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Old 10-04-2011, 12:23 PM
 
Location: Downtown Harrisburg
1,434 posts, read 3,909,353 times
Reputation: 1017

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Quote:
Originally Posted by aqua0 View Post
Reviving this old thread...I love renting too. When people say I'm throwing $ away, I'm not.
I couldn't agree more. Some people assume that cost is the only thing that matters, and that anyone who isn't building equity is an idiot. I posted something similar in another thread a while back:

I choose to rent because of the lifestyle it affords.

Five feet of snow dumped on the city overnight? Not my problem.

Dishwasher wears out and is in need of replacement? Not my problem.

Torrential downpour and the building takes on a few inches of water in the basement? Not my problem.

Drain line clogged? Not my problem.

Water main fails? At worst, an inconvenience.

I have a central location with incredible views from my corner penthouse apartment. We have no hirise condos here in Harrisburg, so my views aren't available for purchase at any price. I have dozens of dining, shopping, and entertainment options within walking distance, as well as a five-mile riverfront park with bike and jogging trails. I'm three blocks from the train station, four blocks from the beltway, and the bus stops at my front door. There are a handful of rowhomes for sale in the same general area, but none of them are as great as my apartment. Believe me, I've looked.

Our city is currently teetering on the verge of financial meltdown. Water & sewer rates may soar, police and fire protection will likely be slashed, taxes will probably skyrocket, road repairs may slow to a trickle, and property values will continue their decline. As has happened so many times to so many cities in the past, a number of local employers will probably seek greener pastures. This will drive up unemployment, which will drive down property values even further, which will erode the tax base, which will cause taxes to climb again, and the chain reaction will continue until we get our act together.

But you know what? If things get that bad, I can just leave. I don't have a mortgage, so I'm not tied to this area.

For that matter, if I find my dream job in Chicago or Philly or New York, my worst possible outcome is that I forfeit my security deposit. That's it. No selling the house at a loss (if at all), no becoming an accidental landlord, no worrying about being upside-down on a mortgage. Just a 60-day notice to my landlord. Done.

The potential equity I might lose by renting is not that big of a deal. If fiscal value was the only thing that mattered, we'd all be driving whatever the cheapest car out there is. While I could very easily afford to go buy a sensible house in the suburbs tomorrow, I wouldn't be happy, and it therefore wouldn't be a sound decision in any aspect that mattered.
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Old 10-04-2011, 07:56 PM
 
805 posts, read 1,506,139 times
Reputation: 734
Quote:
Originally Posted by nightcrawler View Post
well in our building the Ll doenst let you paint the walls colors, luckily i own my apartment, but who wants someone to dictate what colors you have to paint,

we are not allowed washers, dogs, dryers, tv antennas.....

but if that is acceptable then renting is great.

everything has its pros and cons.

want new appliances, trust me the LL is going to give you the cheapest crap on the market.
Dont like your bathroom tiles, sorry you are stuck with them.
Kitchen cabinets, you will never have that dream kitchen.

What a racket upstairs, the downstairs neighbors slams his door.
The hallways smell..

Interesting how different we are. Everything you listed is what I don't need or want, such as painting the walls a different color or having pets. I painted walls once and it was way too much work. Never again. As long as the walls are not a dark or somber color (which I've never encountered in all my yrs of renting), I'm fine. Pets? Dogs are too needy and I'm allergic to cats.

Yes, you're right the appliances are always the cheapest. Tiles in the bathroom? I go in not to admire my surroundings but to do my business and get out. Yes, I hate the noise next door but it's a trade-off for other things you have to do that I don't/won't.

Dream kitchen? I cook to eat, not to entertain guests or enjoy the cooking process. I'll just as easily eat out if it were cheaper.

Glad there are homeowners who rent out, just like they are glad there are renters who rent from them. It's a win-win situation for all -- one cannot exist without the other. The pros outweigh the cons, and that is why one rents or owns.

But not every renter lives in a smelly, noisy place with ugly walls and tiles as you seem to indicate. If they do, that's all they can afford, just like homeowners who live in such places themselves.

If I do own a home one day, I'll need so much $ that I can afford to pay someone else to deal with the maintenance. Until then, even if I can afford to buy a home, I won't. Yes, I really find doing chores distasteful. I have a friend with a million $ home, who has a cleaning lady. Even then, she still finds herself running to Home Depot, calling plumbers and pool companies to get estimates, or arranging for renovations. Just not me.
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Old 10-05-2011, 04:34 PM
 
1,096 posts, read 4,515,670 times
Reputation: 1097
Quote:
Originally Posted by Simple Living View Post
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!
You may be able to rent for lower than the cost of home ownership depending on situatin but your rent will be higher than a mortgage. It's common sense hwoever your renting from has a mortgage most likely so your going to pay their rent as well as their property taxes. People rent to make money not to lose money, for the most part that is not necessarily true in todays economy.

