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| Topic: Rent versus own, an FYI | |
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Amazing
 Rent or Own? Nearly all the participants in this thread own (or are buying) their homes. I've done both. I choose to rent because I don't want, or need, all the hassles that come with owning a home. I found out that when I thought I owned my home, I really didn't. The great state of New York proved it to me with something called Imminent Domain.  You can jump thru all the hoops but if they want it, they're gunna get it. Same thing with divorce lawyers and the IRS. There are a lot of benefits to renting but there are no replies in this thread about those. There are a lot of problems with owning but this is not a discussion of pros and cons, its a discussion geared to make home owners participating feel better about owning. While y'all are sitting there calculation your taxes and how to pay them, thinking about the condition of your roof in a storm, buying gas for your lawn mower, cleaning all those rooms, heating or cooling all that space, wondering about that tree near your power line, roots near your water & sewage lines, the condition of your driveway and all that other stuff. I'm free to just live my life. I think about my home when I pay my rent or if something breaks, when I report it for fixing. If the water heater quits, I don't have to go buy one and install it, I pick up the phone and someone is here that day or the next with a new one, installing it for me and I can sit on the sofa and watch a movie or go to the store and buy some junk food. True, I have no material legacy for my children. They're okay with that fact, why shouldn't I be? Realize that when your age starts affecting your health, that home is going to be far more of a hassle than its worth. If you wait another 30-40 years, a lot the homes owned by the baby boomers are going to be empty so owning your own will be pretty easy. But the maintenance and utilities are going to be expensive, not only in cost but health. |
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Some great news for home owners that will hopefully take place soon.
The Trump admin is about to change the capital gains tax and how the IRS collects them. This new plan would allow "inflation indexing". In the current form, let's just say you bought your home 20 years ago for $20,000 and now sold it for $100,000, you pay tax on the $80,000 "profit". Under the new guidelines that $80,000 "profit" would be indexed for inflation so you might only have to pay tax on say $60,000 of that $80,000. More money in your pocket and less for Uncle Sam! |
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Amazing Rent or Own? Nearly all the participants in this thread own (or are buying) their homes. I've done both. I choose to rent because I don't want, or need, all the hassles that come with owning a home. I found out that when I thought I owned my home, I really didn't. The great state of New York proved it to me with something called Imminent Domain. You can jump thru all the hoops but if they want it, they're gunna get it. Same thing with divorce lawyers and the IRS. There are a lot of benefits to renting but there are no replies in this thread about those. There are a lot of problems with owning but this is not a discussion of pros and cons, its a discussion geared to make home owners participating feel better about owning. While y'all are sitting there calculation your taxes and how to pay them, thinking about the condition of your roof in a storm, buying gas for your lawn mower, cleaning all those rooms, heating or cooling all that space, wondering about that tree near your power line, roots near your water & sewage lines, the condition of your driveway and all that other stuff. I'm free to just live my life. I think about my home when I pay my rent or if something breaks, when I report it for fixing. If the water heater quits, I don't have to go buy one and install it, I pick up the phone and someone is here that day or the next with a new one, installing it for me and I can sit on the sofa and watch a movie or go to the store and buy some junk food. True, I have no material legacy for my children. They're okay with that fact, why shouldn't I be? Realize that when your age starts affecting your health, that home is going to be far more of a hassle than its worth. If you wait another 30-40 years, a lot the homes owned by the baby boomers are going to be empty so owning your own will be pretty easy. But the maintenance and utilities are going to be expensive, not only in cost but health. My son bought me a saw on an extension back in the spring. I've had an adventure with it. I had a limb in the power line. I sawed it until it layed on the line. I got scared and quit. First rain made the limb drop below the line. It takes me about 2 hours to cut grass but I like having the space. I have a small garden and fruit tree. It's a way of life I'm use to. When I get too old my kids or grandkids can come do the work for me. As far as repairs, I don't see much difference in calling the plumber instead of the landlord. |
