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She says she doesn't want to maintain a home. If she's renting, she is free to move at the end of her lease if she wants.
Ever been stuck trying to sell a home? It might be a hot market this year, but you never know when things will slow.
Yes I have been stuck with a property longer than I wanted to be. It's awful.
I would certainly recommend renting to someone who was moving a lot or had the expectation of a short turn around profit. You just never know what the market will do. But in her case she's very stable. Works for the state in a job that's unlikely to be cut (no guarantees I know.) I think that the maintenance thing has her completely freaked out.
But there's definitely options for a low maintenance, no yard work condo.
She does ask for advice when her property manager comes up with something crazy. Which is fairly often.
I have a good friend who is a devoted renter. She complains a lot about renting, not being in control of her space, landlords and rent hikes. She is in a market where it actually is still more expensive to rent than buy and most people of modest means can afford to own a home. Yet she refuses to consider this.
I understand that renting makes perfect sense if one moved a lot or is in a very expensive market. But in her case she stays put and her market is still affordable. It's really starting to pick up however. She's at a point where it would probably make sense to buy and soon she could get priced out.
She refuses to consider this. She claims that she can't do anything to maintain a home. She doesn't understand condo ownership which would be a great fit for her. She's very thrifty and it would make financial sense for her to buy. She's not investing elsewhere.... just putting money in a savings account
Ultimately it's her life, her choice, but she would really benefit from buying in her area, particularly now.
I know this sounds like I'm a realtor looking for a commission (I'm not) but I just don't understand why she can't see how this could improve her financial outlook, even from a tax perspective. Can anyone explain why renting would be appealing in this situation? Is there something I'm not seeing?
She loves being miserable and complaining that is what you are not seeing, let it go she doesn't realize things are going to get worse until she can no longer afford to buy. You can't fix stupid.
I have seen a lot of people in these discussions about renting vs buying who think they're "getting over" somehow by renting. One person even gloated because he said he doesn't have to pay property taxes and mortgage interest.
Ok.. congrats then lol. No, you might not be paying YOUR property taxes and insurance, but you're damn sure paying your landlord's.
So maybe its a case like that - where she doesn't fully understand how much it would benefit her?
I have seen a lot of people in these discussions about renting vs buying who think they're "getting over" somehow by renting. One person even gloated because he said he doesn't have to pay property taxes and mortgage interest.
Ok.. congrats then lol. No, you might not be paying YOUR property taxes and insurance, but you're damn sure paying your landlord's.
So maybe its a case like that - where she doesn't fully understand how much it would benefit her?
not here you may not be with the new rental laws ny state put in to play june 1st . we are lucky if we break even now by having one rental holding a positive cash flow and one negative cash flow .
I can see your friend's point. She ought not complain about it though.
Should I outlive my ten-years older husband, it will be quite a decision for me. A paid off house with high utility bills, repairs, upkeep, or renting.
I would prefer a "lock and leave" type property. So, IDK....
She has given you her reason. Just because fearing maintenance may seem silly to you, doesn't mean it isn't a viable reason. And even in a condo, she'd still have to worry about interior maintenance.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
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Quote:
Originally Posted by mathjak107
does she have money to buy with ?
perhaps that money is generating far more in income and appreciation then plunking that money in to a house would save her ...
we would have to spend 300-400k for a co-op apartment here to get the equal to our rental .. it would save us 6k a year by buying ...but once you look at cash flow that money we would spend would stop producing as a minimum 15-18k a year .. we would see a big hit to cash flow and being retired cash flow is what counts .
so we don't know her whole picture , do we ?
Op said the person is not investing, just putting money into savings account.
Buying makes sense TO YOU. It clearly doesn't make sense to HER.
Owning a home isn't just economics, there are a lot of emotions wrapped up into it too. For some people, those emotions make them want to own their own little piece of the planet, for others, the idea of being tied down to something like that is anathema. Your friend's reasons are her own, but she has them, even if she hasn't chosen to articulate them to you.
I have a good friend who is a devoted renter. She complains a lot about renting, not being in control of her space, landlords and rent hikes. She is in a market where it actually is still more expensive to rent than buy and most people of modest means can afford to own a home. Yet she refuses to consider this.
I understand that renting makes perfect sense if one moved a lot or is in a very expensive market. But in her case she stays put and her market is still affordable. It's really starting to pick up however. She's at a point where it would probably make sense to buy and soon she could get priced out.
She refuses to consider this. She claims that she can't do anything to maintain a home. She doesn't understand condo ownership which would be a great fit for her. She's very thrifty and it would make financial sense for her to buy. She's not investing elsewhere.... just putting money in a savings account
Ultimately it's her life, her choice, but she would really benefit from buying in her area, particularly now.
I know this sounds like I'm a realtor looking for a commission (I'm not) but I just don't understand why she can't see how this could improve her financial outlook, even from a tax perspective. Can anyone explain why renting would be appealing in this situation? Is there something I'm not seeing?
maybe my profession keeps me from understanding the psyche of individuals, but it doesn't sound like that to me. It honestly sounds like you're attempting to tell someone else that what they're comfortable with is wrong. Most people don't react well to that. You might go to the investing forum though, and see if they have any good advice to get her out of savings accounts and into higher-yielding instruments.
I'm choosing to rent and house to be out of this area in 3 to 4 years. I can save enough for a good downpayment wherever i go.
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