That said the place own for $860 per month rents for $1200 per month, my pmi and taxes are included in that $860.

Another thing and this is my biggest beef about renting. I like privacy and owning my place. I can do what I want to it when I want to without asking somebody.

I also like the privacy part. Many landlords these days want to do inspections every three months. It's understandable seeing as how some people treat rental properties but I dont like the idea that every three monthys landlord is going to come by to approve of how I'm livving and potentially come by more often for repairs or other things.
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Old 10-06-2011, 03:11 PM
 
Location: Herndon
83 posts, read 446,498 times
Reputation: 70
I think home ownership is overrated. It's the right thing for some people but I'm disappointed that I let myself fall into the group think of believing it's the only path for a responsible adult - like holding a stable job or having your prostate checked. I didn't give renting vs. buying honest consideration. I always aspired to home ownership because it was the thing I was supposed to do.

I owned two homes over the course of a decade and I'm very happy to be renting again. What I disliked about renting was not the financial aspect but living in dense, cookie-cutter apartment complexes. Now I rent a house and I have my own door to the street, no one above me and a neighbor on only one side. I picked a house that has some character and has been renovated to a high standard.

People say you can't decorate a rental or make it your own. Why not? At worst, you have to return it to it's move-in state. This is no less than you have to do when selling a house unless it's a really hot market. When you sell a house you often jump through all kinds of hoops like replacing carpeting, painting walls neutral colors, doing repairs, packing a bunch of stuff away so it looks less cluttered and living like you're in a hotel in the off-chance someone comes to view it. I've done it twice and what you go through to sell a house is far more work than undoing some painting and decoration to move out of a rental.

There is one worry and it's that the owner could decide he wants to sell the house or move back in when the lease expires. It's a different lack of flexibility from owning. When you own the worry is you can't leave, when you rent the worry is you are forced to leave.
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Old 10-07-2011, 05:42 PM
 
Location: In my view finder.....
8,515 posts, read 16,133,616 times
Reputation: 8079
Quote:
Originally Posted by mommabear2 View Post
I guess it depends on where you live. Personally, there are some places in the U.S. that I would NEVER buy... other places it seems financially silly not to... I own my home (along with rentals) but I LOVE my renters. We usually buy a place, live in it for a few years, then move on to something else. We rent out our former homes which then accumulates equity AND has cash flow. Nothing has paid us more than owning real estate. That is the downside of being a renter is paying someone else's mortgage. But, at least they have the benefits of not remodeling/being able to be a little more mobile, etc. To some people, that's enough not to own.
I don't think renter's look at it as paying someone else's mortgage. It's an even exchange. I pay rent, you provide shelter.
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Old 10-07-2011, 05:55 PM
 
Location: In my view finder.....
8,515 posts, read 16,133,616 times
Reputation: 8079
How often do you play the music and Tv loud?

I'm sure it's not very often is it?



Quote:
Originally Posted by UW Badgers View Post
We bought our first home 3 years ago(small 2 bedroom). The only plus is that we are by ourselves. We can watch tv and play music as loud as we want and don't have that apartment living situation with noisy neighbors.

Hate the yard work. We had a horrible winter this year, the worst since we moved here 4 years ago. We couldn't figure out why it bothered us so much. After much thinking it was because we were the ones getting up at 6am every other day to shovel the snow. When we didn't have to worry about that, winter never bothered us. Cutting the grass when it's 95 out sucks too. We have no trees in our yard, but thanks to everyone else, we find ourselves cleaning leaves all.the.time. Keeping up the landscape sucks. We have grass to replace this year. Watering the lawn costs a boat load, so then what, let it die? Thankfully the inside hasn't had any issues. Everything is pretty new between the last homeowner and us. We did have to replace 5 windows when we moved in, that wasn't cheap. We also got a new AC unit, since the old one was from 1966. That was costly too. I sometimes think owning a home is over rated, especially in this market. We won't ever make money on this thing unless we are here the whole 30 years, which isn't going to happen.

When the time comes to move, it will be back to renting. Either that or I win the lottery so I can hire people to do all the work..LOL
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Old 10-11-2011, 08:15 AM
 
Location: Central FL
1,382 posts, read 3,788,533 times
Reputation: 1192
My family is about to become renters here in Central FL. I know there are going to be some big pros to it, but there are some negatives already and we're not even in the home yet.

