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I guess it depends on your situation. I have way more peace of mind owning than rental. No worrying about rent increases or having to move because the landlord decides to sell. Worth every penny IMO.
Yes, I agree it would depend upon one's own situation.
For me, there is always worry of a foreclosure lingering in the background. "What ifs".
I am temporarily relocating for work, and planning to use this as an excuse to sell my house in CA. I have reached the realization that I just have zero desire to be a homeowner. I have spent SO much money and time on this house, but it's never good enough; I always see something else that could be improved, updated, or fixed. I dislike dealing with contractors and repair people. I love the idea of not being invested in a property and just calling the apartment office if something needs to be fixed.
Has anyone else reached the same realization, and what were your reasons? How do you explain this to your family? I am expecting some pushback from my parents for renting when I can technically afford to own a home, but just don't want the hassle.
I'm a homeowner, and prefer it, but I'm also one of those people who really enjoys doing dirty DIY stuff and sees the house as a hobby, as well as shelter. If I didn't, it would be really draining (physically, mentally, and financially).
I also know better than to see my house as an investment. Sure, it's paid for and eventually I'll be able to get a nice lump sum out of it, but given all the money I've shoveled into it in taxes, mortgage interest, insurance, repairs, and maintenance, I know I could have done a lot better had I rented and made other investments.
I don't regret home ownership, but so many people I've known who have bought houses do, so I'm always willing to talk people out of buying houses, and congratulate anybody who realizes it's not for them. There is so much pressure to see home ownership as one of the big goals in life, and so many people pursue it or stay in it because they feel they are supposed to. So congratulations on reaching this level of self-knowledge!
I don’t think this feeling is abnormal at all OP. A lot of people want a break after doing something for a long time (look at job/career changes). I’ve been a homeowner for almost 3 years but have actually only lived in the house for 5 months. I want to go back to apt life some days
When we moved in it was a ton of work (home was rented out and managed by a professional company). I bought in Philadelphia after realizing short of winning the lottery, I would always be priced out of San Francisco. Best decision of my life, but I will always miss being able to just send an email when something needs to be fixed lol
Have a great time in your new state and temporary shelter OP
I rent but if I buy again it would likely be a coop or condo in a building ..I want nothing to do with fixing ,maintaining or chores that fog with ownership anymore.
For me, there is always worry of a foreclosure lingering in the background. "What ifs".
I owned a house for 20 years. Mortgages or foreclosure never troubled me. Taxes were annoying, but broad analysis not all that high. What did worry me relentlessly was maintenance/repair... a shoddy/settling/cracking foundation, unpermitted construction, massive leaks (outright pouring water), the sort of mold that makes worst-case horror-videos look insipid.
These maladies spiraled out of control, to the point where I felt psychologically ready to outright abandon a completely paid-off house. Just donate it to the county, as a training-ground for firefighters. Light it on fire and dance around the flames! Fortunately I found a realtor who was willing to help. After 20 years, the place got sold for a fraction of its original purchase price... but for far higher, than that of which I'd worried.
Interestingly, at point of sale we learned that the wiring wasn't up to code, and would have had to have been torn out. Likewise for much of the plumbing. The foundation has failed; full stop. The house was bought as-is, by flippers. I'm not a religious man, but even so, God help them!
It's the reason we moved into a mobile home park. Little upkeep is needed, and we have a nice yard in which to plant a garden. Our lot is perfect for us. It's small enough to maintain, yet offers us the outdoor space to BBQ and entertain guests. We built a deck in the rear that is very private. Arborvitaes separate us from our neighbor.
Our mobile home was paid off years ago. All we owe each month is the lot rent. For us, it's the perfect setup because neither of us wanted to live in an apartment. We also don't require a big house and all the upkeep that goes with it.
Looking at the average priced home in the 70,80, 90, 2000 etc I would say ownership is a must. It protects you from inflation, rents go up but your mortgage is fixed until it paid off in 15 to 30 years.
Retirement would be much more conformable with a paid off home vs paying market rents.
Has anyone else reached the same realization, and what were your reasons? How do you explain this to your family? I am expecting some pushback from my parents for renting when I can technically afford to own a home, but just don't want the hassle.
Yes, when I retire I will be getting an apartment. I do not want the mental effort on the house which, you are right, always needs something.
I also know I will feel better during severe weather if nothing in the home is mine and all I have to worry about is me and my family.
Apartment living is so easy. I have an acre and a half and an almost 100 year old home. I loved it at first. Some of the first memories I have was of wanting to live here and now I do. But darn - the upkeep - lol. Dreams can come true but maybe turn into nightmares?
Now it isn't really a nightmare. I do need the space for all my pets. Maybe in a few years it will be an apartment or a much smaller more modern place. Pass this place on to someone that can continue to love it.
Yes, having to pay for, maintain, and care for a house definitely sucks. I'd say the only things that are worse (in order of desirability) are:
- Renting a house and having a landlord tell me I can't have pets, rent increases out of my control, etc.
- Renting an apartment and having to live with my neighbor's noise, odors, bugs, etc.
- Owning or renting a trailer and worrying about windstorms, meth labs, etc.
- Being Homeless
So on order of balance, I'll take the option with the least amount of suckage, which is owning my own home. Although, 2021 home pricing is getting well past silly. I would personally like to retire into a buried concrete shell with little in the way of amenities: cost-effective, energy-efficient, disaster-resistant, secure, and low-maintenance. Where can I buy one of these?
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