Post # 47
Well today I was given another reason to HATE home ownership. I woke up to several inches of water in the basement. I spent 1 and 1/2 hours in the pouring rain cleaning rain gutters and another couple of hours of using a giant squeegee on the floors. I will admit I probably burned some calories going up and down the ladder, moving furniture and running up and down the steps dozens of times. I discovered a window well is leaking and water building up behind the main water pipe leading into the house. Do keep in mind that less than two years ago the home inspector said the house was in excellent condition!
In the past, I would have simply called the landlord to handle the mess.
Home ownership-Bah humbug!
Post # 48
I used to think I wanted to rent forever (for the same reasons as you!), but I am so.over.renting.now. We rent a house now (sizeable with a backyard) & it made me realize that I would like my own house to do whatever I wanted. My Fiance has been itching to buy a home for as long as I have known him. Guess we will put that on the back burner for a little longer now. We’re relocating to FL & will be downsizing to a 2 bedroom apartment (ugh ugh ugh!!!). Not that we’ve really started to save yet, but hopefully this won’t derail our plans to be homeowners by the end of next year by too much..
Post # 49
- Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall
Owning, in the end, is a lot more expensive. I’ve heard a lot of people say “oh, my mortgage is only $700/mo but my apartment was $1000/mo! I’m saving money!” but it’s such a misleading way to look at things. The best way I’ve heard it explained, is that rent is the MAXIMUM you’ll pay in a month, and a mortgage is the MINIMUM you’ll pay in a month.
When you own you are responsible for property taxes, homeowners insurance, and ALL repairs. Need a new roof? HVAC died? Moldy bathroom? Leaking bathtub came crashing through your ceiling? Congratulations on your new expense you’re 100% responsible for! And of course you can own a condo or rent a house, but there’s the obvious facts about the difference between houses and apartments: mowing, sprinklers, foundation watering (at least here in Dallas), less efficient use of heating/cooling, the cost of watering, lawncare supplies, etc. Also, your job wants to relocate you? You hate your neighbors? They’re building a railroad track right behind you? Tough luck!
That said, we rented while we saved up, and made absolutely certain that we wanted to stay in THIS EXACT SPOT for at least 10 or so years, and then we bought a house. I like it because I can customize whatever I want, but I am missing the maintenance men right about now. BOTH of my bathtubs came cracked and need to be replaced before they can be used again… that’s going to be expensive… And they came that way when we bought the house! I know for a fact the previous owners were using the tubs while they were cracked, so I can’t wait to find out what kind of mold or rotted wood is underneath both… yay… haha.
Sorry for rambling.
Post # 50
We’ve been renting this house for about 8 years. We’re pretty blessed with a wonderful landlord who actually has gradually lowered our rent. That being said, in a few years when we get some debts paid off we plan on buying.
This house is from the early 1900’s so it certainly has its issues. It also has a closet for the bathroom (no exaggeration) and we have outgrown the 700sqft layout.
Post # 51
I worked in an office where I dealt with a lot of retirees finances, and eventually, it pays to own a house. The people who purchased (and paid off) a home where in a much better financial position then they people who did not. Renting is fine when you are young, but, eventually, it pays to own. At the end of the day, even with substantial savings, a retirees income is quite limited. Property taxes are still cheaper than rent, and the occassional house repair.
Post # 52
I’ve never rented, so I am biased toward buying. I bought my first condo at 20 and my first single-family home at 24. Planning to buy another condo in the next couple of years. Here, renting is as expensive (and sometimes more) than owning a house. I see no point in giving money to a stranger when at the end I am not going to own it. I have no interest in moving, though, so for me being tied to a home is not an issue. If you buy smart, it can also be a very good investment. Plus i love decor and design and would hate being stuck with a landlord’s choices of colors and fixtures.
Post # 53
- Wedding: November 2013 - St. Augustine Beach, FL
@LadyBlackheart I owned a house and it was a big pain in the butt so I much prefer renting. It helps that where I live I can rent an apartment for half of what a mortgage would cost. No we won’t eventually own it but when our garbage disposal broke, the landlord had to pay for it to be repaired. If I get a job offer in another city or state, we only have to give 60 days notice before breaking the lease and moving. We also live in what is considered a quadplex so we only have 3 neighbors so everyone knows everyone and we all look out for each other.
Maybe eventually we will want to own but as of right now, I like the simplicity and reduced stress of renting. It doesn’t help the argument for ownership that many of my friends who currently own houses are house poor (this means they can’t afford to do anything because all of there money goes towards their mortgage, house insurance, and repairs.)
Definitely set up the savings though so you have the option to buy eventually. You may change your mind as you get older. We will seriously consider buying a house when we figure out where we want to retire because I want it to be paid off by the time we retire.
Post # 54
Currently we are pretty content with where we live but what I don’t like is that it seems like we are flushing our money down the toilet. It’s like we’re putting our money in a jar with a hole in the bottom. We’re not doing anything but making our landlords rich. I told my husband in 2-3 more years, we would have this home paid off and still no closer to owning it because IT’S NOT OURS! I don’t want to live like this for the rest of our lives. I get sick to my stomach thinking that I have spent nearly 50K in rent money since DH and I have been living together! That’s rediculous! I could have had that invested in a home that we would be paying off.
Post # 55
We are renting and i CANNOT wait to get a house. Our neighbours above us, are loud and obnoxious elephants. The landlord is cheap and won’t fix anything unless they think it will impact their bottom line. And I just want some space. We went to look at an acreage together today that was just bare land. It was ten acres with a mountain view and lots of trees around. Now I want a house even more after seeing that property. Just gotta save up even more.
Post # 56
I totally understand where you’re coming from.
We bought a house after our wedding and honestly it’s not less expensive. Renting was cheap for us and we had loads of disposable income. Now, not only do we pay more in mortgage than we ever paid in rent, we also always find a million things we want to spend money on related to the house, which means we’re way more careful with our spending. Now instead of saving for holidays, we save for new tiles, or a new washer/dryer. It’s a bit less fun. I’m glad we did it because we’re putting together a beautiful family home and we don’t have to worry about being forced to move after a few years because the Landlord’s sister (or whoever) wants to live in the house (happened to our neighbours – totally sucked). We were also really careful about buying into a really good, well established neighbourhood so I can’t imagine a situation where we would suddenly decide we don’t like the area anymore and want to move. All in all, I think we made the right decision for us, but at the same time I miss our carefree renting days. I also think sometimes people focus on home ownership as if that is the be all and end all of life, and act like everybody must buy themselves a house. Sometimes what you can afford to rent is better than what you can afford to buy and I think in those cases it’s fine to continue renting.
Post # 57
It’s a no brainer for me. I’d rather pay off my own mortgage than someone else’s!!!!!
you can’t paint a room/knock out a wall / add on a room if u rent but when u own u can do anything u want.
I was sick of rent prices going up and landlords checking on us every few months. Owning is amazing!!!! I can’t recommend it more