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I don't see much difference in calling the plumber instead of the landlord. I call the landlord and the landlord calls the plumber. The plumber contracts with the landlord not me. The landlord pays the plumber, not me. If the plumber messes up, I call the landlord and he calls a different plumber and then does the legal shuffle to recover his money. In the mean time, I am free to move about the room as I see fit. I loved doing maintenance on my home. I loved the flower bushes and the smell of cut grass. I didn't mind painting or fixing. Financial aspects were a bear but manageable. Stress and worry were elevated. I don't have that stress and worry anymore. I can still enjoy the smell of cut grass and the sight of flowers and bushes but now, I don't have to do anything to get it. The time on target required to manage the property is reduced to the time it takes for me to write the rent check and give it to the landlord. I still have housekeeping but it is reduced because I have less house to keep. I'm not heating/cooling large spaces so my utility bills are reduced. I don't pay property taxes so the time I had to dedicate to that, I have for doing other things that I like to do. As long as I pay my rent on time, in full, I don't have to think about the roof over my head. If I want to move, I can move in 1 month, no waiting till I can sell, no making sure my property meets the buyers expectations, no legal hoops to jump thru. I call my utlities and put in a change of address. Bingo, done deal. |
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I know 2 phone numbers by heart. One is my sister, the other is my plumber.
 The attraction to owning a home is that one day it will be paid off. There will still be tax and ins but that's a fraction of what rent cost. Insurance is optional. The money saved on not paying rent could easily go for repairs or lawn maintaince. I know a couple people whose mortgage is a little over $400 including tax and ins. They bought during the housing crash. 3br 2ba on a basement. It's nice getting an inheritance. It makes life easier.
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Myself I prefer owning.... You can do what you want to with your property to fix it the way you want it.. Paid mine off 7 years ago... For some it is easier to rent due to no maintenance or worrying about taxes ect all that is included in renting... I just like having a house I can call my own.. and know that it is paid for. I have no intentions on moving unless it is to downsize and moving farther out of town...  I can totally understand owners and renters. Congrats on paying it off.
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Amazing Rent or Own? Nearly all the participants in this thread own (or are buying) their homes. I've done both. I choose to rent because I don't want, or need, all the hassles that come with owning a home. I found out that when I thought I owned my home, I really didn't. The great state of New York proved it to me with something called Imminent Domain. You can jump thru all the hoops but if they want it, they're gunna get it. Same thing with divorce lawyers and the IRS. There are a lot of benefits to renting but there are no replies in this thread about those. There are a lot of problems with owning but this is not a discussion of pros and cons, its a discussion geared to make home owners participating feel better about owning. While y'all are sitting there calculation your taxes and how to pay them, thinking about the condition of your roof in a storm, buying gas for your lawn mower, cleaning all those rooms, heating or cooling all that space, wondering about that tree near your power line, roots near your water & sewage lines, the condition of your driveway and all that other stuff. I'm free to just live my life. I think about my home when I pay my rent or if something breaks, when I report it for fixing. If the water heater quits, I don't have to go buy one and install it, I pick up the phone and someone is here that day or the next with a new one, installing it for me and I can sit on the sofa and watch a movie or go to the store and buy some junk food. True, I have no material legacy for my children. They're okay with that fact, why shouldn't I be? Realize that when your age starts affecting your health, that home is going to be far more of a hassle than its worth. If you wait another 30-40 years, a lot the homes owned by the baby boomers are going to be empty so owning your own will be pretty easy. But the maintenance and utilities are going to be expensive, not only in cost but health. I so agree with this as well. I notice as a sidenote, alot of owners seem to have plenty of complaints or concerns, but I have not seen a renter contribute one (concern/complaint) yet. |
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I'm not saying there are not advantages to owning a home if you pay it off.
