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Regarding financial stability- eh, I had way more money as a renter
But a few years down the road when your mortgage payment is miniscule compared to the average rent, and when you sell your house someday and make a good buck on it, you'll be glad you're not renting and making your landlord's mortgage payment for him.
But a few years down the road when your mortgage payment is miniscule compared to the average rent, and when you sell your house someday and make a good buck on it, you'll be glad you're not renting and making your landlord's mortgage payment for him.
Add in taxes, insurance, maintenance, higher utility bills, repairs, time spent on fixing, maintaning and improving property, timing the market correctly, being strapped to the property for a period of time or possibly ending up upside down, less money going to 401k and other investments. Put it all together and figure out the real numbers, the own vs. rent gap isn't so wide.
But a few years down the road when your mortgage payment is miniscule compared to the average rent, and when you sell your house someday and make a good buck on it, you'll be glad you're not renting and making your landlord's mortgage payment for him.
My previous land lady bought a second home for her friends that were in need. She paid the mortgage with my rent check. That was a motivator for me. But, I still don't know if it all evens out. Maybe it will in decades, certainly not in a few years. There are also sacrifices that aren't financial. I used to love it when it rained. I'd sit at my window and enjoy. Now, I worry about the gutters and basement leaking lol. Same goes for snow. A storm meant no work, and all play. Now- is my roof in good shape? I don't mean to complain, I'm just noting a few things as a new home owner.
My previous land lady bought a second home for her friends that were in need. She paid the mortgage with my rent check. That was a motivator for me. But, I still don't know if it all evens out. Maybe it will in decades, certainly not in a few years. There are also sacrifices that aren't financial. I used to love it when it rained. I'd sit at my window and enjoy. Now, I worry about the gutters and basement leaking lol. Same goes for snow. A storm meant no work, and all play. Now- is my roof in good shape? I don't mean to complain, I'm just noting a few things as a new home owner.
Before you buy a used home Inspectors check the roof, plumbing, check for termites, etc, etc. There is a list of systems checked.
Normally any problems have to be repaired before you buy & move in/take possession of home. The seller pays for repairs.
Renting is like leasing a car, it makes no sense at all. Once your lease period is up, you have absolutely nothing to show for it, but the landlord and the dealership still made their profit.
As a renter, I think there is a difference in how people who prefer to rent view renting and those who prefer to own view it. Buyers see it as making someone else's mortgage payment. Renters (by choice) view it differently depending on their situation.
I haven't lived in one place more than five years in my lifetime and not more than three years since being on my own. Part of what I pay for, as a renter, is the ability to move as often as I do without worrying about selling a house first or ending up a landlord myself (which I have even less desire to do). In my case, rent isn't just about paying for a place to stay it's also about paying for the ability to leave.
Home ownership can be a great thing, but it isn't always and I think that's something to keep in mind, particularly if you won't be there long enough to ride out the rough patches. When the furnance dies, the roof leaks or plumbing needs replaced it's the owner's responsibility not mine. And should the need arise to sell the home it may not be possible to sell it for what you paid much less what else you may have put into it.
Before you buy a used home Inspectors check the roof, plumbing, check for termites, etc, etc. There is a list of systems checked.
Normally any problems have to be repaired before you buy & move in/take possession of home. The seller pays for repairs.
Yea, I had all that checked. The basement does leak after weeks of rain, but there is a french drain on this property. I'm sure it needs to be snaked. The roof, apparently, is in excellent condition and not that old (5-6 yrs). That's not the point, tho. I worry just the same. This kind of stuff didn't dawn on me until I bought my home. As mentioned, it's simply a huge responsibility, so that changes things/perspective. OTOH, I wouldn't change anything. I love my home. I just wouldn't point fingers or make negative judgements about someone that elected to forgo the responsibility.
Home ownership is typically what people strive for as they get older. That was my goal to own a home by 30 because usually (minus this economy for the next 5 years) most wealth is obtained that way. It's a tax write off for you. It's also stepping up to the next level if you are planted where you are. Not having one makes others wonder about your stability or what might be preventing you from doing so (credit issues?)
It's a tax write off IF your itemized deductions are higher than your standard deduction. I've known people who owned homes that did not exceed their standard deductions on mortgage interest and real estate taxes alone. Though it's pretty much a given that if you DON'T own a home, you won't exceed the standard deduction anyhow.
As far as "why"--lack of interest.
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