Anyone here prefer to rent vs owning a house?

[tached1000rr]

I've always thought it was better to be a homeowner, but I'm beginning to rethink things now. Let's see replace roof, heating unit, complete exterior paint, cutting of some major trees, the fun never ends.....

I've told my wife that now that our kids are almost there, that perhaps we will downsize in a few years or rent something and travel and enjoy life more, versus spending the weekends mowing, raking, painting etc....

[CrazyKell]

Personally I rent because I'm never in one place long enough to justify buying.

My life is somewhat hectic and I'm usually a few years here and a few years there....so there's not much point in buying. :idk:

That's just me though.

[OneSickPsycho]

Eventually I want to own a house, but I don't want to live in this area forever... I like the convenience of renting, but I would like to have a place I could make my own...

[Angee]

Been there, done that...owning, just like renting, has it's pros and cons. When I was married, we owned and it was one nightmare after another. Being the first home and young as we were, we didn't do enough research on the house and wound up with a money-pit.

Renting you can't do much in the way of painting, wallpapering and changing things to suit your own tastes. Granted, you aren't responsible for the upkeep and repairs, but then you have to wait for the andlord to get around to doing things that need done. We rent right now and that's fine with us, but eventually we'd like to own (researching LOTS first). With the current state of the economy right now, we'll be staying right where we are. I don't want to buy a house and be stuck with it if I decide I want to relocate...nothing is selling right now and it would really suck if I had a house to sell.

[Cutty72]

Bought my house a little over a year ago.
I plan on staying in this area for awhile, so it was all good. Also, I like having a big yard and the space and freedom to do what I want when I want
(also helps I live in a small town) I could get none of those freedoms while renting. And it seems to get a decent place I'm spending almost as much (sometimes more) on rent than I do on my morgtage.

As for the roof/paint/siding etc, it's a research thing. My house had new shingles 3 yrs before purchase. I put new siding on when I bought it. All I have to do is replace windows and I'll be set. 30 yr warranty on shingles and lifetime on siding.

Yard work is the only real addition, but I enjoy doing that kind of stuff, so no biggy for me.
So, instead of tossing away my money every month for a place to live, I'm making an investment. Sure, right now with the economy, I probably couldn't get my money back out of it (yet) but worse case I'm no worse off than if I had been renting.

[Particle Man]

we rent so we'll have enough saved up in case something happens.

[tached1000rr]

we rent so we'll have enough saved up in case something happens.

good point, I wish I could find the article, but I recently read a column by some financial expert citing the pros/cons of renting vs owning. It really made sense and hit home. If I rented it would definately be a house and you can find NICE homes around here for much cheaper than what I pay in mortage, I'm thinking I could rent and basically pay off all of my expense in short time while still having money in the bank. Then if I want another house I have virtually no debt. We are thinking if we can sell the house of course that another year or so would be a good time to relocate closer to my job.

[Mudpuppy]

right now is a perfect time to buy something if you have some cash.. don't expect a zero down deal.. and you can steal a great house for 1/3 of what it is really worth.. when the market goes back you can gain massive equity quick..

[DaveDD]

good point, I wish I could find the article, but I recently read a column by some financial expert citing the pros/cons of renting vs owning. It really made sense and hit home. If I rented it would definately be a house and you can find NICE homes around here for much cheaper than what I pay in mortage, I'm thinking I could rent and basically pay off all of my expense in short time while still having money in the bank. Then if I want another house I have virtually no debt. We are thinking if we can sell the house of course that another year or so would be a good time to relocate closer to my job.

We're actually moving up to NC in two weeks. There are a ton of amazing houses up there for rent. We're renting an awesome house for a little over $2K/month. There are pics in this thread....http://twowheelfix.com/showthread.php?p=135965#post135965

We're renting cause we don't even know if we'll like the area. Plus it is convenient. Maybe in a year or two we'll buy something. We'd really just like to not deal with the headaches, plus have a lot of time to learn the area and find out where we want to be. This will probably be the best chance to buy something in our lifetimes.

[Lamnidae]

Buy a house - only if you will be in the area for 5+ years,otherwise you're more than likely going to loose money.


Rent - at least it's not as expensive as a hotel room.... though I have seen some pretty cheap hotel rooms, but I wouldn't want to hang out there.....



