Anyone here prefer to rent vs owning a house? - Page 3

Flexin · 01-02-2009, 08:06 PM

Quote:

Originally Posted by Rogue

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!

). Kinda like having a relationship. I can't do what I want to do and be tied down at the same time.

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 · 01-02-2009, 08:15 PM

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 · 01-02-2009, 08:19 PM

Quote:

Originally Posted by 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.

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

James

VatorMan · 01-02-2009, 08:23 PM

Quote:

Originally Posted by 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.

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

2up · 01-02-2009, 08:43 PM

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.

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 · 01-02-2009, 09:04 PM

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 · 01-02-2009, 11:37 PM

Quote:

Originally Posted by OTB

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 · 01-02-2009, 11:39 PM

Quote:

Originally Posted by Tsunami

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 · 01-02-2009, 11:58 PM

Quote:

Originally Posted by Flexin

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.

Quote:

Originally Posted by OTB

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.

2up · 01-03-2009, 02:13 AM

Quote:

Originally Posted by Tsunami

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.

01-02-2009, 08:43 PM	#25
2up Waiting for Hello Kitty! Join Date: Nov 2008 Location: Arizona Moto: Nothing ATM, which makes me want to cry. Posts: 810	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. 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. Last edited by 2up; 01-02-2009 at 08:47 PM..

01-02-2009, 09:04 PM	#26
OTB The Man Join Date: Feb 2008 Location: CrabTown USA Moto: 00 Bimota DB4 Posts: 823	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". Last edited by OTB; 01-02-2009 at 09:20 PM..

01-02-2009, 08:15 PM	#22
Tsunami Pug Queen Join Date: Dec 2008 Location: Las Vegas, NV Moto: DR200, SV650 Posts: 2,486	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.