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I used to believe that renting was throwing money away and that we all had to buy a nice home in order to be happy and fulfilled, but I realized that it’s all the same ole script we are forced to adhere to. Society sells us the American Dream, and we are all convinced that if you don’t own property you are a loser.
I have no interest in owning a car or a home, but I do save money religiously and I live a minimalistic life with no splurging or indulging in buying crap that I don’t need.
At the end of day, do what feels right for you and follow your heart.
The ones I've dealt with were either extremely lazy and stupid (lost the house to foreclosure) or really dishonest (one raped a housemate).
I don't ever want to live under a landlord's thumb again. That alone made me work harder and learn how to take care of a house. And some things can be bonding experiences with your children, like painting or hanging windows.
Apologies to the decent landlords out there! If I'd had one of you, I'd feel differently, and I was a great tenant.
Renting can mean higher density.
When I was in an apartment I didn't like always having to share at least one wall with someone. Dealing with loud neighbors and my car always being outside, no thanks.
I suppose a person could rent a house, but you're paying so much more.
Home ownership has become overrated and pushed by the Federal Government and many other groups. I'm not saying home ownership is bad (it isn't), but it isn't for everyone or always the best situation. I'm a similar age to the OP and still rent. As a single guy, I rent a nice one bedroom and it works fine for me. I don't need a bigger place and buying a home would usually result in a bigger place which means bigger expenses. I would have to heat/cool a larger area and then furnish and take care of more. With my apartment, I have more flexibility in moving and spending my time as I want. I work during the week and like to enjoy my Saturdays and relax on Sundays. I don't have to worry about taking care of anything and can be gone for a whole weekend or longer.
I know quite a few people who bought the big house with quite a bit of land (1 acre and more) and they thought it was the best thing at the time. A few years later and they didn't like it cause they spent their whole weekends doing yard work and maintaining the place. When people say "time is money", many are spending lots of their time dealing with their house and not getting paid anything for it. I would rather spend those hours doing something I like to do. If you like doing home projects, then a home is just for you. Also, homes and condos don't necessarily stay steady in expenses as the HOA dues and taxes usually go up, the same as your rent will probably increase some year to year.
I eventually want to buy a place, but as a single person I don't see much need for a house and don't care for many of the condos.
I prefer living and working in urban areas. I'm also single, young, and childless. No point commuting a couple hours to the suburbs to just sit and do nothing in an empty house with more rooms than I'll ever use.
You are gold to me supertrucker212. We've had tenants for the last ten years that feel the same way. They've finished paying off everything we put into the house and now we're using that money to live on as well as the other tenants money that have been with us for five years now. I hope they stay forever as well. It's people that feel like you do that have allowed me to retire early and pay me for doing nothing every day. I wish I had ten more just like you
I'm 36, I've never owned a home, and currently renting. Over the past two years I've seriously looked into buying, but the more I think about it I'm having doubts. Here's why
For one, I am not a handyman, (although I clean constantly),. Never have been and probably never will be, (I don't even like mowing grass),. Let's face it though, unless you want to live in a sh*tbox, all property needs work at some point. True, you can hire someone to do it, but it costs more money, (which I understand, nobody works for free),. Second, my son does not live with me, I mostly see him on weekends, and since I work during the week, and I work construction so when the weather is nice I work longer days and often Saturdays doing work around the house would cut into my time with him, and he comes first.
I have a friend that is 40 and still rents an apartment, (he has no kids or wife), and says he has no plans to own a home because he doesn't want the responsibility and would rather email somebody when something needs fixed. I have another friend that is a single dad and he hates being a home owner. Like me he's not a handyman and would rather go back to renting or buy a townhouse.
The only advantage I can see with owning is that once a house is paid off that's money in your pocket every month as opposed to renting where there is never a pay-off.
I would appreciate professional opinions. Thanks
I'm a home owner. Paid for. Retired.
Your post makes perfect sense to me. It wouldn't work for me, but I like fixing things around the house and mowing the yard and so forth.
Having our homes (we rent two out) paid for has enabled us to retire. You may want to consider that angle. 30 years ago we built 2 townhouses on a lot. We rented one out and lived in the other. When they were paid off in 15 years, we moved out and bought a 3-2-2 ranch. It was a good plan, and you may want to consider some variation of that plan.
But we are good landlords and have 2 tenant families that assure us they are "never" moving.
Homes can really tie you down. If you're a good money manager there's nothing wrong with renting. I've been a landlord, and have rented/leased all kinds of property. Most experiences have been good.
I currently am at a gal friends and man, for such a small place she likes to keep it "as new". That means upgrading/cleaning/rebuiding before it's really needed, and while that's nice, it's a time warp we're not paid by the hour to keep up. Whew!
You also carry insurance, and lately all levels of government are getting away with add-on taxes to just about all services, and it's apparently a lot worse in the USA. Every year there's some add-on tax of some kind, passed onto the homeowner.
When I rented agricultural land or acreage I'd pay season to season, so if a curve ball came my way I was ready to move, cattle, cats, and all. Planning ahead is a good idea, especially for the surprises, no matter if you own or rent.
The only advantage I can see with owning is that once a house is paid off that's money in your pocket every month as opposed to renting where there is never a pay-off.
I would appreciate professional opinions. Thanks
Pretty much it. Everyone also likes to think all those small time landlords are "rich", but that's oftentimes not the case. Many are just barely getting a profit once you factor in repairs and taxes, which to some is not a large enough profit to warrant the time or hassle.
True that in some cases some landlords are doing exceptionally well, but we tend to have a "survivorship bias" where we don't see the multitude who've lost money or who got out of the business quickly.
Oddly enough, just like with cars, many Americans never end up actually owning because the loans keep getting extended, "equity" lines of credit get taken out, and more than a few have lost there shirts. I know at least a half dozen people who have owned in the past but have gone to renting. Selling a house is no easy feat either, and then there's the taxes and selling fees which go along with it.
If you're going to stay in ONE location for 10-15 years or more owning is great. If you're young, haven't settled, don't have a family to take care of, or haven't found the community or town you plan to spend the rest of your days in then renting is probably a viable option.
I'm not sure what you meant by a "professional opinion", but if you meant an opinion from a real estate agent....well of course they're going to tell you to buy. They have a vested interest in telling you that you *need* to buy. Real estate prices never go down in their minds and according to them renting costs only increase. While that's been true for the past 8 years I'm not so sure going forward.
I am a homeowner with a Free and Clear luxury home. I was a real estate broker, from 1972 till I finally retired dealing in investment real estate, and multiparty 1031 exchanges. I was featured in the National Association Of Realtors Magazine one time as an example (good by the way).
However, I can tell you, that it is cheaper to rent than to own, over a period of time. The average person/family will sell their home within 5 to 7 years. So if you really want to money ahead, find someone that will lease you a home for 5 years at a time, take the difference between rental and cost of owning including the mortgage for that 5 years, invest the money, and unless you happened to buy at the bottom of a real estate crash and sell at a peak, you will be far ahead by leasing.
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