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It really is a lifestyle choice with positives and negatives on both sides...
I sometimes have a hard time keeping a straight face when I hear some of the stories from first time home owners...
Typical things that I have heard in the last year include...
"I used to have money... now ALL my money goes into my house"
"I will be vacationing at home... to much work to do around the house to go anywhere"
"Do you know how much Plumbers charge?"
"I'm paying $750 each month in Property Taxes... my taxes cost almost as much as my last apartment"
"$140 for water???"
"$40 a month for Garbage???"
"The city sent my a notice that my lawn is a blight... I stopped watering because the water was costing me too much and then... you have to pay someone to mow the lawn!"
"My wife called someone to spray for ants and she signed a two year $50 a month pest control contract"
And one final one for today...
The neighbors from Hell just moved in next door and it is so bad that we hate going home!!!
Those are funny and I got a good giggle out of them! But, they're also really sad! I feel so badly for people in those situations. Much of it could have been avoided with a bit of common sense and some researching. Unfortunately, too many people make hasty decisions without taking proper time to find the best solutions.
If I could find a place with caring landlords that didn't feel the need to raise the rent every year, and in return, they would find that I care for the place like it's my own, I would rent there for many years.
I love renting. Second the comments about the financial myth associated with owning a home. Now that the bubble has burst and we can finally kill the myth that "houses always AND are supposed to always appreciate". That said, the whole argument with equity always made me chuckle. If you take into consideration the utility value of the home (the actual value in my opinion) then having equity is not the end all be all. In order to liquify that money you have to remove that roof from your head. That's just not sensible in my opinion. Refinance you say? yeah I refer you to the current state of affairs. As someone else said, there are much more stable and profitable investment sources, and may I add, more LIQUID, than putting money into a house. As to the "forced savings account" people like to refer to their houses, meh, that's just being lazy.
Once you take away the equity debate, the only other value is the intrinsic emotional value. That being the case, I sure as heck don't value "having a white picket fence" as much as the equivalent of more than doubling my total housing costs from what I currently rent just to break even in terms of square footage and neighborhood. Granted I don't have kids, but even with kids I'd be better off month to month in a huge 3 bed apt than a 3/2 house of similar space and recency. The day my cost of renting surpasses my cost of TOTAL cost of owning will be the day I buy one...and my pops ain't coughing up the 50 grand down I need to make that happen, unlike my co-workers parents lol. Renting heaven for me!! lol
I have been renting in 3 different states my whole adult life. I am now single and retired with no kids so there's no pressure to have to have a house to leave to someone after I'm dead.
Here's what I like:
1. I don't have to know nuthin' about nuthin' repair-wise. Anything breaks/leaks/gets stopped up/burns out, I call the office (except for my own washer/dryer).
2. I don't have to pay for someone to fix anything. I pay rent and utilities, that's it.
3. Trash - I just put it in the dumpster on my way out of the complex.
4. The rental office signs for packages for me when I'm not home and holds them until I pick them up.
5. I don't have a yard to work on or pay for but the grounds of my complex are nicely landscaped and birds are singing in the trees outside my balcony as I type this.
6. The rent is direct debited from my bank account so I never forget to pay the rent or worry about it if out of town.
7. There's a car wash area on the grounds. I just bring the bucket and soap.
8. The mailboxes are locked boxes. If I get something too big for the box, they bring it to the office so no worry about packages stolen.
9. The newspaper is delivered to my door, not the driveway.
10. There is only one side that faces outdoors which means my heating and cooling bills are pretty low. When it's 30 outside it's still 60 something in my apartment with no heat on.
11. No snow shoveling a driveway.
12. Preventative maintenance - pest control, air filters replaced, fire inspection (alarms, extinguishers)
13. No property tax related chores.
The things I don't like:
1. Neighbors who smoke and/or are noisy. Pets of other people living above you.
2. Having to consider the neighbors late at night or early in the morning so no washing/drying clothes late at night or running the dishwasher, for example, after 10PM.
3. Parking if you come home late.
4. Can't barbecue on the balcony - not allowed.
5. Stairs when I have packages or anything large or heavy to carry up and down like a cooler or a desktop that needs repair.
6. car dings from perpendicular parking next to trucks and SUVs.
7. rent increases every year.
8. teenagers in the summer.
9. Possibility of fire not due to my own carelessness.
I love this thread! I love renting too! As I have mentioned before I live in a huge 3,000 sq ft home and pay only $1250 per month (lower than my former mortgage) I pay no HOA fees, the landlord pays, but we get full use of the amenities in this master-planned development! We have a deal with the landlord that we will repaint, remove wallpaper, etc and he will reimburse us (that's why he lowered the rent by $200 per month). We love redecorating and so it's a win win. My husband is handy so he can fix small water leaks, etc but the landlord will pay for all supplies. Recently there was a huge hailstorm and there is roof damage. Not my problem hee hee , the landlord had a roofing guy come over and it will be taken care of. Also, if the fence blows down (as it sometimes happens during tornado season) guess what....no sweat, we don't own the place so we don't pay a dime. I think we learned our lesson. Although we take care of the place like it's our own, we don't have to carry the heavy burden of taxes, etc. BTW, this home is worth about $250K and it's gorgeous!! We would have to pay about $2500 per month (with taxes and insurance) if we owned it plus maintenance No thanks!! I prefer renting. We'll be happy to rent here for the next 3-5 years. But if he decides to sell we'll just go look for another deal
Last edited by CTR36; 04-02-2008 at 02:16 PM..
Reason: spelling
I've never understood why renting has such a "bad reputation." I love renting.
There's a lot of freedom that comes with it. Get tired of your place? No need to remodel, just move to a different place. You'll get a whole new change of scenery.
I don't buy the argument about tax breaks, either. I get a renter's rebate at tax time so that's just as good. My rent is lower than most people's mortgage payments, but even for the years when it wasn't, I have freedom to leave whenever I want. If a job opportunity comes up somewhere else, I just pack my bags and leave. If I take a vacation, I don't have to worry about the house while I'm gone.
I have no upkeep, or repairs, to do - or pay for. I just leave a message on someone's answering machine and by the time I come home from work - it's done! Renter's insurance is MUCH cheaper than homeowner's insurance. My bills are kept to a minimal number because I don't have to pay for gas, heat, water, trash, or sewage. And my rent might go up $15-$20 every couple of years, but mortgages and property taxes go up higher than that.
I realize renting isn't perfect, but nothing is. Owners and renters have to contend with neighbors at times.
I really do love renting, and I'll be 42 next month. I may want a very small home at some time in the future to settle down into, but then again... maybe I won't!
Me too. I will NEVER own a home. Don't want to. I want the ability to leave any time I feel like, and some owners get to a point where they feel "stuck" in their homes.
9. Possibility of fire not due to my own carelessness.
This is my least favorite thing about renting, too.
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