We own our home. mortgage is less than a fairly nice apartment and we've got a pretty decent house.... Yeah, shit breaks, but that's part of being a home owner. It's yours..... So you can either fix or let it fucking sit there (i'd advise Fix, don't be trashy, mmmkay?). Plus you have the ability to make it YOURS! Do what you want to with it, change out light fixtures, repaint, take down a wall if that's what you want.... But, it's YOURS.....

Oh, quick tip, best way to increase the value of the home.... redo the kitchen, or redo the bathrooms. Surefire ways..... people pay for kitchens and bathrooms.

[Mr Lefty]

I fuck'n hate renting... but just not ready to buy yet... I had planned on buy'n when I got to Mississippi... but I just can't afford it and my hobbies... and with me only being there 4 years guarenteed... well that was the kicker.

[FJRChick]

I love renting. I've owned homes for 9 years and hate yardwork and squirrel attacks. I'm renting from an individual and we have a great relationship. I pay my rent, if there is a problem I talk with her and coordinate getting it fixed and I pay for repairs and she reimburses me.
I couldn't afford to buy where I live right now and it's definitely a winning a situation.
I've only been renting for 10 months though.

[cuttle]

My mortgage payment is cheaper (incl tax, insurance) than we would pay to rent a place like we have.

Plus, I doubt we would find anything decent with the amount of critters we have.

[Cutty72]

it would be damn near impossible to rent what I have. and i'm sure the $$$ would be the same.

[rogue]

I love renting. I've owned homes for 9 years and hate yardwork and squirrel attacks. I'm renting from an individual and we have a great relationship. I pay my rent, if there is a problem I talk with her and coordinate getting it fixed and I pay for repairs and she reimburses me.
I couldn't afford to buy where I live right now and it's definitely a winning a situation.
I've only been renting for 10 months though.

I'm pretty much the same way. When I was married to the second hubby, we owned our own place which also had an acre of land. The land came in handy for riding our dirt bikes, but other than that, we both hated having that much land to keep up. Not to mention the cost of upkeep on a place we owned, even new. Nothing's perfect.

I thought I'd enjoy having a place to call my own...and for a while I did. Now that I'm single, I prefer renting and doubt I'll ever own another homestead. Even though it seems to be a good investment, I've seen it cause nothing but problems later, whether it be because it's a money pit, or it has to be sold, usually upon death of a family member. I've seen families damn near tear apart over the selling of a house after someone dies and it's just not worth it to me. Once your dead, it becomes a family issue and I'd rather not be the cause of any possible rift in what little family I have left. Besides, if I own, I can't roam the US like I want to after my kids are out of school (a little over 4 years and counting! :rockwoot: ). Kinda like having a relationship. I can't do what I want to do and be tied down at the same time. :lol:

[tached1000rr]

I've been a homeowner since 1995, I doubt that I'd actually sell my house but I'm just not completely "convinced" like I used to be that everyone needs to own a house or that it's the best way to go. Put it this way:


When I'm 80 years old in that nursing home with my depends on, I want to reflect on the memories I created with family and friends traveling, hanging out, doing things together versus looking back to see that I/we never were able to do all the things we really wanted because financially the house sucked up a good part of the finances and to add insult to injury in old age we either had to get rid of the house or lost it due to medical bills and such. I know so many older folks that fell into the latter category, worked, retired, bought that big motorhome to travel and follow the nascar circuit or something and bam that tumor is discovered and in no time GONE....

[Flexin]

Bought my house a little over a year ago.
I plan on staying in this area for awhile, so it was all good. Also, I like having a big yard and the space and freedom to do what I want when I want
(also helps I live in a small town) I could get none of those freedoms while renting. And it seems to get a decent place I'm spending almost as much (sometimes more) on rent than I do on my morgtage.

As for the roof/paint/siding etc, it's a research thing. My house had new shingles 3 yrs before purchase. I put new siding on when I bought it. All I have to do is replace windows and I'll be set. 30 yr warranty on shingles and lifetime on siding.

Yard work is the only real addition, but I enjoy doing that kind of stuff, so no biggy for me.
So, instead of tossing away my money every month for a place to live, I'm making an investment. Sure, right now with the economy, I probably couldn't get my money back out of it (yet) but worse case I'm no worse off than if I had been renting.

I agree with this. And as far as the yard work goes that can be done with hired help as well. There is an old guy that lives down the road from me and his yard is done by a landscape company. I see him out there doing the odd thing. He must be in his 90's.

James

[Flexin]

we rent so we'll have enough saved up in case something happens.

That depends on the cost of rental units and housing in the area. When I bought my house my sister lived with Lisa and I for about 4 or 5 years. When she moved out she was paying about $300 more then us for rent in a two bedroom apartment.

