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I've been in my apartment for 5 years now (was hoping to leave and buy last year when I lost my job) but have been living in apartments for over half my life (16 years). I've been dreaming of owning my own home since I was a kid, but after my fiance and I both lost our jobs last fall and seeing how hard its been to try to get back where we were (we're no where near it), I've put off the idea of buying for a few years.
But now my fiance is wondering if we'll ever be able to own or that we may have to wait many years. This bothers me a lot as I always envisioned raising kids in a house of our own but Im trying to adjust my expectations a lot so I won't get so disappointed.
But it has me wondering, what if financially, you were never able to buy your own and had to rent for life? Would you be bothered by that? Would you be ok raising a family in a rental?
How would you feel or how would you make peace with knowing that owning may not be in the cards for you?
I wouldn't make peace and settle. I'd change my tactics. One way people do it is to buy a multi-family apartment building and live in it. Being owner-occupied, the insurance will be lower and you can monitor and repair it easier. Incorporate and you can pay yourself to do the repairs and maintanance. Let one renter pay the mortgage (whereas a duplex would do), and other tenants will pay you a decent wage. Make sure the building and area have a good rental history, hire help at first to keep it legal and profitable, and you're on your way to financial freedom and home ownership. By reading this forum, you can see that forclosure rentals are everywhere. Check with your bank.
I wouldn't make peace and settle. I'd change my tactics. One way people do it is to buy a multi-family apartment building and live in it. Being owner-occupied, the insurance will be lower and you can monitor and repair it easier. Incorporate and you can pay yourself to do the repairs and maintanance. Let one renter pay the mortgage (whereas a duplex would do), and other tenants will pay you a decent wage. Make sure the building and area have a good rental history, hire help at first to keep it legal and profitable, and you're on your way to financial freedom and home ownership. By reading this forum, you can see that forclosure rentals are everywhere. Check with your bank.
That wouldn't work for me. One of my biggest gripes with renting is living in the same building as neighbors.
The only thing not owning a home means to me is I won't be able to retire off of it, lol. Step by step, get your income back, start saving again, and do what the guy above said. Duplex isn't really a building.
The wife and I sold our house some time ago and moved in with her daughter (to help out) because of some severe financial issues the daughter was having.
After that was resolved, we moved out into a rental house and have been living there ever since.
I'm perfectly fine with that and could continue forever that way. It's not been an issue. I suppose I see it as, whether you're owning or renting you're basically trading your money for a place to live. Additionally, I'm almost 49 and my wife is 62. If we started over with a traditional 30-year mortgage she would be 92 by the time it was paid off and I'd be 79, so I guess I look at it as: What's the point?
Anyhow, that's my opinion and worth exactly what you paid for it
Not sure on your location, but do you live in a high cost of living area?
We lived in and around NYC for almost ten years... even with masters degrees and decent paying jobs, we never could have bought while maintaining some sort of reasonable commute (mine was normally an hour and a half each way).
So, we researched cities, and relocated elsewhere. My husband makes more money, and although I haven't found work yet (have a wonderful prospect though), we are more comfortable than living up north with two salaries.
It all comes down to weighing things. I grew up in the Bronx, in a wonderful neighborhood (at the time), and if I could somehow live in this neighborhood now as it was in my childhood, I would in an instant. We had dozens of kids on my block, late night block parties, my school was down the block, and a huge public park right next door. The Bronx Zoo, the Botanical Gardens, and NYC were short bus or subway rides away. The best pizza and chinese food in the world, and I have fond memories of sitting outside with my friends and family waiting for a late night (11pm) ice cream man visit, or of someone hooking up the sprinkler to the "johnny pump" - who needed a pool and a backyard when you had a life like this?
That said, this sort of community no longer exists. Therefore in our minds, we need to buy. So we gave up family (parents, innumerable cousins, aunts and uncles) so that we could provide our future kids with a house, backyard, and hopefully a wonderful community. Not an easy decision, but as long as we visit up north periodically (I need my NYC fix), I think we made the right call. Our mortgage will be cheaper than what we paid for rent up north, and we make more down here... go figure.
If you really want a house you can get it. Review how you spend your money. And one should never buy anything that requires two incomes to pay for. Thats a major mistake a lot of people are losing their homes over. There is free help out there for first time home buyers. Check out HUD's website.
Cut all your expenses to a bare minimum and learn to save.
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No way am I living in a stupid rental my whole life. When I got sick of it I set forth a 5 year plan to improve my credit and learn to save while dealing with renting in buildings that were quite frankly below me. You never achieve anything without sacrifice and actions.
I will be paying what I pay now in rent if I get the house I want. And I am not talking about just the mortgage payment.
I would never raise kids in a rental. They would not have the freedom and I do not think its safe with the transient nature of the renting lifestyle. No matter how much you pay for your unit. Freaks make money too.
I've been in my apartment for 5 years now (was hoping to leave and buy last year when I lost my job) but have been living in apartments for over half my life (16 years). I've been dreaming of owning my own home since I was a kid, but after my fiance and I both lost our jobs last fall and seeing how hard its been to try to get back where we were (we're no where near it), I've put off the idea of buying for a few years.
But now my fiance is wondering if we'll ever be able to own or that we may have to wait many years. This bothers me a lot as I always envisioned raising kids in a house of our own but Im trying to adjust my expectations a lot so I won't get so disappointed.
But it has me wondering, what if financially, you were never able to buy your own and had to rent for life? Would you be bothered by that? Would you be ok raising a family in a rental?
How would you feel or how would you make peace with knowing that owning may not be in the cards for you?
Personally I could never rent for my whole life but plenty of people do it. I even had a couple who were my clients that ended up purchasing their first home in their 50s! I was shocked too but they were doing well and paying a super low rental rate in Northern NJ.
As for it being common, in NYC almost everyone does this so it is not a big shocker. I would say just try to work toward your goal and if you are strong enough you will attain it.
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