U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Maryland
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-06-2009, 03:11 PM
 
407 posts, read 1,135,034 times
Reputation: 221

Advertisements

I think you make some good points about renting. I will always prefer owning my home but I don't think renting carries near the stigma it once did, nor should it. Whether you own your home for 45 years or rent one for 45 years, shelter is shelter and that is that.
Reply With Quote Quick reply to this message

 
Old 10-06-2009, 03:18 PM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,104,825 times
Reputation: 220
Quote:
Originally Posted by beilart View Post
I think you make some good points about renting. I will always prefer owning my home but I don't think renting carries near the stigma it once did, nor should it. Whether you own your home for 45 years or rent one for 45 years, shelter is shelter and that is that.
I forget the biggest point. The best deals on the rentals are on the high end homes like the one I rent, waterfront etc. Lots of landlords are renting 200-300 thousand dollar homes out for $1200-$1800 per month because that's the hot price point lots of people can afford, but the homes that just a few years ago that were commanding around a million dollars are a dime a dozen in the $2500 rental price range. Your rent on these homes is 1/3 of the house payment.
Reply With Quote Quick reply to this message
 
Old 10-07-2009, 01:46 PM
 
45 posts, read 183,616 times
Reputation: 50
You're right, Dreamy, and I've seen a lot of those. Personally, I'm indifferent to renting vs. buying. For my parents' generation, it was the only "smart" way to go. You get married, buy a house, and have kids. I've been arguing with my father for the past 6 years about buying a house vs "throwing my money away" on rentals. In the first place, not eveyone actually "owns" their home - the bank does. You're "rented" the money. Second, the pluses of renting have outweighed the pluses of owning for me. I can move easily if I need to, I can rely on my landlord for maintenance issues, and if the market goes south I don't have to worry about the worth of my home.

On the other hand, if my landlord goes bankrupt and gets foreclosed, or even sells, then I'm out of luck. Guess it all trades off.

One thing I'm struggling with is the perception of what a house actually is. For instance, my husband and I both come from the old school suburbs where rowhomes, townhomes, duplexes etc (anything other than single family detached dwellings) were frowned on as not being a "real" home. But in cities that's never been the case, and now rowhomes are being built in the burbs as well. It's a totally acceptable form of residence. It saves on space, energy, and resources. And yet it's somehow not as great as a single family home.

There's a lot more available in multi-family than in single family to rent in Annapolis...which way we'll go, I don't know, but it's just interesting to think about.
Reply With Quote Quick reply to this message
 
Old 10-07-2009, 02:20 PM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,104,825 times
Reputation: 220
Quote:
Originally Posted by Missmeamea View Post
You're right, Dreamy, and I've seen a lot of those. Personally, I'm indifferent to renting vs. buying. For my parents' generation, it was the only "smart" way to go. You get married, buy a house, and have kids. I've been arguing with my father for the past 6 years about buying a house vs "throwing my money away" on rentals. In the first place, not eveyone actually "owns" their home - the bank does. You're "rented" the money. Second, the pluses of renting have outweighed the pluses of owning for me. I can move easily if I need to, I can rely on my landlord for maintenance issues, and if the market goes south I don't have to worry about the worth of my home.

On the other hand, if my landlord goes bankrupt and gets foreclosed, or even sells, then I'm out of luck. Guess it all trades off.

One thing I'm struggling with is the perception of what a house actually is. For instance, my husband and I both come from the old school suburbs where rowhomes, townhomes, duplexes etc (anything other than single family detached dwellings) were frowned on as not being a "real" home. But in cities that's never been the case, and now rowhomes are being built in the burbs as well. It's a totally acceptable form of residence. It saves on space, energy, and resources. And yet it's somehow not as great as a single family home.

There's a lot more available in multi-family than in single family to rent in Annapolis...which way we'll go, I don't know, but it's just interesting to think about.
FYI: Part of the Maryland Governor's emergency foreclosure law changes prevent renters from getting kicked out if the house goes into foreclosure, at least until their lease expires:

http://mlis.state.md.us/2008rs/bills/hb/hb0365e.pdf

Good luck in your search.
Reply With Quote Quick reply to this message
 
Old 10-09-2009, 09:50 AM
 
9 posts, read 15,407 times
Reputation: 16
Loss of equity is a mute point though if you can hold on to a house until the market turns around or levels out. I plan on staying in my home long term so I dont have to think twice about the level of equity i've lost. You raise some good points though. Just a thought.
Reply With Quote Quick reply to this message
 
Old 10-09-2009, 10:38 AM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,104,825 times
Reputation: 220
Quote:
Originally Posted by Kidfree View Post
Loss of equity is a mute point though if you can hold on to a house until the market turns around or levels out. I plan on staying in my home long term so I dont have to think twice about the level of equity i've lost. You raise some good points though. Just a thought.
Recommendation: Stock up on popcorn and long movies!

Home prices won't regain peak this decade: Moody's - MarketWatch
Reply With Quote Quick reply to this message
 
Old 10-09-2009, 10:55 AM
 
407 posts, read 1,135,034 times
Reputation: 221
Home prices may not reach their peak again in this decade but they are starting to increase again. I am seeing price increases as often as I see price reductions in homes in the area where we want to retire and that is in the Southern/Midwestern US where homes were hit the hardest in value drop. We missed the opportunity to purchase 6 homes that we loved all within our budget after we sold ours here, stupidly believing they would be on the market long enough that we could wait out the sale here. Everyone of them had price increases and all got sold within 60 days. We are tempted to delist our home here by the end of the year and put it back on the market after the 1st at a higher price. I have spoken to a couple of friends here who also have homes on the market and they are going to also raise their price. It seems couter productive in light of the current economy but if it isn't going to sell for as cheaply as we have it listed, why not raise the price and wait it out. Not everyone can do that, of course.
Reply With Quote Quick reply to this message
 
Old 10-09-2009, 11:57 AM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,104,825 times
Reputation: 220
Quote:
Originally Posted by beilart View Post
Home prices may not reach their peak again in this decade but they are starting to increase again. I am seeing price increases as often as I see price reductions in homes in the area where we want to retire and that is in the Southern/Midwestern US where homes were hit the hardest in value drop. We missed the opportunity to purchase 6 homes that we loved all within our budget after we sold ours here, stupidly believing they would be on the market long enough that we could wait out the sale here. Everyone of them had price increases and all got sold within 60 days. We are tempted to delist our home here by the end of the year and put it back on the market after the 1st at a higher price. I have spoken to a couple of friends here who also have homes on the market and they are going to also raise their price. It seems couter productive in light of the current economy but if it isn't going to sell for as cheaply as we have it listed, why not raise the price and wait it out. Not everyone can do that, of course.
This comes to mind after reading your post:

The New Homeowner Hallucination: "We'll Rent For A Year And Then Sell When The Market Comes Back"
Reply With Quote Quick reply to this message
 
Old 10-09-2009, 12:07 PM
 
407 posts, read 1,135,034 times
Reputation: 221
Yea, but I don't have to rent it out, I can live in it. It's paid for and I don't need to go anywhere. I would agree with the article, however, but he left out an important point. People only capitulate when they "have" to sell.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Maryland
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 12:06 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top