I'm also not saying there are not disadvantages to renting. What I am trying to point out is that each benefits each person differently and one is not always better than the other. Owning a home is better for you. Renting is better for me. I could have rebought a home, I decided not to, on purpose. I am happy with my choice, to me it has more benefits to my needs and wants. I am merely voicing my opinion on why I feel renting is better for me than buying. It brings a contrast to the thread, which is predominately homeowners. The attitude of this thread is to rebuke renting so anyone that rents is in opposition to the thread's status quo. Thus, less renters are likely to participate. I know people that hate that they are renting. I know people that hate that they own. I know people, like myself, that love that they are renting. I know people, like most of those in this thread, that love that they own. One concensus has no more validity than another. I can accept that... |
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Amazing Rent or Own? Nearly all the participants in this thread own (or are buying) their homes. I've done both. I choose to rent because I don't want, or need, all the hassles that come with owning a home. I found out that when I thought I owned my home, I really didn't. The great state of New York proved it to me with something called Imminent Domain. You can jump thru all the hoops but if they want it, they're gunna get it. Same thing with divorce lawyers and the IRS. There are a lot of benefits to renting but there are no replies in this thread about those. There are a lot of problems with owning but this is not a discussion of pros and cons, its a discussion geared to make home owners participating feel better about owning. While y'all are sitting there calculation your taxes and how to pay them, thinking about the condition of your roof in a storm, buying gas for your lawn mower, cleaning all those rooms, heating or cooling all that space, wondering about that tree near your power line, roots near your water & sewage lines, the condition of your driveway and all that other stuff. I'm free to just live my life. I think about my home when I pay my rent or if something breaks, when I report it for fixing. If the water heater quits, I don't have to go buy one and install it, I pick up the phone and someone is here that day or the next with a new one, installing it for me and I can sit on the sofa and watch a movie or go to the store and buy some junk food. True, I have no material legacy for my children. They're okay with that fact, why shouldn't I be? Realize that when your age starts affecting your health, that home is going to be far more of a hassle than its worth. If you wait another 30-40 years, a lot the homes owned by the baby boomers are going to be empty so owning your own will be pretty easy. But the maintenance and utilities are going to be expensive, not only in cost but health. I so agree with this as well. I notice as a sidenote, alot of owners seem to have plenty of complaints or concerns, but I have not seen a renter contribute one (concern/complaint) yet. When I got my tax increase last year I passed it on to tenants. One was $100 a month increase. I files the appeal but she paid when it was denied. Sometime I want to move back to the waco house. It's bigger than where I live. If I wasn't making good money, I would give my tenant notice. She can't change things without permission or sell the home for equity. |
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Amazing Rent or Own? Nearly all the participants in this thread own (or are buying) their homes. I've done both. I choose to rent because I don't want, or need, all the hassles that come with owning a home. I found out that when I thought I owned my home, I really didn't. The great state of New York proved it to me with something called Imminent Domain. You can jump thru all the hoops but if they want it, they're gunna get it. Same thing with divorce lawyers and the IRS. There are a lot of benefits to renting but there are no replies in this thread about those. There are a lot of problems with owning but this is not a discussion of pros and cons, its a discussion geared to make home owners participating feel better about owning. While y'all are sitting there calculation your taxes and how to pay them, thinking about the condition of your roof in a storm, buying gas for your lawn mower, cleaning all those rooms, heating or cooling all that space, wondering about that tree near your power line, roots near your water & sewage lines, the condition of your driveway and all that other stuff. I'm free to just live my life. I think about my home when I pay my rent or if something breaks, when I report it for fixing. If the water heater quits, I don't have to go buy one and install it, I pick up the phone and someone is here that day or the next with a new one, installing it for me and I can sit on the sofa and watch a movie or go to the store and buy some junk food. True, I have no material legacy for my children. They're okay with that fact, why shouldn't I be? Realize that when your age starts affecting your health, that home is going to be far more of a hassle than its worth. If you wait another 30-40 years, a lot the homes owned by the baby boomers are going to be empty so owning your own will be pretty easy. But the maintenance and utilities are going to be expensive, not only in cost but health. I so agree with this as well. I notice as a sidenote, alot of owners seem to have plenty of complaints or concerns, but I have not seen a renter contribute one (concern/complaint) yet. When I got my tax increase last year I passed it on to tenants. One was $100 a month increase. I files the appeal but she paid when it was denied. Sometime I want to move back to the waco house. It's bigger than where I live. If I wasn't making good money, I would give my tenant notice. She can't change things without permission or sell the home for equity. |
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Tom , do you live in a rented house or an apartment/condo?
