If you noticed by the title of the post, there are two questions here. The first revolves around whether to buy or rent a home. I think most people would say its best to buy, but there are many others who disagree.
My grandfather and an uncle were two who always rented. They rented all their life and wouldn't have had it any other way. They argued their point this way. First they claimed renting was cheaper. Insurance, taxes, interest paid, and upkeep were were the strong points. They didn't have to be concerned about the place, you just call the landlord to take care of things. They moved quite a few times in their lives and argued it was so easy, you just move. No worries, just pay the rent.
Home ownership does have it's downfalls. I'm in my fourth owned home. If you keep up a home, maintenance is like another monthly bill. All repairs are your responsibility, then there is remodeling and usually they are expensive. Our home is paid for and aside from maintenance we have hefty monthly bills due to insurance and taxes. Our insurance and taxes alone would probably pay half of a rented place. Insurance for renters is much lower.
People bring up 'pride of ownership' a lot. But people who rent can easily be proud of the apartment or home they rent.
One of my best friends had a nice home on two acres before he moved to another state. When he sold there was a large equity but he was very disappointed. After putting it to paper he showed there was more in his upkeep and additions than the equity could account for. His words were 'you never get out of the house what you put into it'. When he moved, he bought another house and wouldn't have it any other way. Why?
I think part of it is that pride of ownership thing. Some want to take the equity and move up to a larger home. I also think as we get older there is a feeling of security. This feeling is only realized if you can afford to stay in the home after retirement. Thousands across the nation have found that they were forced out of the home due to taxes alone. I know people who moved in retirement to where my in-laws live because it was cheap compared to where they were.
So, do you think the advantages and disadvantages of home ownership out weigh those of renting?
The second thing is where. Would you rather live in the town or city, or would you rather live in 'the country'? There are advantages and disadvantages to this also.
We will always own a home whether here or someplace else. My wife is hung up on security. Having her own home is of the utmost importance to her regardless of upkeep. Later, we will move to a smaller and less expensive town. Life is good in a small town if you don't have to work.
We also will live in the town, around people and close to shopping. Isolation has never appealed to either of us. We have found from others that living in the country after living in town isn't necessarily everything its cracked up to be. We like neighbors. We've always gotten along. 'Driving into town' for everything we need isn't something we want to do.
What about you?
beyondtheveil posted on Oct 13, 2008
| views: 163
Comments
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diabolicdame said on Oct 13, 2008....
I have only ever lived in big cities and in owned houses (my parent's).. except now as a student with roomies.. and I think a big part of my dad buying houses wherever we've had to move or live is the security part.. I also think there's some kind of social standing that is attatced to owning your home.. ofcourse for people who don't care much for society, renting can be much more convenient and cheaper.. it does sound more practial but I don't think people who buy would want to rent by choice. And also, real estate is an investment. -
uniquely-ironic said on Oct 13, 2008....
The one house I owned was an investment property, so I never lived there. If I had the opportunity I'd own despite the cost of ownership. As a renter you never really have the opportunity to pick wall colors, appliances, etc. Many landlords are happy to provide the bare minimum, which usually ends up being ugly and cheap.I'd prefer to live on the outskirts of a smallish town. Some place within an hours drive of a larger city, but with the character of a small community. -
beyondtheveil said on Oct 13, 2008....
diabolic- The good thing about the investment part is that regardless of how much is put into the house, there's a lot of money sitting there if its paid for. In this country, I don't think there is much social standing for simply owning one. It has to be a more classy place for that. I'd bet most couples own a home.
unique- Choice is a big plus, no doubt. Also becomes a money pit. But renters can get caught up in a money pit also. Almost all apartments and homes are not furnished except for appliances. Few have washers and dryers. Landlords normally don't mind if you paint, so long as they don't have to foot the bill.
There are two small towns we would move to. One is about 30,000, the other about 60,000. They are three and four hours from a city - one very long day trip. The shopping is bad in the smaller one, but is 80 miles from the larger one where shopping is better. People in these towns who need special medical care drive those distances to one of three cities.
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mobil said on Oct 13, 2008....
We have two houses, my daugher lives in one. I used to be fussy about the yard and all that stuff. Now I just want it to look like it's not the worst looking house in the neighborhood.I don't care about it anymore, the yard anyway, i have better things I want to do than be a slave to grass. The rest of it painting and stuff I usually hire someone to do it. Saves time for the grandkids, fishing, camping, hunting all that fun stuff. -
beyondtheveil said on Oct 13, 2008....
mobil- The only grass I really have is the front and I keep it up for the dogs more than anything. They love the front yard. The back and side is mostly the porch, my shop, and patio in brick pavers. I just keep it neat.
