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Old 02-25-2015, 09:11 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
23,868 posts, read 41,547,989 times
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Quote:
Originally Posted by Linda_d View Post
The Del Webb development in Fredericksburg, Va, Celebration, also has HOA-maintained landscaping of individually owned single family homes. I don't know if they do all exterior maintenance but since it's a 55 plus community, they might very well do so.
The communities that provide 100% exterior Maint usually have a different ownership model, than Dell Webb / 55+ SFR community.

Most Del Webbs (and similar) do not DO the exterior maint of the home. The 'board / community' is full of people with a lot of time on their hands to inspect your property daily (sometime 4x/day) and TELL YOU when/ HOW to maintain the exterior of your home.

My mom had a place in a Good Sam 'owner' community for about 6 months. She and DH got stuck with medical issues (both hospitalized unexpectedly) 6 hours away from home and their newspapers were accumulating.
Rather than the neighbors picking up the papers and putting them in a box, the neighborhood had a big meeting and sent a 'court order' to require them to arrange someone to pick up the papers. (Corner case but not so rare).

Rent vs own... I will do as Mathjak and go co-op (Not for everyone). Since I only live rural, it will be a cottage community or a 'Homestead' co-op in a small town.

I will keep my Real Estate dollars in cash flowing commercial properties that allow me to rent where ever I happen to desire. (Or I will be carrying back the notes on existing income properties to fund my rents.)

I don't plan to be up on 30' ladders fixing roofs and trimming trees, or weeding flowerbeds when I'm age 80+.
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Old 02-25-2015, 09:35 AM
 
Location: Tennessee
25,827 posts, read 19,173,601 times
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Quote:
Originally Posted by Hemlock140 View Post
I'm the opposite, looking for a place to retire with acreage to plant much larger vegetable gardens and fruit orchards, multiple outbuildings and some woods in a more rural area. We could still lock up and take off on a moment's notice, since we are not planning on having any more pets at that point. My parents are in their mid-80s and still doing fine on their 5 acres, with two tractors and a riding mower, they enjoy the work and it helps keep them in shape. Depending on where you will be going, rent can cost even more every month than a mortgage, and if yiou are like us and have a lot of equity in the large house, you might be able to pay cash for the new condo or small house and have to only pay the property taxes and insurance. For me, renting whether as a young adult or in retirement is lost money you will never get back.
Rent costs more than mortgage in a lot of areas. The challenge, especially when you're young, is to afford enough for a downpayment, but those restrictions are easing a bit.
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Old 02-25-2015, 09:44 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
23,868 posts, read 41,547,989 times
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Quote:
Originally Posted by Emigrations View Post
Rent costs more than mortgage in a lot of areas. The challenge, especially when you're young, is to afford enough for a downpayment, but those restrictions are easing a bit.
Rent has always been more than mortgage (AFAIK). Thus I bought my first place at age 19. $128.84 monthly payment.

But OWNING comes at a significant cost (homes are not good INVESTMENTS, only another tool / avenue)
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Old 02-25-2015, 11:14 AM
 
13,100 posts, read 10,457,378 times
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Quote:
Originally Posted by Emigrations View Post
Rent costs more than mortgage in a lot of areas. The challenge, especially when you're young, is to afford enough for a downpayment, but those restrictions are easing a bit.
I'm not worried about it. At the age of 28, my investments are able to cover just about 1/2 of my rent, so after adjusting for landlord non-mortgage costs (taxes, ins, maint), I practically am living there for free (in a sense).
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Old 02-25-2015, 11:32 AM
 
2,113 posts, read 2,050,175 times
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Quote:
Originally Posted by HappyTexan View Post
One thing to keep in mind regarding renting is the annual lease renewal and more than likely rent increase.
And if you rent from an owner there is the possibility of them selling the unit you are renting and then you have to move.
This is the most annoying part of renting, the annual increases. They figure it'd be too much of a hassle for you to move, so they increase the rent even though they advertise low rent to new renters just to get them in and then increase the rent after the intro period. At least with a paid off house you only have property taxes and/or HOAs that might increase.
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Old 02-25-2015, 12:01 PM
 
