topic Re: Rent or Own in Home

Rent or Own

Sweetbay magnolia — Thu, 29 Jul 2021 15:47:50 GMT

So yes, there has been a thread on this lately.

Is it really hard to adjust to renting when you have been an owner? I have loved my house but it is getting hard to keep up. I'm just tired of the whole thing.

How lucky for me, I know, to have the opportunity to even explore the question. We could make a little money on a sale here, that is, if anybody wants this old house. It is a unique place (read: unsaleable) that has been compromised by development. The wonderfulness of the setting has changed. I feel landlocked.

What to do? I think I'd like to move to "the city" but that is even pricier. Or I guess we trade down for a condo-style townhome, but I would hate to regret leaving a pretty little piece of land.

Re: Rent or Own

SilleeMee — Thu, 29 Jul 2021 16:02:50 GMT

I'm a homeowner, too. I also live in an area where developments have encroached into my once-comfortable space. That's called growth in a boomtown. I have thought about selling but I am not thrilled about living in an apartment-type setting or a condo. That's why I haven't sold my house b/c then I would want to move into another house, where I would feel more at home, and with the way the market is here right now I would be moving onto a much, much smaller house. I can't do that and I'm not willing to rent a house either. There is no affordable housing here is what I'm trying to say.

Re: Rent or Own

Sweetbay magnolia — Thu, 29 Jul 2021 16:08:05 GMT

Totally get it, @SilleeMee . Stuck in a conundrum. And you, I know, have a health condition that makes everything harder.

I feel a bit selfish, but sometimes that's what it takes. Trying to figure it out! Thanks.

Re: Rent or Own

Kachina624 — Thu, 29 Jul 2021 16:14:53 GMT

The housing market is hot in many areas including mine. People are selling houses and making nice profits. The catch is, where do you live after you sell? Rental property, even apartments, is virtually unavailable. I've seen people on the NextDoor app begging, pleading for a landlord to rent them a house. They get no responses. Even homes, often in the higher price ranges, are selling like hotcakes with multiple offers. Gone in 2-3 days.

I see many moderately priced homes that someone has bought, completely remodeled and is now selling for a hefty price. I think that's what has happened to much potential rental property.

I wouldn't think of selling now unless I had another place to live already lined up. You might spend the winter in a tent.

Re: Rent or Own

SilleeMee — Thu, 29 Jul 2021 16:20:13 GMT

@Sweetbay magnolia

I think I've come to terms with the fact that I most likely won't be moving out of my house even though I really want to sometimes. But with the reality of things for me right now I've decided to do some upgrading around my house to include making parts of the outdoor space more private plus I've done some improvements to make the house itself more soundproof, climate-change tolerable and more user friendly for the aging person I have become. The price tag of that work is high but the alternative would involve moving and that's just not going to happen. I can handle upgrades but not living in a rental condo.

Re: Rent or Own

Meowingkitty — Thu, 29 Jul 2021 16:29:09 GMT

Rentals in some areas are more that ownership. Lots of rentals here are doubling rents to get old timers out often with no place to go. They just built some new so callled affordable condos in the downtown area which you couldn't pay me to live that start at $300,000 for around 1000 sq ft. This is the Phoenix area. I would stay and hire whatever needs to be done. Some condos are being sold to turn them into apartments leaving owners stuck with nothing.

Re: Rent or Own

kaydee50 — Thu, 29 Jul 2021 16:28:24 GMT

Yes, I found renting more difficult than owning. There is much to be said about renting but I never felt it was my home. Would need to get permission to do things I would like to do to the unit. And I'm not a gardner so I don't miss having a yard. I'm happy that we sold our house--too much work although not that large--rented for awhile and now have bought a condo. Works for me!

Re: Rent or Own

santorini — Thu, 29 Jul 2021 16:34:20 GMT

I sold my home of 30 years and moved to a highrise. I absolutely love it.

Re: Rent or Own

Desertdi — Thu, 29 Jul 2021 16:38:47 GMT

@Meowingkitty wrote:
Rentals in some areas are more that ownership. Lots of rentals here are doubling rents to get old timers out often with no place to go. They just built some new so callled affordable condos in the downtown area which you couldn't pay me to live that start at $300,000 for around 1000 sq ft. This is the Phoenix area. I would stay and hire whatever needs to be done. Some condos are being sold to turn them into apartments leaving owners stuck with nothing.

@Meowingkitty I'm in an "older" neighborhood on the East side. No "fine" stores, or "fancy" restaurants around here......but it is a SAFE neighborhood. And as a senior citizen, SAFE wins. I'm staying. di

Re: Rent or Own

queendiva — Thu, 29 Jul 2021 16:43:38 GMT

I have downsized twice since 2006. First, sold the McMansion for top dollar. In 2018., after the kids were grown and left the nest I sold that house in favor of a 2 BR, 2.5 bath end unit townhouse with full basement and 2 car garage 50+ miles away in a less developed and less $$$ area of the state. Could not be happier with my decision. I do enjoy outdoor space in the community. It just looks like my yard- private and quiet, and it's cared for by the HOA landscapers. Trees and shrubs were just trimmed.

DS just closed on his first home a few months ago; also an end unit townhome in another state. A single family home was well north of his very healthy budget. As mentioned previously and not often discussed, rentals units of any size and kind are very difficult to come by and very $$$$ in many areas of the country.

His new, much larger home (with private backyard) costs less per month than his previous 1000 sf high rise rental in the same town.

