Post # 1
I guess this would be along the lines of a spin off thread. I see so many people stressing out over buying a home, and it makes me wonder. Do people feel the need/urge to buy a home? If so, is it because of status? Perceived security? Was it because it’s the ‘norm’? I’m curious to know.
This is in no way an attempt to shame or flame home-owners (would-be or otherwise). This is merely curiosity, and a way to be enlightened, as I haven’t ever had this overwhelming need to buy a home. Renting is perfectly fine for me (when I don’t have shitty neighbors lol).
Please feel free to comment! If there is any flaming/bashing/rudeness, I won’t hesitate to close the thread. We’re all mostly adults here!
Post # 3
Well, we needed somewhere to live and it made no sense to us to throw money at something and not gain equity. Currently our mortgage and property taxes are less than most rent rates in the city.
Post # 4
We are saving up and hope to buy a house in the next five years.
I feel the need to buy a home. The biggest reason is that, living in my apartment, I feel like a guest in my own home.
I have to be quiet in the middle of the night (i work third shift and am awake in the night on my nights off) so that I don’t piss off the apartment on the other side of the wall, I can hear staff vacuuming the hall outside my apartment when I’m trying to sleep in the day, I am not allowed to paint my walls, I’m not allowed to nail things into the walls (hang pictures), and some other things that make me feel like I’m staying in a hotel instead of a home.
Post # 5
No, I’ve never felt the need to buy a house either. I feel like the only time I would start to want to is if I could afford it without a mortgage, or with just a very small one. I like renting; someone else is responsible for the taxes, the maintenance, etc. I also think houses are WAY overpriced, and don’t want to buy something for more than I think it’s worth. Plus, renting allows you the freedom to switch up your living situation or location pretty much whenever you want!
Post # 6
We haven’t bought a house yet, but we are saving hard whilst living at home! We feel the need to buy a house as we want something to call our own, and we don’t want to spend money on rent for years whilst waiting to have our own house.
I guess it comes down to feeling comfort in the thought that the house is truly ours, and we don’t have to answer to anyone about what we want to do with the house.
Post # 7
i would love to have a house, i like the quiet, no neighbors above my head, and space. and in atlanta you can have a mortgage thats cheaper than a 2 bedroom apartment. it just makes sense. however i have to calm myself down because paying for the wedding will force us to wait another year, but im ok with that. i guess when i look online at available houses i feel as if im missing out on something. i bought my first home at 24 and i just hate apartment living.
Post # 8
For us, we just wanted more space. DH loves doing yard work and gardening, so he wanted to have the space to take care of those things. We lived in an apartment for a year, and overall, it was a good experience. Sure, we heard the neighbors every now and then, and it was annoying when you’d get home and there was no parking. Our apartment offered nice amenities and they kept it up very nicely.
I do agree with some of the previous posters. Sometimes, the apartment just didn’t feel like home, due to the fact you couldn’t make a ton of cosmetic changes. It’s also nice that we don’t hear neighbors often (though one does have a dog that loves to bark at random things, but this stuff happens) and we live on a quiet street.
I don’t know…there are goods and bads about each situation, however, I do prefer the house overall.
Post # 9
We lived in a one bedroom, one bathroom for the last three years. For the most part, it fit our needs, but recently, we’ve grown out of it. In our area, getting a two bedroom apartment, or anything larger than what we have, would cost us more than a mortgage payment. We had the money saved up, so we decided we’d rather put our money into building equity than supporting the management company that owns our apartment complex.
It was a hard decision – we live right by the city with great commuting options and close to everything, and now will be moving out to the suburbs with still decent commuting options (just not as good) and be driving distance, rather than walking distance, from most major stores. However, for a few hundred dollars more than what we’re paying now, we bought a three bedroom, 3.5 bath house with a fully finished basement, so lots more room!
Post # 10
@HappySky7: +1 on the rent vs. mortgage. Our house has a separate walk-out basement apartment too; offsetting our home oenership expenses that much more and letting us pay off the mortgage that much sooner.
Post # 11
Rent- unpredictable over time (inflation works against you) and guaranteed no money back, house- fixed monthly payments, investment (inflation works for you).
Post # 12
Kind of. We felt the need to buy our home when rates were low and the market was good for buyers. Overall, we didn’t feel the need to buy a house, but we decided that it was something we wanted. We were both saving and making plans to buy one in a couple of years, but the market pushed us into buying sooner and locking in a better rate. It worked out well for us because we can manage the payments and in our area, the current supply of houses is really low.
Post # 13
I have very recently felt the need to. we’re originally from Sydney but living overseas at the moment, and I miss it so much I just feel like I need to own a piece of it before I can ever be convinced to live anywhere again. does that many ANY sense? I feel like its like getting married, but to a city, lol… I’ve realised that I love it and I want to be with it for the rest of my life! so even if we have to do another international move, we can rent out the place we own and still be connected, still have a place to go back to.
Also, I desperately want a dog, and it’s so hard to find any rental property that will let you have a pet.
the Sydney property market is INSANELY expensive – we’ll be looking at around $500,000+ for a small two bedroom apartment in suburbs about 15 minutes train from the city. but, I figure it’s never ever going to go down, so we may as well take the leap now and pay our own mortgage rather than rent and pay someone else’s. and no, I’m not willing to live further out of the city for the sake of paying less. I’d rather compromise on size than location.
Post # 14
@Sweet_Tea: I don’t feel any urgency, simply because it just isn’t going to happen for at least another 8 years, and there’s no point stressing out over it.
However, I do want to buy as soon as we have enough for a deposit and are earning enough to get a mortgage, because it makes much more financial sense. Where we live, rent works out at pretty much the same per month as a mortgage; so it’s senseless to rent if you can afford to buy, as at least if you buy you’re geting something at the end of it.
I often wished though that we lived somewhere like Sweden where few people buy, and rent is very cheap; I’m not fussed about owning a home, and would sooner have the extra disposable income.
Post # 15
Our mortgage is half the price of renting so it just made sense. The market in the area we live in is also very cheap so that helps. We were fortunate to have no student loans or debt and FI’s parents loaned us a down payment interest free. Not everyone has these luxuries and buying a home definitely isn’t a necessity but it was the right move for us.
Post # 16
I have no desire to buy another home anytime soon. I just sold my second house this year. I’d like to know where all of you live where you’d actually be able to build equity on a home at this point!
We live in the Chicago area and the real estate market is awful. Unless we want to be tied to a house for 20 years, we would never see significant equity in a home. Even then, there is not expected to be significant equity in real estate that would equal to the growth investing money elsewhere. “Buying” (taking on a huge debt, actually) a home is no longer an investment the way it used to be. It’s simply payng for a place to live. I’d rather not have to deal with all the costs of home repair, property taxes, etc. for the privilege of what? So our mortgage payment might be a hundred bucks less than our monthly rent?
My father has been in real estate for 36 years. I never thought I’d see the day when he’s telling me not to buy real estate, but here we are. The market isn’t stable, property taxes are not regulated, and my money will grow tenfold elsewhere. We’re renters for the foreseeable future. Thankfully, we have awesome landlords who let us decorate how we want and fix things at the drop of a hat!