3 "2009-03-24T06:44:58Z")
personally, i wouldn’t buy a house unless you plan on living there for atleast 5 years. If you’re just looking for a temporary housing situation…4 years isn’t really long enough to build equity on a house (assuming you are doing a 30year mortgage) With closing costs and maint. and everything associated witht the initial costs of purchasing a home… it’s not worth it for a short period of time. This is my personal opinion. However, you do have the $8K tax credit to adjust some of those initial costs and since you plan on this being your primary residence for 3+ years… you get to keep the $8K. IMPO. ---
**Author:** ![Janus](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@Janus](https://forums.speedlife.net/u/Janus)\ **Post date:** [March 24, 2009, 6:46am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/4 "2009-03-24T06:46:57Z")
^ i know… im sitting on the cusp of what is worth while time wise ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 24, 2009, 7:16am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/5 "2009-03-24T07:16:50Z")
[http://dinkytown.net/java/MortgageRentvsBuy.html](http://dinkytown.net/java/MortgageRentvsBuy.html) ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [March 24, 2009, 7:26am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/6 "2009-03-24T07:26:07Z")
Rent to own is a cluster fuck… be careful… My dads friend runs a couple of rent to own properties… If the person leaves the place, they have NO equity in it… its like they just rented… each time somebody new comes in, they start over from scratch… needless to say, my dads friend is LOADED ---
**Author:** ![Janus](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@Janus](https://forums.speedlife.net/u/Janus)\ **Post date:** [March 24, 2009, 7:31am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/7 "2009-03-24T07:31:13Z")
so… its essentially an inflated rental property under the guize of a long term ownership… i mean more or less ‘leasing’ a house like you would a car… i mean for the properties it seems nice and removing the possibility of equity from the equation, its essentially a 3 room apartment for lease where i would posess rental capabilities, be obligated to repair stuff, ect… namely all the home ownership responsibilities with none of the long term equity built. i guess it could be worth while if you go in with the understanding that its a glorified rental property… ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [March 24, 2009, 7:40am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/8 "2009-03-24T07:40:06Z")
if i were you, i would just buy a house close to the school… you can always rent it out to med students after you leave and hire a management company to do the upkeep… could be a little bit of extra income during residency… ---
**Author:** ![Janus](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@Janus](https://forums.speedlife.net/u/Janus)\ **Post date:** [March 24, 2009, 8:34am UTC](https://forums.speedlife.net/t/rent-vs-buy-v-home/65010/9 "2009-03-24T08:34:06Z")
wow thats not a bad idea.