| Dec 30, 2005 @ 7:50 PM |
home ownership or renting
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lecriveuse
Posts: 1,865
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angellight's wonderful news reminds me of this thread's topic.
i used to work for a mortgage company. very interesting field and complicated! the two things that caught my eyes were escrow n the payment. geez! some people had escrow deficits that were the price of someone's house!  so much goes into buying a home: time, MONEY and money. 
i've read a few articles saying renting isn't exactly losing money because maintenance comes out of the property owner's pocket. i learned that an ol chum's mom has been renting her house for 30 something years. she's never had to pay for a roof, etc. my mom bought her house outright with her pension, and she's at the mercy of the rental house next door.
i'm just curious. i dont think i want to buy cos that's just a big ol headache; i do have warm fuzzies about the house where i grew up. whenever i'm n fort smith, i always go by there cos it'll always b home. isn't home where the heart is anyway? 
p.s. more of my older friends r moving out of their empty nest n getting apartments! now, i dont like apt complexes for the noise n management who doesn't care as long as all r paying the rent. i'm renting a two bedroom house right now.
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| Dec 30, 2005 @ 8:15 PM |
home ownership or renting |
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spongebob777
Posts: 7,904
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At the rate I'm going renting is a better option. At least somebody will find my body when I stop paying rent when I get old. 
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| Dec 30, 2005 @ 8:24 PM |
home ownership or renting
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lecriveuse
Posts: 1,865
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absolutely. and u dont have 2 worry about who picks up after u
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| Dec 30, 2005 @ 8:29 PM |
home ownership or renting |
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swingpup
Posts: 4,105
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20 plus years of owning here....Many tax breaks involved. 
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| Dec 30, 2005 @ 8:30 PM |
home ownership or renting
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wandaful123
Posts: 1,511
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I bought my first home when I was 25 and just purchased hopefully my second last one last week, this one is a fixer-upper, hopefully to be sold so i can buy the piece of land I've been dreaming about for years and build my final home on. For me buying a house was almost like a forced savings, you almost always get more out of it then you put in,financially, unless something very drastic happens.I have always been single and relied on one paycheck while raising my child. Wasn't really enough to go around to pay rent and have a savings account.My mortgage payment was money in the bank for retirement. Renting to me feels like taking care of someone elses future. That being said anyone wanna buy an income property in Ontario? 
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| Dec 30, 2005 @ 10:03 PM |
home ownership or renting |
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chinabull2000
Posts: 7,012
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I've always owned, since I was 21 years old, and I can't imagine actually renting now. I've always looked upon it as an investment, and have always bought wisely, and at my zenith I owned 3 houses and made a fortune when I sold them. Unfortunately I lost everything (thats another story), but am back on the ladder again now, having just bought another house last year, and am planning to buy-to-rent another property in maybe April next year.
The house I bought last year, and live in, needed a lot of work, and I bought it cheap and spent another 15% of the value doing it up from top to bottom, and I had it valued last month and it's gained around 30% in value even though the UK housing market is in a bit of a slump right now. I always believe that if you buy wisely then you have to VERY unlucky not to see it grow as an investment, which is something that can never happen with a rental property.
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| Dec 30, 2005 @ 10:11 PM |
home ownership or renting
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Heaveninawildflower
Posts: 15,332
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Definitely into ownership here...appreciation is a beautiful thing. I bought this house two years ago and it's already doubled in value. Also, one of the things I never knew about in NY (in addition to things like 'swamp coolers') is home warranty service. It's not exorbitant, and covers all the major risks of home ownership - central air conditioning, heating systems, major appliances, etc. If there's a problem, all it takes is one phone call.
And I think my neighbors would notice if I died - my dog would definitely make enough noise when she was hungry to get their attention.
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| Dec 30, 2005 @ 11:46 PM |
home ownership or renting |
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wandaful123
Posts: 1,511
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New York Heaven... I couldn't afford to rent an apartment there from what I've heard! Insane!
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| Dec 30, 2005 @ 11:53 PM |
home ownership or renting
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Heaveninawildflower
Posts: 15,332
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New York Heaven
Not anymore...I'm in Phoenix now, but I owned a house there. My next door neighbor bought it and sold both properties last summer, for 1.5 million. As I said, appreciation is a beautiful thing. And no, I didn't get half of that for the house from him!!
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| Dec 31, 2005 @ 12:01 AM |
home ownership or renting |
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Classy_Blonde
Posts: 6,034
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I once owned two homes, one in Palm Springs, and the one I still live in now in Morongo Valley. I sold my P.S. home after less than four years of ownership, and doubled my investment.
Unfortunately, much of the money went to fixing what tenants had destroyed in the Morongo house.
After nearly 20 years, and I never thought I would say this, I'm thinking about being a renter again. Since the house is on the market, I want to do some traveling and see some new possibilities for residency. There are many of the East Coast states I have yet to see, and some of the Northern states as well.
I have also been looking into old Victorian fixer uppers.
The one benefit to home ownership is the tax deductions. Also, not having to answer to anyone for what you do to the place.
Even if I do rent, I am not an apartment person. I need a private yard of my own. I have always been into older homes. They have personality.
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| Dec 31, 2005 @ 12:07 AM |
home ownership or renting
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wandaful123
Posts: 1,511
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Oh NO Classy don't rent! buy a place with a small apartment for yourself, and a tennent to pay the mortgage... then travel on! will always have a home base and the freedom to travel as well! Hey buy one of those luxery travel trailors! would be fun... your home is the open road!
Edit section... sorry to sound so pushy, gut reaction when I read your post!
[Edited on 12/31/2005 12:09 AM]
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| Dec 31, 2005 @ 12:12 AM |
home ownership or renting |
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Classy_Blonde
Posts: 6,034
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I have considered an RV for a while. I do already have a 17 ft. Komfort trailer, so I also am considering buying a new truck to tow it with. We shall see.
What's nice is, I have options. 
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| Dec 31, 2005 @ 9:39 AM |
home ownership or renting
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Greystone1
Posts: 1,677
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I moved to Florida last January, but I still own the house up in Michigan (renting it out). I'm renting down here. Both have their pros and cons.
I may eventually buy a house here, but I would probably miss this place. It has an ongoing party atmosphere. I'm sharing the house with 3 other guys and we have a big screened-in pool and a bar out back. If you're thinking the normal home bar, think again. It has all the look and feel of your typical biker bar you might see along the road, back bar, walk-in cooler, ice machine, neon lights and all.
Not that I'm into a lot of partying, I mostly drink coffee, but it's nice to have people around, and there are always people around here. They drive by, and if the bar lights are on it's party time.
But I digress. From a financial viewpoint, it usually pays to own.
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| Dec 31, 2005 @ 9:54 AM |
home ownership or renting |
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walkingman
Posts: 639
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I am renting right now. I could buy a house but am leery now. I am commited to living where I do till my kid's graduate. That is 6 year's. After that I can go wherever I want to. I just take it one year at a time.
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| Dec 31, 2005 @ 12:19 PM |
home ownership or renting
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Pete73052
Posts: 19,368
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I'm renting now - first time since I was 19. I was in my last home 15 years and earned $350,000 in equity. Too bad the lawyers got it all in the divorce.  I hate renting and hope to buy or build soon.
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| Dec 31, 2005 @ 12:47 PM |
home ownership or renting |
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corvette_racing
Posts: 323
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owning, no doubt!!
Have been owning my own home since I was 23..(over 11 years of home ownership)
Have owned many properties.. Well, I alsio make money by buying, fixing up and selling properties..
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