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I've never understood why renting has such a "bad reputation." I love renting.
There's a lot of freedom that comes with it. Get tired of your place? No need to remodel, just move to a different place. You'll get a whole new change of scenery.
I don't buy the argument about tax breaks, either. I get a renter's rebate at tax time so that's just as good. My rent is lower than most people's mortgage payments, but even for the years when it wasn't, I have freedom to leave whenever I want. If a job opportunity comes up somewhere else, I just pack my bags and leave. If I take a vacation, I don't have to worry about the house while I'm gone.
I have no upkeep, or repairs, to do - or pay for. I just leave a message on someone's answering machine and by the time I come home from work - it's done! Renter's insurance is MUCH cheaper than homeowner's insurance. My bills are kept to a minimal number because I don't have to pay for gas, heat, water, trash, or sewage. And my rent might go up $15-$20 every couple of years, but mortgages and property taxes go up higher than that.
I realize renting isn't perfect, but nothing is. Owners and renters have to contend with neighbors at times.
I really do love renting, and I'll be 42 next month. I may want a very small home at some time in the future to settle down into, but then again... maybe I won't!
Not to mention there are more secure financial returns than equity!
Whats this renters rebate thing?
Is it a state or federal?
Do you do your own taxes or go have them done?
Renter's Rebate is a state program in Minnesota. Renter's get a portion of their rent back each August, depending on their income and how much rent they've paid. I usually receive close to a month's rent back.
It's very easy paperwork to do. A single page.
Still, even without a renter's rebate, renting is wonderful!
I guess it depends on where you live. Personally, there are some places in the U.S. that I would NEVER buy... other places it seems financially silly not to... I own my home (along with rentals) but I LOVE my renters. We usually buy a place, live in it for a few years, then move on to something else. We rent out our former homes which then accumulates equity AND has cash flow. Nothing has paid us more than owning real estate. That is the downside of being a renter is paying someone else's mortgage. But, at least they have the benefits of not remodeling/being able to be a little more mobile, etc. To some people, that's enough not to own.
If I could find a place with caring landlords that didn't feel the need to raise the rent every year, and in return, they would find that I care for the place like it's my own, I would rent there for many years.
I am undecided about renting versus buying. I currently am in an apartment and love it,especially after the water heater decided to leak and flood my storage room this week. Someone else came in replaced it, and I'm back in business. I see both sides of the arguement,but if and when I decide to move, give notice, pack and I'm gone. If I owned, I'd have to sell or find someone to rent my place and I'd feel tied down to a place that currently I don't feel is where I want to stay.
I've spoken to many friends who fuss at me about 'throwing away all that money on rent" and I ask all of them how much their tax deduction helps them each year. When you factor in, maintenance, repairs, and general upkeep, taxes, HOA if they have them, and with the economy today, are there any people out there that will be able to sell and at least clear what they owe on the mortgage?
now if I can find a place to buy, where ever I decide to move to that feels like home, then maybe I'll buy.
I don't see the issue in raising the rent each year if its reasonable. The last complex I lived in, no increase the second year, $ 40 the third but wanted $ 80 the fourth. WHy? They were at 90% capacity and knew they could get a higher rent from new tenants, so didn't mind pushing the existing ones out. "But when you decide to come back, we'll work with you". NOPE! Current complex, $ 20 the second year, $35 this year, but now we have to pay our own water (have been paying trash all along). I will go about another $ 15 to $ 50 before I start looking. I have gotten a new heat pump and new water heater out of the deal....so can't complain to much. And the common complaint about neighbors, I can't complain at all. the neighbors I've had at my current complex have been very nice, clean and quiet. the old complex, an "Upscale" complex, I had a drug dealer upstairs from me, that the Cops and DEA were watching and I knew nothing....not real reassuring, and then the college frat slobs moved in and ***shudders*** the nightmare began. It took 15 different residents siging a petition to get rid of them. beer cans, cigarette butts, trash on the patio, front porch and around their cars every evening, and the noise was unbelievable. So yes, I can vouch for both sides of that arguement.
[quote=littlelou;3270396]I am undecided about renting versus buying. I currently am in an apartment and love it,especially after the water heater decided to leak and flood my storage room this week. Someone else came in replaced it, and I'm back in business. I see both sides of the arguement,but if and when I decide to move, give notice, pack and I'm gone. If I owned, I'd have to sell or find someone to rent my place and I'd feel tied down to a place that currently I don't feel is where I want to stay. [quote]
And you would still be tied to the place if you found someone to rent it because then YOU are the one who has to deal with the broken water heater for someone else.
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I've spoken to many friends who fuss at me about 'throwing away all that money on rent" and I ask all of them how much their tax deduction helps them each year. When you factor in, maintenance, repairs, and general upkeep, taxes, HOA if they have them, and with the economy today, are there any people out there that will be able to sell and at least clear what they owe on the mortgage?
Exactly. All of the financial aspects, in my opinion, balance out in the end.
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now if I can find a place to buy, where ever I decide to move to that feels like home, then maybe I'll buy.
That's the reason TO buy! If you're in a town/city that you know you want to stay and put your roots down in, then buying makes sense. Buying just to buy isn't sound advice. There isn't any "throwing money away" when you're renting. That's a myth. It's about value and I get a lot of value from renting. I'm also not so obsessed with money that I have to make sure every dime is accounted for and showing profit for me. My life does not revolve around finances.
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I don't see the issue in raising the rent each year if its reasonable. The last complex I lived in, no increase the second year, $ 40 the third but wanted $ 80 the fourth. WHy? They were at 90% capacity and knew they could get a higher rent from new tenants, so didn't mind pushing the existing ones out. "But when you decide to come back, we'll work with you". NOPE! Current complex, $ 20 the second year, $35 this year, but now we have to pay our own water (have been paying trash all along). I will go about another $ 15 to $ 50 before I start looking. I have gotten a new heat pump and new water heater out of the deal....so can't complain to much. And the common complaint about neighbors, I can't complain at all. the neighbors I've had at my current complex have been very nice, clean and quiet. the old complex, an "Upscale" complex, I had a drug dealer upstairs from me, that the Cops and DEA were watching and I knew nothing....not real reassuring, and then the college frat slobs moved in and ***shudders*** the nightmare began. It took 15 different residents siging a petition to get rid of them. beer cans, cigarette butts, trash on the patio, front porch and around their cars every evening, and the noise was unbelievable. So yes, I can vouch for both sides of that arguement.
I know exactly what you mean. Places like this are a pain. Raises in rent are appropriate for two reasons: 1) If the landlord made reasonable improvements to the building, and 2) if they haven't raised it in a few years, then it's okay to raise it a bit.
Many landlords raise the rent just because they can. I don't rent from them. I know what questions to ask landlords because I've been renting long enough to know what to ask. I don't like buildings with a lot of college-aged people because they just become "dormatories" and party central. No thanks.
I have a cat and I have no problem paying a deposit for my cat. But, I refuse to live in a place that also asks for a monthly pet rental. I tell them that when my cat gets a job and can afford to pay that rent, we'll move in then.
Home-buyers have just as much hassle trying to find places to buy as renters have finding a place to rent, so, even that isn't a reason to buy instead of rent!
I don't want to come across as saying that renting is better than buying. Not at all. It all boils down to what's important to YOU! I just wanted to say that people shouldn't buy into the MYTH that renting is throwing money away and that BUYING is BETTER. It's simply not true.
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