Anyone here rid of their mortgage due to high insurance and taxes(or other reasons) and decided to leave and just rent a place for a while,to live for comfort and not just a house?
2006-10-20 08:11:55 · 6 answers · asked by TrofyWife 4 in Business & Finance ➔ Renting & Real Estate
Yes! Sometimes renting can be a good option, especially if you live in an area where housing prices are in the sky. There is also something nice about having a landlord to call to fix things rather than having to fix them yourself. I'm sick of home repair costs, high taxes, and all the rest that goes with homeowning. If you think you want to rent, do it and don't let ANYONE make you feel guilty or stupid. It's your life — rent and enjoy it!
2006-10-20 12:07:00 · answer #1 · answered by Still Smiling After All 1 · 0⤊ 0⤋
I think more people are going to be renting versus owning in the future because of the economy, their perspective on what is going to happen in the future, INFLATION (that really isn't happening some politicians say...hmmmm), their employment and future prospects, the political climate, the Global economy, and much, much more.
A big factor is the higher real estate prices and the new taxes that these properties are going to be obligated to pay. Most lenders and brokers were NOT telling borrowers that the current taxes would be changed (within 1 year of purchase in Florida) when a new assessment will be performed.
Some areas are working on new legislation to lower the tax rate and some areas are looking at allowing one to keep their past assessment rate (and/or homestead) if they purchase within the county they currently own property.
So...if you receive a new loan quote - especially an interest only loan - be sure the future tax obligation is considered. Its so great (sarcasm) to compete with these type of loan officers and mortgage brokers! I feel for the borrowers. They're the ones that get hurt...
Personally, I am thinking of renting my next place due to the factors listed above.
Elise Altergott, Principal Broker
Associate Mortgage: http://www.web-mtg.com/?src=answers
Associate Consulting: http://www.ac-fl.com/?src=answers
2006-10-20 15:32:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
With the market increasing the way it is, I would be afraid of losing out on that equity and being priced out of the market if I were to return to renting.
Right now, I can't afford a bigger place on my own, but with the equity I've built just in the last year, I can pay down debt and pay a nice downpayment.
I do prefer condos and townhomes to homes, because it's nice to have someone else manage the exterior. I have a great HOA board and my neighbors are friendly and considerate, so I'm one of the lucky ones.
2006-10-20 16:04:23 · answer #3 · answered by LifesAMystery 3 · 0⤊ 0⤋
No, because are paying someone else's mortgage and helping them out. I would keep the house over moving back into an apartment. Take a second job if you have to.
2006-10-20 15:19:24 · answer #4 · answered by Joe S 6 · 0⤊ 0⤋
I was paying more to rent than to own, had less space, and was basically throwing my money away, since your not building any equity in a rental. I couldn't go back.
2006-10-20 15:19:33 · answer #5 · answered by venusiaint 4 · 1⤊ 0⤋
It's kind of hard to go back, once you've owned your own house, but it is quite a bit cheaper, and less headaches.
2006-10-20 15:16:05 · answer #6 · answered by Geronimo5 3 · 1⤊ 1⤋