I always paint the house. Last year I painted it twice, once in the spring and again late summer so I won't have to do it again for about twelve years, I hope. In twelve years I won't even consider painting it myself because I'll be over thirty-five.
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CayenneMan said on Oct 14, 2008....
I myself would never ever rent someone's house. To me buying a house is a good investment in most cases. Far from the best, but a good one. Sure you need to keep up with you're investment and it can be expensive at times but I think It's the best way to go. I know many folks don't have any choice but to rent. It sickens me just to think of paying monthly rent and building no equity while doing so. In alot of cases the tenant is actually paying more monthly rent fees then he would by making a typical house payment on his own secured investment. I can understand if your living lite going to a motel for a week or two tops. But why not pay for something you can hold in you're hand and know it's your's ?
Oh and mobil, I did'nt realize you were so young. I would'nt have guessed by the smell of that gas that comes out of your ass. :0) You yung'uns are all alike. I know a few people that have rented the same house for over twentyfive years or more ! Those folks paid for the landlords house they're currently living in and probably another one or even two. The landlord reaps the reward the tenant has nothing to show for it but useless receipts. :0( There are to many things to consider as to the where to buy or rent. Each individual has his own circumstanses regarding that decision.
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AngelWolf61 said on Oct 14, 2008....
Wanna talk renovations? My house is 118 years old! The floors need to be re done, the house needs to be jacked up, most of the walls are the old horse hair plaster and need to be dry walled, and, since they are that old freaking plaster, you KNOW there isna't any insulation behind them... the list goes on and on. Thankfully, even though it's an ugly ass green, the house has vynal siding (that needs to be replaced, by the way), the tongue and groove flooring on the front porch needs to be replaced, and that means lifting up the whole porch to do it... and I don't have grass, I have green weeds. Oh yeah, to answer your questions...I'd much rather own, even with all the above. Of course, after we hit the lottery, my wife and I are gonna stay at a hotel while the team from This Old House designs and builds our new place, and we gut and renovate the old place to sell.As for where, I'll take the 'burbs any day. I have anything I could ever want or need in a 15 mile radius, most of which are open late enough, if not 24 hours. -
destinydiva said on Oct 14, 2008....
things are different over here...insurances tax and stuff... once you pay a mortgage off, you own your house and you only pay bills... and income tax which is about £100 so owning your own home is definitly more appealing than renting... over here...
my view is that renting is wasted money, your ploughing so much in to something every month and nothing at the end of it.. monthly payments for renting /buying are pretty much the same.. but with buying the house its yours at the end of it .
and there is bonuses of building up equity.. the house I bought with my ex husband, when we got divorced we had £90,000 equity in the house
there is pride in owning your own home too, and there is more freedom to make it your own, I would always feel like I was living in someone elses house renting.
just my opinion :-) xx
oohhh the other question... I would hate to live in the city, and I wouldnt like the other extreme either... living in the middle of nowhere ..(though its great to do that for a weekend every now and then) xxx
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CayenneMan said on Oct 14, 2008....
Hey mobil sorry my mistake please forgive me you're not as young as I thought you were, you can go ahead and put the fiber back on the counter. I just wish I would have had some before I ate all those steamed shrimp. It was beyondtheveil who is the youngster. He had me fooled, seeing all those cases of apple sauce on his porch. Rumor has it he found the fountain of youth and won't share -
beyondtheveil said on Oct 14, 2008....
cayenne- Renting definitely does have that drawback of no investment. Its just that I understand renter's argument that its a money pit even after its paid off. I will still own, like you.
angel- Are you serious about fixing it up? If you own it outright a loan against it might do the renovations. If you're handy with carpentry it could save you a bundle. Good luck. I'll take the burbs or a small town. I've found most of our shopping here is within about three miles.
des- Wait a minute. Are you telling me that in England after the house is paid for there are no taxes or insurance on it?
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mobil said on Oct 14, 2008....
Over thirty five huh? You'll be old enough to run for President! -
beyondtheveil said on Oct 14, 2008....
mobil- I'd rather park cars, or be a doorman - more respect.
No reason to get nasty.
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mobil said on Oct 14, 2008....
Sorry about the rank remark beyond.
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