6,906 posts, read 5,163,483 times
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There seems to be some logic missing from the initial discussion. If you rent, someone else takes care of the maintenance. If you buy, it is not necessary for you to physically maintain the property. As most landlords do, you can pay to have someone else paint and do the other maintenance.
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Old 02-25-2015, 12:17 PM
 
Location: Tennessee
35,229 posts, read 34,518,247 times
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I rent because I don't want to be bothered with the upkeep for a house, both monetarily and physically. Landscapers handle the yard work, the maintenance guys take care of the walk shoveling and power washing. If anything breaks, it's repaired or replaced within 24 hours at no cost to me. We tend to be first restored when there is a power outage (I'm thinking because the power companies can make the number of households without power go down with one fix when apartment complex power is restored). They even change my ceiling light bulbs here and they bring the bulbs. If I'm not home when UPS comes, the rental office accepts packages for me. In the suburban apartment complex I am in now, they hold social get-togethers for residents who want to attend once a month. If I need pest control (sometimes after the landscapers do their thing in the spring and summer, we get bugs inside ground floor apartments), the office arranges for them to come at no charge to me. They maintain the heat pump/air conditioning, smoke alarms and fire extinguisher with scheduled visits. Moving is easier. This complex has a swimming pool, an exercise room and a business area (computer availability). My time is more my own.

I think the biggest downside to apartment complexes are potentially bad neighbors. But unlike condos you own, it's not forever. Rules also can be a pain in the ass (like no grilling on the balconies) but unlike HOAs, you don't pay for being micromanaged by your neighbors. It's all spelled out in your lease.
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Old 02-25-2015, 12:56 PM
 
Location: middle tennessee
1,994 posts, read 1,080,275 times
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Quote:
Originally Posted by LauraC View Post
I rent because I don't want to be bothered with the upkeep for a house, both monetarily and physically. Landscapers handle the yard work, the maintenance guys take care of the walk shoveling and power washing. If anything breaks, it's repaired or replaced within 24 hours at no cost to me. We tend to be first restored when there is a power outage (I'm thinking because the power companies can make the number of households without power go down with one fix when apartment complex power is restored). They even change my ceiling light bulbs here and they bring the bulbs. If I'm not home when UPS comes, the rental office accepts packages for me. In the suburban apartment complex I am in now, they hold social get-togethers for residents who want to attend once a month. If I need pest control (sometimes after the landscapers do their thing in the spring and summer, we get bugs inside ground floor apartments), the office arranges for them to come at no charge to me. They maintain the heat pump/air conditioning, smoke alarms and fire extinguisher with scheduled visits. Moving is easier. This complex has a swimming pool, an exercise room and a business area (computer availability). My time is more my own.

I think the biggest downside to apartment complexes are potentially bad neighbors. But unlike condos you own, it's not forever. Rules also can be a pain in the ass (like no grilling on the balconies) but unlike HOAs, you don't pay for being micromanaged by your neighbors. It's all spelled out in your lease.
this. And I have lived here 5 years without a rent increase. Mgt discontinued free cable but I would rather see him tighten his belt than raise my rent.

You have to be just as particular renting as you do buying if you plan to stay. My place suits me. I am working on finding a space for a community garden in our neighborhood.
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Old 02-25-2015, 02:33 PM
 
Location: East Dallas
931 posts, read 1,847,109 times
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If I sell my home I will rent. I think it is a bad idea to be basically at the whims of a strange market and not be able to go anywhere that I want. I have plenty of equity in my home so I can sell it even in a bad market. Bad market seem to happen far to often in my opinion.
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Old 02-25-2015, 03:11 PM
 
Location: Fort Lauderdale, Florida
10,014 posts, read 8,892,274 times
Reputation: 22142
I live in a neighborhood that has everything from $1000 a month studios to $25 million dollar homes.

We rent because we haven't figured out exactly what we want.

Plus, it is nice when my fridge just blew up, I made a phone call to the company, and they sent me over a new fridge immediately free of charge.
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