And I had equity in my house for when something happened.
(after the savings were gone)

James

[tached1000rr]

It's funny how little equity many homeowners have due to 2nd mortgages, multiple refinances, lines of credit etc.... I've managed to stay away from those.

[VatorMan]

I own because at the end of my time in MD-I'll be able to buy or build the house I want to retire in down south. I just hate the thought of throwing money away renting and seeing no results.

[Flexin]

I'm pretty much the same way. When I was married to the second hubby, we owned our own place which also had an acre of land. The land came in handy for riding our dirt bikes, but other than that, we both hated having that much land to keep up. Not to mention the cost of upkeep on a place we owned, even new. Nothing's perfect.

I thought I'd enjoy having a place to call my own...and for a while I did. Now that I'm single, I prefer renting and doubt I'll ever own another homestead. Even though it seems to be a good investment, I've seen it cause nothing but problems later, whether it be because it's a money pit, or it has to be sold, usually upon death of a family member. I've seen families damn near tear apart over the selling of a house after someone dies and it's just not worth it to me. Once your dead, it becomes a family issue and I'd rather not be the cause of any possible rift in what little family I have left. Besides, if I own, I can't roam the US like I want to after my kids are out of school (a little over 4 years and counting! :rockwoot: ). Kinda like having a relationship. I can't do what I want to do and be tied down at the same time. :lol:

If a family will fight over a house they will fight over $23 in the bank. A close family will not do that.

I worked with a guy and when his parents pasted away everyone fought over what little they had. He said he didn't want anything to do with it and tried to get his name removed from it. It didn't get done like he thought. While this was going on no one was doing anything about the garage that had to be fixed. The government demanded it be tore down but they didn't do what they had to do so the government was going to do it at the cost of at least $5000. Because he wasn't didn't get his name off of it he was responsible for part of it. If my kids fight like that I'm coming back and haunting their asses.

James

[Tsunami]

Right now renting for me is cheaper than owning and i live in a really nice place, but its an 1 bedroom apt. As the home prices continue to fall around here, once it equals out, i'll want to buy something. It would be nice to have a yard for the dog and in vegas, yards are basically filled with rocks or laid in tile so its minimal upkeep. Also a garage would be nice...

Whats keeping me from buying though is the instability of jobs here.

[Flexin]

Right now renting for me is cheaper than owning and i live in a really nice place, but its an 1 bedroom apt. As the home prices continue to fall around here, once it equals out, i'll want to buy something. It would be nice to have a yard for the dog and in vegas, yards are basically filled with rocks or laid in tile so its minimal upkeep. Also a garage would be nice...

Whats keeping me from buying though is the instability of jobs here.


A yard for the dog? You have a pug. Get a large flower box and let the dog run wild. :P

James

[VatorMan]

Right now renting for me is cheaper than owning and i live in a really nice place, but its an 1 bedroom apt. As the home prices continue to fall around here, once it equals out, i'll want to buy something. It would be nice to have a yard for the dog and in vegas, yards are basically filled with rocks or laid in tile so its minimal upkeep. Also a garage would be nice...

Whats keeping me from buying though is the instability of jobs here.

My Son and DIL are in the same boat there in Vegas. Both are employed-but the economy is making everyone nervous.

[2up]

My husband and I were renting a house and let me tell ya, now that we're separated and who knows what will ultimately happen, I couldn't be happier. In particular since we both lost our jobs. He has a roommate in the house, which thankfully he got before he lost his job (he's working for a former boss for awhile, but, took a $6 per hour pay cut) to help with the bills because he pays a stupid amount of child support. As for me, I am renting a townhouse and one of my daughters moved in with me. If we had owned a home things would be way more complicated. And even a year ago we would have never been able to buy for what we rented.

The house he is in is 2300 sq feet, pebble tec pool with a water fall, massive built in gas bbq, outdoor fireplace, tiled/covered patio, indoor double sided fireplace, HUGE eat-in kitchen, 2.5 car garage with built in cabinets, 3 bedroom, 2 bathroom, laundry room, den, family room, formal living and dining rooms. Rent is $1285 per month. No HOA fees. Landlord fixes stuff if it breaks. And in a fantastic area. Oh, and its maybe a 15 year old house, at MOST.

