I sold my home in 2006 not because I am smart but... (mortgage, mortgages)
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because home ownership is just a pain in the butt. I lucked out because I made a decision based on happiness. I feel alot of people aren't buying because renting is often more enjoyable, less hassle, and more time to devote/quality time with family. I rent in a luxury apartment complex, save 40 percent liquid of my salary, and my headaches involve decising what museum my family and I are going to or what destination our next roadtrip will entail. I've never felt more free than the day I sold my home!
because home ownership is just a pain in the butt. I lucked out because I made a decision based on happiness. I feel alot of people aren't buying because renting is often more enjoyable, less hassle, and more time to devote/quality time with family. I rent in a luxury apartment complex, save 40 percent liquid of my salary, and my headaches involve decising what museum my family and I are going to or what destination our next roadtrip will entail. I've never felt more free than the day I sold my home!
There isn't a 40% difference in rent vs mortgage payment on a typical property. It's more like 10% and that evaporates over time because fixed rate mortgages remain constant while rents tend to go up with the cost of living. Plus there's that added bonus of gaining equity and even owning free and clear at the end of a mortgage agreement. Renting has it's advantages short term but in the long run it's simply a great way to throw away money. I own a luxury condo and it's been zero hassle. The best part is that I happen to know the owner VERY well so if something breaks it gets fixed right away.
because home ownership is just a pain in the butt. I lucked out because I made a decision based on happiness. I feel alot of people aren't buying because renting is often more enjoyable, less hassle, and more time to devote/quality time with family. I rent in a luxury apartment complex, save 40 percent liquid of my salary, and my headaches involve decising what museum my family and I are going to or what destination our next roadtrip will entail. I've never felt more free than the day I sold my home!
Long story short, University of Pennsylvania's Wharton School (well-known business school) reports that homeowners on average report more pain and less time for leisure than renters.
I personally love being a homeowner. Yes it has it hassles and it does anchor one down to a specific spot, especially in this market but I did the rental thing and found it to be miserable. I feel more in control when being a homeowner. If something breaks, we fix it. We went two days without heat in our rental waiting for the jack weed landlord to call us back. We ended up fixing things ourselves because the landlord was so terrible. No thanks but glad you are happy.
Long story short, University of Pennsylvania's Wharton School (well-known business school) reports that homeowners on average report more pain and less time for leisure than renters.
If you do not have a wife then she won't leave you
If you do not have a dog then it will not be poisoned by the neighbor
If you do not have a friend then you will not have a fight with him
If you do not have a house...
it is also very very good - like all of the above.
Long story short, University of Pennsylvania's Wharton School (well-known business school) reports that homeowners on average report more pain and less time for leisure than renters.
I can't speak to the "happier" part but I definately weighed less when I was a renter. I was flat broke back then and lived off of beenie weenies, Cherrios and grilled cheese sandwiches.
I'll take full stomach homeownership over borderline renter starvation any day of the week.
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