Rent or own your House?

United States
November 5, 2006 7:56pm CST
After seeing what my sister goes through and now will have to deal with even more now that she has been layed-off from her job of 13 years, I know that my decision to rent my home is a good one. Yes there are advantages to owning, but if something goes wrong you are responsible for repairs/replacement. I like the fact that the landlord is has to fix what is wrong. My landlord is great, if it needs to be done, he does it.
3 people like this
24 responses
@wahmoftwo (1298)
• United States
1 Dec 06
We own our home. I sometimes wonder if that was a smart decision. We really need more room, but would take a loss if we sold now. The original part of the house is over 50 years old so in addition to the renovation money we have had some repairs to contend with. Rent is much higher than most house payments here though. Even so, I think if I had it to do over I would have waited a little longer before making a purchase.
1 person likes this
• United States
2 Dec 06
If I were to purchase a home I would make it a rental property so that the mortgage would always be paid by the rental units.
@magikrose (5424)
• United States
1 Dec 06
I can understand where you are coming from. Currently we are also renters because right now that is all that we can afford. Eventually we want to buy a home. We are well aware of the the fact that if it goes we have to fix it along with paying the property taxes, mortgage and water bill. Right now renting is financially afordabe considering we are receiving rental assistance right now. My husband is the only one working a full-time job. In a way I like it when someting does go that I just have to pick up the phone and someone else pays for it but then we also cant make any major changes if we want to because the place doesnt belong to us. It is a double edged blade. There are pros and cons to both sides.
1 person likes this
• United States
3 Dec 06
You can say that again. I feel bad for my sister who owns her house. She was just let go from a job she had for 16 years. Her husband works full-time, but it is a low paying job. Forunately for her she is in a field that is well paid. I hope that she can find something. For now she has severance pay, and a part-time job that pays quite well. Her house needs to be painted, badly. Earlier in the year, her roof needed repair. There are a couple of cosmetic problems inside the home that need to be done, and she needs a new refrigerator.
@modupe_ak (121)
• Nigeria
1 Dec 06
It is better to own a house than to rent because it is an investment. It is yours forever except you want to sell and buy another one. renting puts you in the mercy of the landlord all the time with their selfish attitudes if you are unlucky to have a bad one-is unbearable.
1 person likes this
• United States
3 Dec 06
I have had quite a few bad landlords. My current one is great. The only way I could afford to buy a house now would be to win the lottery in a big way.
@manzician (4739)
• India
6 Nov 06
I have my own house...
1 person likes this
• Romania
8 Dec 06
You are more lucky than others, for example my sister is married for about 2 years and don't have her own house :D
@reneous (717)
• United States
6 Nov 06
I think whether you rent or own a house really depends on your own individual situation. If you're at a point in your life where you can own, that's great! If not, renting doesn't hurt all that much...
• United States
6 Nov 06
I would like to live in a place that you don't have to do a dang thing. No mowing the lawn, no clearing the snow and ice.
@macubx (11433)
• Philippines
6 Nov 06
ill never get married unless i have my own house..
• Romania
8 Dec 06
that's good
@sierdij (853)
• Philippines
6 Nov 06
My mom bought a rent to own house.
1 person likes this
• United States
6 Nov 06
This is an option that I had considered, but still, if it breaks you fix it.
• Canada
1 Dec 06
My parents rent but i would like to oen a hme one day because where we live the landlord or owner dont seem to realy care about there property and have it looking pretty bad and dont fix "nothing"
1 person likes this
@trish32 (1471)
• United States
1 Dec 06
I think that if you're having financial difficulties it can be tough either way, renting or owning. If you rent and you're out of work the landlord can evict you if you can't pay the rent, just like you could lose your house if you can't pay the mortgage. However, if you own, there's the possibility of refinancing to save yourself from foreclosure until you can get another job. There's also the possibility of taking out an equity loan and banking the money just for the mortgage until you get a new job. Those are options you simply don't have if you rent.
@harish4u (1393)
• India
1 Dec 06
own hosuseeeeeeeeeeeeeeeeeee
1 person likes this
@ntony9 (491)
• United States
6 Nov 06
I rent
1 person likes this
@mandakat (879)
• Canada
6 Nov 06
I'm glad you started this topic! My bf and I are going through this dillemma (mainly financially). I'd be okay with renting, BUT owning tends to be a better choice for many people. The only problem is that you MUST VERY THOROUGHLY have EACH house checked out first. Renting: Say you rent for 3 years. As ONE person, you likely spent... roughly 14 400 bucks to about 25 200. Just in rental, heat, hydro, etc. Owning: Yeah, you gotta fix everything that breaks (again, try for very good home inspections, and friends/family who can fix stuff). But after 3 years, if you spent 14 400 - 25 200, then you OWN that. As in, if you move, when you rent, you move. You move, when you own, you get 14 400 - 25 200 (or any extra you made off of sale). You pay mortgage? You get EQUITY. You pay rent, you get nothing. You just throw money out every month. I've been renting for 3.5 years (I'm a student) so I'm not bashing! I'm just showing other things to consider if thinking about a place with a bf/gf, if you're serious about him/her. :)
• United States
6 Nov 06
I own my home and it's terrific! I got a real good deal from a special government loan especially for low income people. It let me have a small home. It's not big or fancy but it has a great yard and a good neighborhood. The loan was set up so that if I had a decrease in my income, my paments would be lowered. On the other hand, if my income increased enough so that I could get a regular loan, I was expected to refinance so that that the money could go to another family with low income who needed a home. I love not having to deal with a landlord, being able to choose when and what pets I get, being able to design and plant my garden. I do have to make sure the house is maintained, pay taxes and insurance and be a responsible haomeowner in other ways. I guess what I'm trying to say, It depends on the person and situation whether yoou should consider buying a home. And, If you do decide to buy,make sure you don't try to get something you can't really afford. Never buy something that has payments of more than 80% of your rent, and that's if the house doesn't need a major reconstruction or repair. Think about getting insurance that will help pay the house note if you are hurt or loose your job. Otherwise, you could lose your home or get into heavy debt trying to keep it.
1 person likes this
• United States
6 Nov 06
Own.
1 person likes this
• United States
12 Dec 06
I don't believe in renting. But each to their own. I have always owned.
@krankies (811)
• United States
5 Dec 06
We had a house built, but the bank still owns it. Hee! Hee!
@melanie652 (2526)
• United States
5 Dec 06
We own our home. When we used to rent, we didn't always have the best landlords. Something broke they didn't want to fix it or would take their time getting to it. You're lucky you have such a good landlord!
@dalejr38 (2421)
• United States
5 Dec 06
Own my home.
@dalejr38 (2421)
• United States
5 Dec 06
Own.
@chalmette69 (3011)
• United States
5 Dec 06
I just got married in July and we bought a new home, I love it and we own 10 acres of land it is really great.