As for yardwork, I've always done the yardwork in houses I've rented. :shrug: I am LOVING the townhouse. I have a really large patio that has enough dirt area for me to put in flowers or a garden should I choose to. Other than that, the HOA mows the lawn out front as well as keeps the bushes and trees trimmed. I actually enjoy yardwork, but as with most other work, only when I WANT to do it. lol

ETA: My real point is that if we owned a home, with our financial and marital situation, we would be screwed. He doesn't know how much work his former boss has for him and I don't know when I'll be getting a job and unemployment is a joke. We'd rather break a lease than go into foreclosure. ;)

[OTB]

JMHO:

Some of it has to do with immediate local housing climate but, for most people, owning a home vs renting a comparable home in the same area, there is NO comparison financially....owning a home wins hands down (except in LA and New York and a mebbe a few other areas in Cali and HI).

Why? Simple. Two reasons. A. Deductability of mortgage interest and property taxes. B. TAX FREE Growth of equity.

You don't get either of those benefits when renting.

When renting, unless you are in some rent-controlled or subsidized situation where you are not paying market rent, you are still paying for mortgage, taxes, insurance, upkeep and repairs; you are just paying one person (or organization) rather than a bunch of bills.

I've made it a point to own my own home since I was in my early 20's, and I've never regretted it.

Just like buying a motorcycle, however, if you don't do your homework, or don't inspect the home and get caught up in the emotional part of the purchase, you are going to pay more than you could if you step back from the process and pay attention to the numbers.

The reason many people got into so much trouble with mortgages is they forgot that the main reason to buy a house IS TO LIVE IN IT. In many areas around the country, housing prices (and therfore owners equity) was growing at the rate of 16-18% and in some areas 25-30% per year. People began to EXPECT that kind of growth, and factor it (start counting on it) into there financial reasoning, rather than looking at the numbers as they are TODAY, and that is how both people and banks and mortgage companies got into the bind we're in today. When my folks bought thier house, and the first couple of houses I bought; equity growth stayed a modest (by today's standards) 7-9% per year. Doesn't sound like much, does it? BUT, factor in compunding, and that little $90,000 townhouse or bungalow will be worth $180,000 in a bit over 8 years. Monthly payment including taxes and insurance will be a smidge under $650 a month.

And for the first 5 years, you'll have $5 grand a year in deductions.

And if you sell your house and buy another, you won't pay ANY capitol gains tax on that $90K in appreciation.......$90 K tax free...........hmmmmmm.

If you rent....watcha got at the end of 8 years..........HMMMM, Bunky?

ZIP, NADA, NUTTIN.........

Yes, there are valid reasons for NOT buying a house. I can think of several offhand; like I don't WANT to take care of a house; I'm not going to be around here long enough to offset costs before I have to pull up stakes and leave again: I LIKE being transient and ready to leave at a moments notice.

Yes, a home does tie you to it a bit more than renting; but just like anything else, "Well bought is half-sold".

[Tsunami]

JMHO:

Yes, there are valid reasons for NOT buying a house. I can think of several offhand; like I don't WANT to take care of a house; I'm not going to be around here long enough to offset costs before I have to pull up stakes and leave again: I LIKE being transient and ready to leave at a moments notice.

Yes, a home does tie you to it a bit more than renting; but just like anything else, "Well bought is half-sold".

I don't plan on being here forever, i do like being transient, but i still plan on buying, if i leave, i'll rent it out until it sells or hold on to it depending on market conditions. Renting to me is like pissing money away.

[Mr Lefty]

I don't plan on being here forever, i do like being transient, but i still plan on buying, if i leave, i'll rent it out until it sells or hold on to it depending on market conditions. Renting to me is like pissing money away.

exactly... I just wish I had the initial money to buy a house...

[rogue]

If a family will fight over a house they will fight over $23 in the bank. A close family will not do that.

I worked with a guy and when his parents pasted away everyone fought over what little they had. He said he didn't want anything to do with it and tried to get his name removed from it. It didn't get done like he thought. While this was going on no one was doing anything about the garage that had to be fixed. The government demanded it be tore down but they didn't do what they had to do so the government was going to do it at the cost of at least $5000. Because he wasn't didn't get his name off of it he was responsible for part of it. If my kids fight like that I'm coming back and haunting their asses.

James

True. I'm not talking about my family. It's never happened (so far)...even when my mom died, my brother and I told my aunt to keep most of the insurance money so she could pay off what little debt my mom had and do some much needed repairs to the house they both were living in. She gave my brother and I some of it to help us out, which it did tremendously. But we didn't ask for it.