The main issue is that rental prices here are WAY higher than what it would cost you go buy the home! A $90,000 home rents for $1,200. Competition for rentals is insane here - it's exactly like the buyer stampede back in 2005 - 2006 was here. I guess everyone lost their homes to short sales or foreclosures here and needs to rent now (and most folks have very poor credit, so they can't qualify for a new mortgage).

The other issue is landlords don't care how dirty or nasty the home is - you take it or someone else will. I have seen it all during my 2 week rental search here! Only 1 place was really clean enough to move in that day (and I have lowered my standards a LOT)

So we found a place that will fit our needs and I'm supposed to give the man the deposit and 1st month's rent today. Meanwhile, the house needs major cleaning and he said we could get a discount on the rent if we do it ourselves, so I agreed. We need to have it cleaned top to bottom (very nasty in there - sticky stuff in and outside of cabinets, dead spiders, live roaches in the fridge, and stains all over the carpet. So a team of cleaners, a carpet cleaning by pros, and I'm also going to have the A/C ducts cleaned because there is black stuff staining the ceiling from the air shooting out, and the return duct is full of crud that I can see in there.

^^^ I have seen this same thing a several homes. You check the A/C filter and it is just BLACK and clogged with dirt.

Renters are living like animals and landlords don't seem to care that their a/c systems and ducts are really getting abused and could fail due to this kind of neglect. (we discovered that this was the case in the home that we bought last time, so I'm really tuned into this kind of thing, plus we all have sinus issues as it is)

I'm going to read the lease carefully and I already took a lot of pictures yesterday to show the condition of the house and fence so I'm protected.
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Old 10-11-2011, 08:52 AM
 
Location: The Triad
34,090 posts, read 82,517,928 times
Reputation: 43648
Quote:
Originally Posted by MovedfromFL View Post
My family is about to become renters here in Central FL.
A $90,000 home rents for $1,200.
This ratio is minimum (to sub par) to actually make it worth being a LL

Quote:
Competition for rentals is insane here...
You're describing competition for the benefits of living in FL without the long term responsibilities of ownership in FL.
That and the lack of qualified buyers swelling the renter pool everywhere.

Quote:
The other issue is landlords don't care how dirty or nasty the home is...

...the house needs major cleaning and he said we could get a discount on the rent if we do it ourselves, so I agreed.
Seems a reasonable compromise.

Quote:
and I already took a lot of pictures yesterday to show the condition of the house and fence so I'm protected.
Very prudent.
Try to get the LL to date and sign the back of at least two photos.

Quote:
Renters are living like animals and landlords don't seem to care...
where exactly are you looking?
this sounds like a slum area issue
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Old 10-11-2011, 09:36 AM
 
Location: St Thomas, US Virgin Islands
24,665 posts, read 69,464,851 times
Reputation: 26726
Quote:
Originally Posted by MovedfromFL View Post
My family is about to become renters here in Central FL. I know there are going to be some big pros to it, but there are some negatives already and we're not even in the home yet.

I'm going to read the lease carefully and I already took a lot of pictures yesterday to show the condition of the house and fence so I'm protected
Why even sign the lease and take the place period when there are so many negatives you've discovered even before moving in? You are NOT "protected" by taking pictures. Dated pictures are just a safeguard, not a guarantee.

For every bad landlord there are many very good ones. Do you have bad credit, several children and/or many pets? All can reduce the rental pool available to you but, unless you're really desperate, I would caution against taking on a rental where a landlord seems not to have much interest in the property other than collecting the rent.

Good luck!
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Old 02-19-2012, 09:55 AM
 
4 posts, read 3,984 times
Reputation: 15
Dear Simple Living: I know this is an old thread, but I'm wondering if you're still renting. I've been renting my entire life (I'm now 51) and still enjoy it. My landlord told me he'd never raise my rent as long as I reside here, which I've been doing since 1994. I love being able to not pay for those extra expenses required for the maintenance, except I have to cut the lawn. I can afford a house, but am choosing not to because of health problems and don't want to sink all my saved money in repairs. It's nice to see someone else out there who is happy renting! Seems like society looks down on renters. One time I had a homeowner tell me, "Renters don't pay property taxes." And I said, "Who do you think pays the property tax for the landlord?"

Most landlords pass the extra expense on to the renters! He then agreed with me. Ha. I totally agree with what you said about renting not throwing money away. It's worth the money to have the quality of life you want. In the town I live in, if I spent the same money on a house per month, the house wouldn't be the same quality is where I'm renting!
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