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Old 04-12-2021, 12:06 PM
 
Location: Round Rock, Texas
12,316 posts, read 12,174,101 times
Reputation: 16897

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Quote:
Originally Posted by BigCityDreamer View Post
As fas as having fun goes, a homeowner usually has more space for things like a home theater, pool table, music room, basement bar, outdoor deck, gazebo, etc.

So, it depends on what you like to do for fun or entertain guests.
You can rent houses you know....with all of those things.

Not all rentals are apartments or duplexes.
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Old 04-12-2021, 12:13 PM
 
Location: Round Rock, Texas
12,316 posts, read 12,174,101 times
Reputation: 16897
Quote:
Originally Posted by BigCityDreamer View Post
I disagree with the sentiment that renters are losers. Some people don't want to deal with the hassle of repairing and maintaining a property. They want to keep things simple and let others deal with the other stuff. I can understand that point of view.

On the other hand, homeowners can upgrade their house, remodel kitchens, install windows, landscape with fountains, rent out their house, etc., and basically do whatever they want. Some people like to do those things and I can understand that point of view also.
Agree. No way would I want to deal with the hassle of maintaining this property when I'm older and the kids are gone. I wouldn't even want a smaller home.

The advantage of homeownership for me is that I can truly customize my space as I see fit, but that's me. Paying a mortgage off was never under consideration for me because that would require me to put roots down and i/we have changed homes due to circumstances (i.e. marriage and relocation, moving to a better neighborhood, etc., with each event starting a new mortgage) And my husband is a simple man, who doesn't really care much about remodeling kitchens, landscaping, etc. He would be just fine renting a condo. It was just not a priority for him and I respect that.
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Old 04-12-2021, 12:19 PM
 
13,002 posts, read 10,652,931 times
Reputation: 34115
Quote:
Originally Posted by PamelaIamela View Post
Geez... everything isn't about money.

Sometimes people wanna just be happy.

Rent, buy, wander the world... who cares?

In the end we all wind up with a little 6'x2' plot!
See the below. Renting can drain ones retirement funds depending on how much one has saved. Some people easily pay out rent every month in retirement while others will struggle and be housing insecure. Having a paid off home alleviates that stress for a retired home owner.

Sure, be happy now but what will it cost you later?

Quote:
Originally Posted by NORTY FLATZ View Post
Especially if your rent had grown from $1400 to $3500/mo. And you only get $1750/mo. SS....
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Old 04-12-2021, 12:20 PM
 
Location: OC
8,956 posts, read 5,169,546 times
Reputation: 7095
Quote:
Originally Posted by riaelise View Post
Agree. No way would I want to deal with the hassle of maintaining this property when I'm older and the kids are gone. I wouldn't even want a smaller home.

The advantage of homeownership for me is that I can truly customize my space as I see fit, but that's me. Paying a mortgage off was never under consideration for me because that would require me to put roots down and i/we have changed homes due to circumstances (i.e. marriage and relocation, moving to a better neighborhood, etc., with each event starting a new mortgage) And my husband is a simple man, who doesn't really care much about remodeling kitchens, landscaping, etc. He would be just fine renting a condo. It was just not a priority for him and I respect that.
Why not sell the home and put it towards your next home?
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Old 04-12-2021, 12:20 PM
 
87,925 posts, read 85,664,894 times
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Quote:
Originally Posted by charlygal View Post
See the below. Renting can drain ones retirement funds depending on how much one has saved. Some people easily pay out rent every month in retirement while others will struggle and be housing insecure. Having a paid off home alleviates that stress for a retired home owner.

Sure, be happy now but what will it cost you later?
And someone is buying or owning a house on 1750 a month social security? Does this even make sense.


And how does this help someone who paid off a 35k house decades ago and taxes are 10k -15k a year or more ....that is exactly what we have in the tri state area.. affordability is nil even if paid off and many are forced to move elsewhere regardless.

That mortgage amount they may have had that they paid off is less than the utilities today and does not add a thing to affordability where they hoped to be able to live
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Old 04-12-2021, 12:21 PM
 
Location: OC
8,956 posts, read 5,169,546 times
Reputation: 7095
Quote:
Originally Posted by mathjak107 View Post
It can be ..so that is a ridiculous question



But it still does not mean renters don’t do well when they have the resources to invest and the knowledge to invest ..

but from most of the comments here owners seem to believe their own bull out of ignorance of that fact and don’t want to consider what else is done with the money after someone sells a property or business and rents while deploying that lump sum elsewhere


The combo of renting and investing elsewhere can certainly surpass the outcome of buying ... so yeah , there are renters that do come out much farther ahead just like their are owners who come out a head .


The fact is renters are a poorer group than owners over all and that is why many rent , they have no choice ...so you certainly will see many more poorer Renters than homeowners who are a wealthier group over all ..

But renters range from very poor to very wealthy and you cannot comment on renters with a broad stroke of a comment
I didn't.
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Old 04-12-2021, 12:23 PM
 
Location: Stuck on the East Coast, hoping to head West
4,520 posts, read 10,463,884 times
Reputation: 9464
I've probably already commented on this thread: I'm a former owner (20+ years) who sold during the beginning of this crazy market and am now renting.

To anyone considering a house, I'd strongly suggest you not live in the monthly payment. If you simply compared my old mortgage to my current rent, it would be frightening. But, overall, I'm saving so much freaking money.

Not being tied down is awesome.

It would take a lot for me to even consider buying a house again. I certainly would not enter the market now. It seems irrational to me.
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Old 04-12-2021, 12:29 PM
 
Location: Stuck on the East Coast, hoping to head West
4,520 posts, read 10,463,884 times
Reputation: 9464
Quote:
Originally Posted by charlygal View Post
See the below. Renting can drain ones retirement funds depending on how much one has saved. Some people easily pay out rent every month in retirement while others will struggle and be housing insecure. Having a paid off home alleviates that stress for a retired home owner.

Sure, be happy now but what will it cost you later?
But a house is never really paid off. Maintenance costs, property taxes, insurance, all of these costs are never ending. Are they less than rent? Once you account for the fact that you have hundreds of thousands of dollars locked in a house, I'm not so sure.
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Old 04-12-2021, 12:30 PM
 
87,925 posts, read 85,664,894 times
Reputation: 63434
We were going to buy a condo in westchester to be closer to the kids ..prices are just way to high and buying certainly would not only cost more a month but the 450k we spend would cut cash flow a lot too since it would be tied up in the condo ...so we put it on hold unless prices come down.

Even then we may not buy ...

I much prefer keeping this situation and maybe renting down south for 2 -3 months or so yearly
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Old 04-12-2021, 12:33 PM
 
87,925 posts, read 85,664,894 times
Reputation: 63434
Quote:
Originally Posted by Gaylord_Focker View Post
I didn't.
Others do all the time
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