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FIND YOUR DREAM HOME OR APARTMENT
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Being an owner will always be better. Many of the reasons listed do not even apply as points in favor of owning or renting a home, I feel.
Renting may be a necessity as we all need to live somewhere, but owning a home is one of those things in life we have to accomplish, so what if the day comes when I have to open my wings and fly somewhere else, I can always rent then buy again.
It may be difficult, but nowadays with two bringing in money, it may not be that hard after all.
I see my co-workers always talking about having house repairs, yard issues, being trapped on the weekends...they all don't look very happy.
I bought a 1,388 sq ft town house in 2011 for $49,000. My mortgage is less than the average monthly rent for a one bedroom apartment. Prices are great right now for buying. Buying a home is a big step and considering that you will be living in the same place for many years, extensive research should be done prior to such an important purchase.I did mine and I'm an extremely happy home owner. I do envy the mobility of renters but knowing that I OWN my home and if I were to sell I would be doubling my investment (house has doubled in value since I bought it) makes me happy.
own now - have owned for decades a few different homes.
in about 5 years - will have kids out of college completely, have been empty nesters for a few years...
we can't wait to sell our house - probably will become renters from then on in.
Now that we start to have free time we see how much of our lives are taken up by chores around the home. There is always something to fix, paint, mow, landscape, or improve....it's a real 'lifestyle' that we just are tired of.
Looking forward to a renting a small house in a gated community or a nice condo in a secure building in the future. Weekends will be ours to see/do/travel!
I have owned and rented homes for years. I can say that a very happy time in my life was when I rented a little mountain cottage in the woods. I was single, the kids gone out on their own and I reported to no one. My landlord was as hands off as they come, but I did some improvements at my expense, too.
Where I live is a lot more important to me than what I live in; rather live in a shack on the mountain than a luxury home in the middle of some crowded noisy city. I owned homes but didn't really see any advantage over renting taken together.
This article makes assumptions that a renter can not be foreclosed on, well this has happened three time to me because the landlord did not pay their mortgage. I now own my mobile home and pay a reasonable lot rent. if the owner here doesn't pay the mortgage which I doubt, I just put my wheels on and move my home to its own land or another park. I got really stressed out from being evicted for paying my rent, so I decided on owning and renting.
I also like the fact I change whatever like cabinets, paint, or what I want in my home without asking first..... I honestly was happy being just a renter, but not after three foreclosures and evictions.
I'm in my 50s now and very happy as a renter! Renting has let me move with 30 days notice to take the promotions, and keep working through several recessions now. I see the "home owners" at work struggling to make ends meet and have little to no savings. They are stuck on the "locals" wage scale.
I have a better income by moving around and bringing my higher wage history from expensive cities to their lower wage/cost-of-living environment. I'm sure each of you can name someone in your workplace who did the same thing! Home owners are the first to sign up for weekend overtime, how healthy can it really be spending so much time in a physically demanding or hazardous environment?
My retirement savings is far beyond what the home owners have managed, just the savings on taxes, insurance, and maintenance alone would fund a retirement! Throw in all the tools, lawn farming equipment, project cars/motorcycles, etc. etc. and the difference over the years is substantial.
Now let me open the door on what can only be described as the largest scale fraud in American history, the housing mortgage industry!! Really, does "investing" in a financial system so wracked by fraud, abuse, insider deals, etc. etc. sound like sane, investment advise?? The only big players jailed were fund managers, the big bankers were bailed-out! Given the investment choice, I would choose the industry who MIGHT go to jail for defrauding me vs. the bankers who get REWARDED for defrauding me!
Renters came out a head the last 3 years as the housing market crashed and many properties lost 100.000 or double or more in value, lots owe more than than thier property is worth today, 1000s maybe millions lost there home, in one large city near us 1000's foreclosures and short sales, on a foreclosure you credit is ruin, on a short you still owe the $100k your property lost in value at your sale. many people were wiped out buying to the point they may never recover and they were made homeless. its still not ove ryet. I looked at 3 new foreclosures in our area on line this week. So be very careful buying this time around, the realtor want to drive you into panic buying again, they love by making you think you are losing out, they did not care about the many that lost everything on them flooding the market with bad credit loans buyers, they just wanted to get paid, they are just there for pay checks, you take the risk.
One caveat on Renting; I owed some back taxes, and that homeowners tax credit is absorbing them. Seven thousand a year ain't no chicken feed! There are tax shelters and benefits to home ownership, beyond the accumulation of equity. At least until the Obama Administration takes the tax credit away...
Not being a follower of the Lyfe Skrypt, I never thought about whether I wanted to own a home ni my twenties. I got married for the first time at age 31, my husband was 43. He'd moved around as had I.
Beginning 2009 we had been married 4 years and started the loan process. We had to deal with an extremely condescending loan officer who lectured us that as adults we should have saved more money than we had (according to whom?). But regardless, we qualified for a loan and we were going to buy a house in a short sale. The week we were to finalize the purchase my husband was laid off and made us unqualified for a home loan.
After what I've witnessed since then, we no longer have a desire to give a bank craptonnes of money so we can "own" a home. Renting is fine by us. We are going to come into some cash, and eventually we'll buy some land and put a trailer on the land if needs be. We don't have children so there is nothing to "pass down".
Renting does not make us less happy than "owning".