I'm waivering between continuing with home rental v.s. home ownership.
Can you share you're pro's and con's with me and tell me your experiences/preferences with either home ownership or renting.
2007-03-20 12:26:00 · 9 answers · asked by penbuddy 2 in Business & Finance ➔ Renting & Real Estate
Advantages: You are paying a little extra than your rent to actually own something that will increase in value over time. You can put nails in the wall any damn place you feel like. If you spill grape juice or wine on the rug, your first thought isn't "I wonder how much of my security deposit that's gonna cost me?" You get tax breaks for the interest you pay on the mortgage.
Disadvantages: There always seems to be something that needs to be fixed. The lawn doesn't mow itself. The extra money you pay in place of rent builds up in your house, but it isn't easy to get out. If you have to move, your house doesn't always sell on your moving schedule.
All in all, given a choice, I would never rent again.
2007-03-20 12:34:36 · answer #1 · answered by Brian G 6 · 1⤊ 0⤋
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2016-07-20 09:41:03 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I rent, and always will. I dont want the hassel of having to make repairs, pay homeowners insurance, HOA fees, property taxes etc,
Someone in my family (who all rents apts) recently bought a house. She is constantly having to spend money on things you wouldnt normally spend money on while renting. She has had to call out electrician over a problem with wiring, a plumber for clogged drain, shes been written up and fined $100.00 by the HOA for not having the yard done to their satisfaction, some roddents got in thru someone leaving a door open and now has had to call out Terminex to spray for rats,
I hate HOA. Why should i own a home, and pay someone every month to tell me how to have my yard, what color to paint my house, where to park my car, what kind of mailbox to have, when to run my sprinklers, tell me if i cant have a satelite dish, and the list goes on.
I'll just continue to pay rent and not worry about all the other stuff.
2007-03-20 12:39:13 · answer #3 · answered by ►►BLOGGER◄◄ 5 · 1⤊ 0⤋
I own my home. Here are my thoughts:
Home ownership means that when you pay your mortgage: the principal you pay continues to give you value in your home, you can borrow money against this value if you ever need to, the interest you pay is tax deductible (I know some people who wouldn't even get tax refunds without their mortgage deduction). Con: interest rates, balloon payments (we always get fixed mortgages), borrowing more than you can afford. PMI if you don't put 20% down.
House renting: Con: Money is gone, goes towards nothing. But one big pro: taxes! Property taxes, at least where we are are going up 10% per year. We can afford it, but others cannot. It's another adder to your mortgage payment.
2007-03-20 12:43:31 · answer #4 · answered by CG 6 · 1⤊ 0⤋
Ownership is my preference. You have control of the asset. You get the benefit of appreciation when it happens, the write-offs, you can do what you want to the place as long as you don't have an association.
If you are comfortable renting then take your time and find a killer deal on a home. Meaning, wait for the right time in the market in your area, be selective and enjoy the process
2007-03-20 12:36:42 · answer #5 · answered by Tadow 4 · 1⤊ 0⤋
In addition to the Pros that have already been stated, your mortgage payment is going to be stable over the course of the loan as opposed to the cost of rent which can go up every year. Being able to plan for how much your housing costs will be over time is very helpful in planning your overall budget. Additionally, when you factor in the amount of money in taxes you save from being able to deduct interest on a mortgage, the actual monthly cost is even less.
2007-03-20 12:46:51 · answer #6 · answered by Mike H 3 · 1⤊ 0⤋
we own (rather the bank owns) our house I think owning is better then renting because no matter how much you pay in rent you'll never own your place ,your kids will not have a family home they can keep after your gone. and depending on landlords most wont let you put your touch (your paint scheme/wallpaper or other personal touches and tell you what you can/cant do in their place)
2007-03-20 12:37:45 · answer #7 · answered by ghos_t 4 · 1⤊ 0⤋
My parents use to hire a residence, 2 mattress room for $900. We use to hire a 5 mattress room abode for $1200 plus utilities. Now we own a house... properly we continuously owned a house yet under no circumstances lived in it till 3 years in the past. yet I haven't any theory what the indoors maximum loan is. Oh, i'm in Canada.
2016-10-19 05:03:58 · answer #8 · answered by dudik 4 · 0⤊ 0⤋
I own and there's only one pro, it's mine. But that outweighs any cons.
Cons include mortgage payments, excessive insurance costs, maintenance and repairs.
But it's my house.. it's my home. I wouldn't trade it for anything.
2007-03-20 12:34:15 · answer #9 · answered by Chyvalri 3 · 1⤊ 0⤋