Do you Own or Rent your house? (flooring, reroof, heater)
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Hi, I wonder how my people rent or own their own home. I know a couple near me that has worked at a job for 40 years and still don't own a home. They spent there money on everything else other then a home. So now they rent and they are in there late 60's.
I own and found that my mortgage+taxes+insurance is so much cheaper than renting something comparable, even when you factor in maintenance (water heater, lawn, roofs, etc.). I do have a small home so that must be taken into consideration of course.
We're renting. My husband's in the military, and we'll only be stationed here for 3.5 years, so it didn't make sense for us to buy. I'm looking forward to owning once we're done here, though!
We rent a small house (2 br) on the coast of Maine for $450/month. At this time, I'm quite sure that a mortgage and taxes on another home would be quite a bit more than that. We also don't have the best credit, so that would limit our mortgage options. We may have the option of buying this house in a few years, with some of the rent we have paid being discounted from the purchase price.
For some people, it is easier to rent in the long run- you know that you pay a set amount for rent and don't have to figure in savings for things that might go wrong- plumbing, or reroofing issues, for instance.
that's a very good point. I go back and forth many times on whether to own or rent, but in the end I think I want to just put roots down and have a place that is mine. Where I can paint my walls, or change the cabinets or flooring if I want to,etc.
bought my first house @ 22 but a divorce 10 years later put me into the rental market. It served me very well for a few years until I decided where to start up again. I was so fortunate to find a couple very nice rental homes in great neighborhoods while raising a little boy. The advantage of renting for me was that it enabled me to live in some very nice places that were beyond the reach of my being able to purchase at the time.
my mom didn't buy own her own house until her late 40's. i know a couple who lives in a 2 family house - paying rent, owned by his mother (they are about 70, mom pushing 90) and they hit the lottery for 6 mil!
i purchased my first home at 24, but rented for 6 months after selling while our current home was being built. the rent on a 600 sq ft condo was more than my mortgage.
We bought our first house in 1987 (10 months after we got married) and our current one in 1993. We live in the Dallas area where appreciation is pretty steady - but not anything like California, of course! But, after almost 14 years, it's worth double what we paid for it and have no complaints. I have an aunt & uncle that always rented, however, which nobody in the family could understand. Had they bought a house in the 1960's (like their peers), they would have ridden the appreciation curve (especially through the 1970's) and done pretty well. It was their choice, of course.
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