There are some advantage of renting of course as you mentioned having the landlord fix things etc. But as a homeowner the equity being built can at times trump renting and having no equity ( pardon the pun) If you rent particularly as you get older and you have no savings, sooner or later it becomes problematic in my opinion. Sooner or later one has to downsize, being a home owner and once you've paid off your house you can sell and have the money to at least live comfortably and with some dignity assuming one doesn't have children to rely on. For me as a single guy it makes no economic sense to rent, but I know when it comes time that I cannot sustain the property and believe me Im a lazy bastard, I have a cleaner, someone do landscaping , the only thing I enjoy doing is clearing snow because I have a snowblower, its just a toy to me. I clear my snow and a few of my neighbours because it takes me minutes vs shoveling. but I know one day I wont be able to but at least when I sell my house I will have to money to live comfortably. I think that is why most people own, its just the dignity or the joy of accomplishing something. |
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For me I owe because I don't like having others on both sides or up and down of me. I like my space.. my yard, my trees, my pool. and most of all I like the fact that I owe it. Ownership does have its disadvantages, but for people like me who want their space.. it works.
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Tom , do you live in a rented house or an apartment/condo? I live in a handicapped equipped duplex apartment built by Habitat For Humanity after Katrina. It was brand new when I moved in. I so agree with this as well. I notice as a sidenote, alot of owners seem to have plenty of complaints or concerns, but I have not seen a renter contribute one (concern/complaint) yet. All in all I really don't have domicile complains or concerns. I have a really good property manager (a real estate company managing Habitat's property). Habitat has no issue with maintaining their rental properties. In the 5 years I have lived here, I have had two things needing attention and they were fixed immediately. On the down side, If I want a pet, I am restricted to size, type and weight and I will have to pay a pet deposit and an additional rent. My daughter visited once from Missouri and brought their lil dog. He was quiet but was seen when he was walked. Since no pets are here, someone reported that I had a pet and the landlord sent notice of an inspection for damage. Two weeks after my daughter left, they came by and did a once over, looking for pet related damage, found none and nothing more came of it. I prefer large dog breeds, Labradors to be exact. I can't have a Lab here because of their size. I like cats. I won't get a cat because the increase in rent and the deposit are too high for it to be a prudent decision. Lets see, I put reinforcement plates on the entry doors without asking when I first moved in. The property manager didn't like it but Habitat had no problem with it as long as I leave them in place when I move. I wanted to drill and install eyeports in the doors and asked first and they said no, so I didn't. Other than that, no issues, complaints or concerns. I'm in a situation where I can't take care of a house physically or financially. Renting is my most prudent option. Since I don't even expect to wake up in the morning and don't expect to live much longer, It would be a waste to try to own my own home again. |
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Elderly and disabled people can get income based housing. That's not really the same as a person who is just renting.
My daughter was paying $1050 in rent before I gave her a home. That's a lot of money. It's been a long time since I was a renter. I worked all week just to give my landlord the majority of the money I made. The rest of my money went for utilities, gas, and car ins. I bought a home and it was basically the same thing but I had a short term mortgage that I paid off early. That was the best feeling. Finally had some extra money. Funny thing is I bought another home. |
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From what I have seen .. aging can be unpredictable .. there are no guarantees you will have your health .. or that you will be able to live in your own home .. if you do end up in Care then often any assets you have including a home will be sold and the proceeds go to the resthome / facility that is taking care of you.
