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Old 06-06-2019, 07:22 PM
 
Location: Florida
5,232 posts, read 3,007,646 times
Reputation: 9584

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If you buy, you have equity, if you rent you have old rent receipts. I will stay in my condo apartment.
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Old 06-06-2019, 07:28 PM
 
509 posts, read 303,162 times
Reputation: 2497
Quote:
Originally Posted by engineman View Post
If you buy, you have equity, if you rent you have old rent receipts. I will stay in my condo apartment.
Economically this has been shown to be a shibboleth. How much equity? What's it mean? How much did it cost to get it?
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Old 06-06-2019, 07:38 PM
 
202 posts, read 73,907 times
Reputation: 947
Quote:
Originally Posted by BOS2IAD View Post
You have no control over who will live in the house next door to you. Right now, you can have a great neighbor but s/he could decide to sell and the next one to live there could be the neighbor from h*ll.

When we sold our house, our next door neighbors were worried about who was going to buy it. We understood and sympathized. As it turned out, a young single man bought the house and has been a good neighbor.

Still...to each his own. We all should be able to live where we'll be happy

The big advantage to renting is you are not invested. If you want to move, or have to, you can with little cost. Selling a house is a big thing. And buying one is a big investment. The neighbor thing is really true. I owned a house once and the house next door was sold three times. First neighbor was good, second was not great, and third was neighbor from hell. If you can make a checklist of bad things, this guy had them all. Dog, boat, drum set, stand up pool, blaring stereo, and fights with his girlfriend and son. I came home one night at about 10 PM and they were having a knock down drag out fight on the front lawn. I sold the house and when I left the guy actually said "too bad you can't stick around for our wedding" - no kidding.
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Old 06-06-2019, 08:28 PM
 
Location: Miami, The Magic City
2,884 posts, read 2,004,416 times
Reputation: 1905
I have equity from the money invested in the stock market that I otherwise would have given to a bank as a down payment (not to mention other monies invested in the market). I can unload stocks—either in their entirety or just a portion—in a matter of minutes. Try selling just 1 of 3 or 4 bedrooms or finding a buyer of your property in minutes. Selling and “maintenance” fees are a lower percentage than selling a home. Stocks have historically outperformed real estate. With real estate equity, don’t forget to back out buying and selling costs to come up with your net profit. YMMV.

Quote:
Originally Posted by engineman View Post
If you buy, you have equity, if you rent you have old rent receipts. I will stay
in my condo apartment.
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Old 06-06-2019, 10:21 PM
 
25,972 posts, read 32,970,649 times
Reputation: 32158
Quote:
Originally Posted by Clemencia53 View Post
i own a home, but would love to be a renter again! Almost a carefree existence from what i remember -
I remember being much less content in my surroundings as a renter. Probably due to the fact that when I was renting, I could only afford a not-great apartment, and even then I was sharing. The only place I rented, and loved it, was when I was working overseas, it was a beautiful condo. But of course, I wasn't paying the rent, either.

I'm happy being a homeowner.
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Old 06-06-2019, 10:27 PM
 
Location: SoCal
13,191 posts, read 6,308,074 times
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I rent a great apartment before, beautiful like vacationing at a resort, brand new. But there’s always a but, tiny balcony, all my plants have to be hand watered.
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Old 06-06-2019, 11:05 PM
 
Location: too far from the sea
19,825 posts, read 18,832,665 times
Reputation: 33721
I rent now and the only downside is that an apartment complex will never feel like home to me.

But I have a dishwasher, my own washer and dryer, a balcony, and some ground by the front door to plant a small garden., and they don't charge extra for pets. I have a trail by a beautiful river out in back for walking and all in all, it's pretty good.

I guess I would rather own a little cottage by the beach but that's not possible. Besides, you do meet people when you live in an age restricted complex. There's no smoking and it's extremely quiet here so I don't have those problems either. Just wish they'd have affordable age restricted mobile home parks around here but people seem to assume it would mean trailer trash so there's nothing like that.
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Old 06-06-2019, 11:21 PM
 
Location: Australia
893 posts, read 327,146 times
Reputation: 1644
Only the rich and the very poor would want to rent in this country when they are retired. The way our government Aged pension is structured, the extra payment for renters is not nearly sufficient to cover the cost of renting in much of the country. Whereas the pension paid to home owners enables them to have an adequate though not luxurious life, especially when supplemented by other investments. Wealthier people receive no pension so are financially free to do as they like. Those who are residents in welfare housing get highly subsidised rent so are probably better to stick with that.
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Old 06-06-2019, 11:28 PM
 
Location: Tennessee
34,671 posts, read 33,671,635 times
Reputation: 51856
I rent because I don't want the maintenance hassle of a house. I have no heirs. I have leg issues and there are no stairs at all. It's a first floor apartment and I don't even have 3 or 4 steps to the front door from the outside. It's a flat entry and I have a shopping cart that I wheel from my car right into my apartment when I have groceries, packages or I'm taking my cameras (heavy) out. I have a pension with COL increases meaning it's really no different in retirement than when I was a salaried worker. I get a check deposited every month. I have lived in apartments in 3 states as an adult and the one I have now is the biggest but it took 12 years for the rent I pay now to equal what I was paying in my previous state when I was in the workforce. I have more discretionary money in retirement than when I was working.
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Old 06-07-2019, 12:35 AM
 
13,010 posts, read 6,222,149 times
Reputation: 10826
Quote:
Originally Posted by jmp61616 View Post
The big advantage to renting is you are not invested. If you want to move, or have to, you can with little cost. Selling a house is a big thing. And buying one is a big investment. The neighbor thing is really true. I owned a house once and the house next door was sold three times. First neighbor was good, second was not great, and third was neighbor from hell. If you can make a checklist of bad things, this guy had them all. Dog, boat, drum set, stand up pool, blaring stereo, and fights with his girlfriend and son. I came home one night at about 10 PM and they were having a knock down drag out fight on the front lawn. I sold the house and when I left the guy actually said "too bad you can't stick around for our wedding" - no kidding.
Very well put

Yes, it's true that as renters, we are not invested. If we have to move at some point, it will be a lot easier without having to sell a house. IMO, that makes things much easier as we age.

As for your last neighbors, the neighbors from h*ll --- yikes! It's good that you were able to get away from them
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