I've seen other families fight over shit. I just don't want to give my kids any more reason to fight and argue....they do enough of that already. :lol:



Yes, there are valid reasons for NOT buying a house. I can think of several offhand; like I don't WANT to take care of a house; I'm not going to be around here long enough to offset costs before I have to pull up stakes and leave again: I LIKE being transient and ready to leave at a moments notice.



This is my main reason why I don't want to own. :dthumb:

[2up]

I don't plan on being here forever, i do like being transient, but i still plan on buying, if i leave, i'll rent it out until it sells or hold on to it depending on market conditions. Renting to me is like pissing money away.

That always sounds good in theory, but, as Cori and her husband learned when they couldn't sell their house after buying a bigger one, it doesn't always work that way. Their renters totally screwed them and they were making 2 house payments while looking for new renters or someone to buy their house, which they never found. Totally lame situation.

[Flexin]

That always sounds good in theory, but, as Cori and her husband learned when they couldn't sell their house after buying a bigger one, it doesn't always work that way. Their renters totally screwed them and they were making 2 house payments while looking for new renters or someone to buy their house, which they never found. Totally lame situation.

Your right it doesn't always work out but it is an option for someone that doesn't mind the risks or hassles.

My grandmother built a house her in Nova Scotia years ago. The whole time she was living and working in Detroit. When she retired she came home and redid the house over (well my father did for her). So for her it worked pretty good.

And my buddies in laws moved from Nova Scotia from Ontario and rented the house they owned here. They did it till it was to much of a hassle and then sold it.

Depending on where you live you can also use it as a vacation rental.

James

[Cutty72]

exactly... I just wish I had the initial money to buy a house...

VA loan. no money down.
or first time home buyer loan.

[Mr Lefty]

VA loan. no money down.
or first time home buyer loan.

yeah but there are other things you've gotta have... furniture for one... unforeseen expenses too... I'd like to have 10-15k saved up just for emergency situations before I buy... it'd be what i'd need normally for a down payment...

yeah I know I could go down and buy a house right now... but I'd just rather have that buffer :2cents:

if I was gonna be there longer than 4 years... I'd probably buy anyways...

[Cutty72]

yeah but there are other things you've gotta have... furniture for one... unforeseen expenses too... I'd like to have 10-15k saved up just for emergency situations before I buy... it'd be what i'd need normally for a down payment...

yeah I know I could go down and buy a house right now... but I'd just rather have that buffer :2cents:

if I was gonna be there longer than 4 years... I'd probably buy anyways...

Furniture is overrated. Plastic walmart lawn chairs FTW!

[tached1000rr]

Furniture is overrated. Plastic walmart lawn chairs FTW!

Either that or your family and friends will want to unload all of their old stuff on ya which works out for the time being....

[Mr Lefty]

Furniture is overrated. Plastic walmart lawn chairs FTW!
:lol: meanwhile I've got a brand new bike sitting in the garage... I like your way of think'n :rockout:

Either that or your family and friends will want to unload all of their old stuff on ya which works out for the time being....
it would... except my bro just bought a house about a year ago so my parents old stuff went to him... and my other brother just moved out to Cali and my parents sent what ever was left over from Brian to him...

though my Brother Brian just got engaged and she had a house in Iowa... so maybe I can score a set of furniture from them... which ever set they don't want...

damn you fuckers...

[Cutty72]

:lol: meanwhile I've got a brand new bike sitting in the garage... I like your way of think'n :rockout:


it would... except my bro just bought a house about a year ago so my parents old stuff went to him... and my other brother just moved out to Cali and my parents sent what ever was left over from Brian to him...

though my Brother Brian just got engaged and she had a house in Iowa... so maybe I can score a set of furniture from them... which ever set they don't want...

damn you fuckers...

We are geniuses.

[OTB]

Oops...I forgot to mention.....

http://www.federalhousingtaxcredit.com/faq.php

$7500 with 15 yrs to repay, no interest.............

Interest free money.............................from Uncle Sam.............

[Tsunami]

:lol: meanwhile I've got a brand new bike sitting in the garage... I like your way of think'n :rockout:


it would... except my bro just bought a house about a year ago so my parents old stuff went to him... and my other brother just moved out to Cali and my parents sent what ever was left over from Brian to him...

though my Brother Brian just got engaged and she had a house in Iowa... so maybe I can score a set of furniture from them... which ever set they don't want...

damn you fuckers...

Freecycle.com or is it .org, u can get so much free stuff there!