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I am a renter and just the thought of all the money and paperwork that comes with owning a home stresses me out.
I would like to own my own place but I am trying to decide if it is worth it or not or if I should just spend my money on making myself happy in life (i.e. travelling).
I don’t plan on having any kids.
People keep telling me how important and necessary it is to own, that rent is just dead money. My much older boyfriend didn’t save when he was younger and regrets it terribly now.
What should I do?
Follow my dream of travelling and end up renting forever, or have my own home but be tied down to a mortgage for the next 30 years and end up resentful?
If you see having a mortgage as being tied down, you have your answer.
I am buying because I love to garden and have my own yard. I also have a goal of having my house paid off and that will be before I am 45 if all goes as scheduled. I am happiest with a home base that I feel fairly secure with. Oh and I want to see the country and have fun too but with my home to come back to
I have been wanting to travel for 10 years and never done it. I don't know if I can wait another 30 until my home is paid off.
Life is so short, you should follow your dreams. Maybe you'll want a home after you travel a bit and maybe you'll fall in love with a place and will know it's where you want to live forever, or maybe you won't. Who knows, but you won't till you give it a shot.
That’s what I keep telling myself, but everyone else seems to be telling me to be sensible instead. I’m so confused!
I don’t WANT to end up like my boyfriend (45 and the only person he knows his age who doesn’t own a home. He’s embarrassed and depressed about it) but travelling and living LIFE is so SO important to me.
I can't do both, not on my low wage/our low wages.
Last edited by *VaNiLlaGoRrilLa*; 12-05-2010 at 05:41 PM..
Vanilla ... I've owned and rented and rent my house now in my 40s. I never, ever want to own a house again. My attitude after owning a house that sold for many times what we paid is that we still didn't get the money back from all we put in, the interest we paid, the taxes, the improvements, the routine maintenance. Owning a home is a huge American value, but it's changing now. I look at renting as paying someone else to manage my shelter! Awful that your boyfriend is depressed about not owning ... unless he is a REAL homebody I think he'd be more depressed if he owned now.
I cannot tell you how much adventre we missed becase we had to buy a new roof, fix the plumbing, install landscaping and hardscaping!
The New York Times has the best Rent or Buy calculator:
Run your numbers and listen to that still small voice inside.
Finally, buying now is not a bit like buying when I was in my 20s - for decades we all assumed we'd make money on our houses. Now you have to buy a house knowing that you may *never* sell it. It's really pretty sobering.
There are emotional values that trump all of this - but it works both ways. For everyone who longs for the stability of their own tent, there is another who's imprisoned by it.
Last edited by thisiswater; 12-05-2010 at 06:24 PM..
Reason: Forgot to add link ...
Run your numbers and listen to that still small voice inside.
Thanks for that, thisiswater.
I got this result:
If you stay in your home for 6 years, renting is better.
It will cost you $28,365 less than buying.
I don’t think my boyfriend understands the upkeep that comes with owning a home. You can’t just buy a place and have that be that. I don’t think I want that stress in my life.
Last edited by *VaNiLlaGoRrilLa*; 12-05-2010 at 07:15 PM..
I don't think it really matters at the end of the day - you still have to pay towards a roof over your head, whether it be to the bank, or to a landlord.
US home prices are incredibly low at the moment and if you buy soon, you should be getting a fantastic deal. Fix your mortgage for 30 years (I think it is just under 5%), so at least you won't get whacked if/when interest rates go up.
Landlords will eventually increase your rent, perhaps forcing you in to a smaller and smaller place if your wages don't keep up.
By the way, anyone who rents must realise that all the annual costs of running a home, such as taxes, are factored in to the rent that YOU pay.
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