I am a Single FT college student who works 2 jobs. I have worked as an Educator for 13 years. I will be getting my MS in ED soon. I do not want to get sucked into this home buying frenzy. I do not want to plan roots anywhere permanently. I am very busy and not home much. It seems so many single professionals are buying homes mostly for status purposes and a tax write off. My sister says most people think that way. People want to show the world they have made it and are a success. If I rent, I will give the impression of being low income poor white trash. Is that true? Honestly, I would not mind renting the rest of my life. Am I weird?
2007-10-24 05:54:06 · 27 answers · asked by LAgirl 3 in Business & Finance ➔ Renting & Real Estate
Probably an apartment.
2007-10-24 06:09:37 · update #1
Yes. There are downfalls to renting an apartment.
Yes. Buying a home builds equity.
We throw away money all the time.
2007-10-25 17:43:04 · update #2
No, you're not weird and renting does not give the impression of being low income poor white trash. Owning a home is not a good fit for you right now--- you don't have enough income to really reap the benefits of the tax deduction, and if you might be moving in the near future you would probably lose money in the long run-- closing costs, realtor commissions and all. Enjoy renting and when the time is right for you to buy, go ahead and buy. PS anyone who thinks you're poor white trash if you rent is a stuck-up snob whose opinion doesn't really matter anyway...
2007-10-24 06:00:10 · answer #1 · answered by dcgirl 7 · 1⤊ 0⤋
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2016-09-10 00:41:35 · answer #2 · answered by Mercedes 3 · 0⤊ 0⤋
Most people own homes because they can get more for their money than if they rent. Basically a home is an investment, look at it as a forced savings account. When I sold my condo I owed $28,000 on the loan and sold for $150,000 talk about savings. I ended up with a lot of money to put down on my new townhome. I don't like to take care of the outside, i.e. landscaping etc so a townhome/condominium works for me and I'm single. I like the fact that I can do improvements to my home, paint, upgrade, decorate etc, also I have a large three bedroom three master bath townhome with two patios and a single car garage for 1/2 the amount I would pay for a 3/2 at most apartment complexes, I'm building equity and when I move I'll have a chunk of money in my pocket that I wouldnt' get if I kept moving from apartment to apartment. I also like that fact that I can't get evicted or not renewed, the Landlord doesn't enter my unit all the time, I don't have to wait to get things repaired. A home owners association does not change the rules all the time, they have a set of Condo Docs and unless they add to them by a vote of the majority of the homeowners the new rule does not get implemented, you have a say about what happens at the community, unlike an apartment complex, they decide that they don't want dogs at the complex and you own a dog, what do you do? Now you have to look to move and coming up with moving expenses, first, last and security and if you just signed a lease renewal now you're stuck. To me it's not a sign of how successful I am or "hey look at me", I guess I just like the freedom of being able to do what I like.
It's a choice, and if you like to rent and have nothing to show for all the money you've paid to the Landlord then that's your choice and if you're happy with it then that's all that matters.
2007-10-24 06:39:19 · answer #3 · answered by Weimaraner Mom 7 · 1⤊ 0⤋
You will only give off that impression if you choose to live where there are low income apartments. If the place you rent matches your income (which I would base on your education) then, you will probably be paying more in rent then most people do a month for a 200k-300k mortgage. There is absolutely nothing wrong with not wanting to own a home. There is a ton of responsibility involved, and if something goes wrong, you just can't call up the maintenance department and have someone fix it for free. Besides, you really shouldn't care what other people say about the type of housing you are choosing to live in. As long as they aren't paying for it... then it's nothing they should be concerned with.
2007-10-24 06:02:18 · answer #4 · answered by jballerina00 2 · 1⤊ 0⤋
Renting may be the best choice for you. If I were single, I’d appreciate not having to maintain my property. There’s definitely a convenience factor to being able to call maintenance when the toilet breaks.
Your judgments of people who do own homes are rather harsh though. My primary reason for owning a home is building equity. I have to pay for housing no matter what, so I might as well get some return on my money when I sell 5+ years down the road. I also like the freedom and privacy of having my own property. I can change it as much as I want within the bounds of local building codes. I actually have a yard, which is something no apartment could ever give me. I also don’t have to deal with loud and/or smelly people living above or below me.
Why do you care what people think about you based on your housing situation? If it’s the best choice for you, go with it, but please stop coming down on people who don’t have the same needs as you.
2007-10-24 06:08:15 · answer #5 · answered by Anonymous · 1⤊ 0⤋
No, you are not weird. If you do not need the amenities a full house offers, why pay for same ? The tax write off is over rated as a reason to purchase a home. Do remember that you get a sizeable write off WITHOUT owning a home (standard deduction). Consequently, any money spent in deductible interest is useless until you exceed the standard deduction, and then it only saves you the percentage of your specific tax bracket.
The interest deductibility is a nice perk for homeowners, but it's stupid to buy a home JUST to obtain such a deduction.
2007-10-24 06:15:32 · answer #6 · answered by acermill 7 · 1⤊ 0⤋
Renting does not give that impression. Where the heck did you get that idea? Most single people can't afford to buy a house these days. So renting is the only way to go. There's nothing wrong with that. Buying and maintaining a house is a big responsibility. If its not for you, its not for you. Hey, its not for me either.
2007-10-24 06:11:09 · answer #7 · answered by *Cara* 7 · 1⤊ 0⤋
Nope your not weird at all, my husband and I have a 9 month old and have been together for almost three years and still rent. I want a house BAD but it just doesnt seem to be a big deal to him. We rented a house for a year and recently moved into a townhome, I think I may have him convinced to buy a house next year....we will see....but no you arent white trash for renting (and it doesnt "look" that way on the outside either) You just keep on keepin on and do what makes you happy!!
2007-10-24 06:07:37 · answer #8 · answered by Sherie D 4 · 1⤊ 0⤋
It's not "weird" to not want to own a house. There are some negative connotations to renting in some cases, but that in some part depends on where you rent. Consider the financial impact of buying (and possible selling) a house in your area versus the cost to continue renting (or renting in a more upscale area). When you consider the cost of maintenance and the inconvenience of some home repairs, it might be best to continue renting. I for one am a happy renter and I am not likely to buy a house anytime soon.
2007-10-24 06:03:27 · answer #9 · answered by Anonymous · 1⤊ 0⤋
If you don't know where you want to end up in the future I would NOT buy a home. Its very hard to keep a house up and then if you decide you want to move in 3 years it would be very difficult to get your money back, and may have a hard time selling the house period. I think that there will be a time when it is right for you and you will know when that time is. Don't ever feel pressured by society or anyone else to do something that you don't want to. Its your life and you have to live it the best it is for you!
2007-10-24 06:04:46 · answer #10 · answered by Jen H 2 · 1⤊ 0⤋