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done both in my life.
was a home owner in my twenty years of being married lived in rental for past five since my divorce rentals are easier when it comes to moving less hassle would I ever own again? I might if it is a condo |
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From what I have seen .. aging can be unpredictable .. there are no guarantees you will have your health .. or that you will be able to live in your own home .. if you do end up in Care then often any assets you have including a home will be sold and the proceeds go to the resthome / facility that is taking care of you. Not if you quit claim that home to your children, 5 years before you need 24 hour care. It used to be 3 years and they changed it. |
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Not if you quit claim that home to your children, 5 years before you need 24 hour care. It used to be 3 years and they changed it......... easttowest 72 Im curious how would you know to quit claim your deed 5 years before you actually need it? Ive seen plenty of healthy 90 year old still on their own, mind you living in condos or houses with live in maids , and people are different when it comes to health decline. And Ive seen plenty of 60 year old who needs assistance living. |
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Edited by
Easttowest72
on
Wed 08/01/18 09:11 AM
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Not if you quit claim that home to your children, 5 years before you need 24 hour care. It used to be 3 years and they changed it......... easttowest 72 Im curious how would you know to quit claim your deed 5 years before you actually need it? Ive seen plenty of healthy 90 year old still on their own, mind you living in condos or houses with live in maids , and people are different when it comes to health decline. And Ive seen plenty of 60 year old who needs assistance living. You can usually get an idea that an elderly person is going to need care soon. My tax guy changed his deeds last year. He is aging but still working. His hands tremble a little. Before the 5 years it's up to family to provide care or hire someone. Free rent is a good way to get help. Plus a small salary. |
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Edited by
Easttowest72
on
Fri 08/03/18 07:19 AM
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Amazing Rent or Own? Nearly all the participants in this thread own (or are buying) their homes. I've done both. I choose to rent because I don't want, or need, all the hassles that come with owning a home. I found out that when I thought I owned my home, I really didn't. The great state of New York proved it to me with something called Imminent Domain. You can jump thru all the hoops but if they want it, they're gunna get it. Same thing with divorce lawyers and the IRS. There are a lot of benefits to renting but there are no replies in this thread about those. There are a lot of problems with owning but this is not a discussion of pros and cons, its a discussion geared to make home owners participating feel better about owning. While y'all are sitting there calculation your taxes and how to pay them, thinking about the condition of your roof in a storm, buying gas for your lawn mower, cleaning all those rooms, heating or cooling all that space, wondering about that tree near your power line, roots near your water & sewage lines, the condition of your driveway and all that other stuff. I'm free to just live my life. I think about my home when I pay my rent or if something breaks, when I report it for fixing. If the water heater quits, I don't have to go buy one and install it, I pick up the phone and someone is here that day or the next with a new one, installing it for me and I can sit on the sofa and watch a movie or go to the store and buy some junk food. True, I have no material legacy for my children. They're okay with that fact, why shouldn't I be? Realize that when your age starts affecting your health, that home is going to be far more of a hassle than its worth. If you wait another 30-40 years, a lot the homes owned by the baby boomers are going to be empty so owning your own will be pretty easy. But the maintenance and utilities are going to be expensive, not only in cost but health. I so agree with this as well. I notice as a sidenote, alot of owners seem to have plenty of complaints or concerns, but I have not seen a renter contribute one (concern/complaint) yet. Renters without 1 complaint seems a bit fishy. It's like they know they've made the wrong choice. I haven't rented in 27 years but I will tell you my complaints. 1. The bedroom in my apt backed up to the bedrooms in the other apt. Every night I listened to the mom try to get her kids to go to sleep for at Least an hour. After that it got more interesting if her boyfriend came over. 2. I didn't have any privacy. 3. If 1 person in the building had bugs we all had bugs. 4. I couldn't change anything. I had to live with the cheap shades and tile floors. 5. When I moved they tried to keep my deposit even though the apt was cleaner when I moved out than when I moved in. I got it back after a mean conversation. 6. I couldn't move anytime I wanted because I signed a year lease agreement. I've never seen a place that didn't require a lease. 7. I paid $15 a month extra for lawn maintaince if I didn't cut the postage stamp sized yard. The rent back then was $211 a month. |
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