Re: Rent or Own

ALRATIBA — Thu, 29 Jul 2021 16:49:21 GMT

No adjustment necessary for me.

I moved from a four bedroom house in CA SF Bay Area to a one-bedroom apartment in Manhattan.

Re: Rent or Own

SurferWife — Thu, 29 Jul 2021 16:55:51 GMT

I've done both & currently rent. It really all depends upon your lifestyle.

Re: Rent or Own

ECBG — Thu, 29 Jul 2021 16:57:51 GMT

Own. I like having the privacy as well as the room.

To have the room I have here in this town I would need a 1 million dollar apartment down town, (no thanks!); that type of housing wasn't a reality until about 10 years ago.

Re: Rent or Own

decaf — Thu, 29 Jul 2021 21:16:01 GMT

We own a 1950's home in S. Florida. The neighborhood is quiet and beautiful, we're 50 yards from the intracoastal, but we're stuck. The house needs work inside, my husband doesn't like to do any renovations himself and I have disabilities now where I can't do it anymore. I also don't want workers inside now with covid. And they're undependable here.

I'd love to move to a one story villa townhouse but I'm not buying at the top of the market. To rent, one bedroom apts average $1700./ month. Ouch. To make matter worse, home prices here are based on incomes in NY and NJ, not incomes in S Florida. There's no other place I know where home prices are based on incomes in other states. Every year more and more baby boomers are selling their NY homes for a small fortune,come here where the same house (or bigger and newer) is 50% less, they consider it a bargain. But It's unaffordable for Floridians. And all the homes sold to rent as Airbnbs drive up home prices too. Besides, we have no choice but to stay here, for my DH job of 35 years.

Re: Rent or Own

SilleeMee — Thu, 29 Jul 2021 17:36:16 GMT

When you rent you don't have to worry about the rising property taxes. Since I don't have a mortgage I pay my property taxes out of pocket every year and they are going up so high I can't believe it. No breaks for seniors either.

Re: Rent or Own

Annabellethecat66 — Thu, 29 Jul 2021 17:52:34 GMT

I have owned my house and car for a long time.

It's easy to own your house if you live in it.

The car doesn't take as long but it's not as much money either.

There are way more advantages to owning a home rather than to rent one.

You no longer have large mortgages each month when you totally own your house.

You will have to come up with a few thousand dollars two times year when you pay taxes on the house you own.

There's a nice feeling knowing you own two of the most expensive items probably you'll ever have.

I know several friends who own their own homes. The main theme is they didn't move up and buy a bigger house. They didn't trade in their car every year. My car is a 2018 Acura.

I look at the newer versions and there's no difference between each year.

All that said, when you own your home, you are responsible for fixing everything that's broken or just doesn't work.

If you are happy renting keep doing it. I think renting might make sense if you are elderly or not in good health.

However, as far as buying a house with mortgages it's about the same as renting every month.

But in the end, if you have a mortgage you at least come away owning the house.

If I were you, I'd sit with a piece of paper. Draw a line with one side "advantages". Next side "disadvantages".

You know your finances. Use logic when deciding what's best for YOU.

I don't understand why anyone, if they financially can, wouldn't want to eventually want to own their own home.

My daughter is now 41. She wants to buys home. She's financially able to own a home. I'll give her the down payment for one because for her, it makes sense.

She's never leaving Colorado. Her boyfriend is buying his own home. Come to think of it...maybe that's what SHE is waiting for...him to make his move as regarding her.

Wow! I just had an epiphany!

Re: Rent or Own

AuntG — Thu, 29 Jul 2021 17:53:40 GMT

Since we like the area, and our house is fully paid for, our decision is to stay. I still like touring condos, but with the association fees, we'd save nothing. Hiring a lawn service to do the difficult maintenance is an option somewhere down the road.

Re: Rent or Own

Sooner — Thu, 29 Jul 2021 18:00:40 GMT

We gave up a beautiful view (which I will admit I miss) for a larger and newer house in the same neighborhood when we retired 5 years ago. I don't regret it at all.

We have more room, which was what we had planned on doing when we would both be here together, and gained a much more liveable house.

I am thankful every day that we made the move when we did. It has been a huge huge blessing for us considering everything between now and then. I have great sympathy for anybody worrying about houseing at any time. It is so often a difficult choice.

Re: Rent or Own

lgfan — Thu, 29 Jul 2021 18:08:52 GMT

I bought a condominium twenty years ago because of rent control. I got tired of my rent being increased every year so I bought a condominium. At least I know I will eventually own it and I will own my home. The only thing I need to continue to pay is the assocation fees and property taxes. I have also built equity on the property because it is now worth three times of what I purchased it twenty years ago.

Re: Rent or Own

riley1 — Thu, 29 Jul 2021 18:12:13 GMT

@Sweetbay magnolia - I would definitely say owning is better than renting - at least for me. And, that may also depend on where you would plan on moving.

As you said, you could make some money if you sell, are you giving up what you would make because you will now pay higher maintenance fees or HOA fees?

And, you might not make as much as you think on a sale if your house really needs a lot of work/updating.

If you want to stay, maybe start with some small improvements = do you have a deck or patio? Maybe plant some privacy shrubs around the area and put some colorful potted plants out there with lights.

How about some fresh paint on the inside? Do you have a lot of "chotkes" around your house? Try to declutter and the room will have a breath of fresh air and look more spacious.

How about a cleaning person a couple times a month. Someone to help outside?

These are just some of my thoughts. I think sometimes we all get tired of where we are - thinking the grass is always greener...