Rent Or Own ?

@Tampa_girl7 (21646)
United States
September 1, 2017 4:11pm CST
I have read a few discussions here lately about renting or buying a home. My husband and I rented a small one bedroom apartment the first year of our marriage. Then we moved into a house that we rented for a year. My parents had temporarily moved to North Carolina during those two years. My father had taken a job there and bought a mobile home to live in while they were there. When they moved back to their home here in Mississippi they offered to let us buy the mobile home. They had bought it brand new and only been in it under two years. They said that we could just make monthly payments to them until we got it paid off. So we took them up on their offer and after we paid it in full they signed it over to us and we moved it here to our acre of land in 1996. It was a small home , but big enough for the three of us. It was 1150 square feet and had three bedrooms, two bathrooms, a kitchen, living room and tiny laundry room. It was wonderful to have our own home and we lived in it until November 2004 when we sold it and put our current home here on our land. The photograph is of my husband and our friend working on our home that we bought in West Virginia in December of 2003. For the moment we primarily live in Mississippi, but go up to West Virginia as much as we can. Do you rent or own or like us maybe you have done both ?
43 people like this
50 responses
@Corbin5 (81724)
• United States
1 Sep
We rented apartments when we were first married, then a small house, and then we bought a mobile home when my husband returned to college after the Vietnam War. The mobile home was really nice. Then we bought our first house, and then bigger newer house, and then a bigger newer house, and now we are in the newest downsized house.
6 people like this
@Tampa_girl7 (21646)
• United States
1 Sep
What years was your husband in Vietnam ? My dad was there for 18 months in 68-69.
4 people like this
@Corbin5 (81724)
• United States
1 Sep
@Tampa_girl7 My husband joined the U.S. Army in 1972 when he was a junior in college. He was stationed at Ft. Sheridan in Highwood, IL for the duration of the war since he was a journalism major and they needed him to right news releases.
4 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
@Corbin5 I am happy to know that he didn't have to go to Vietnam.
3 people like this
@marlina (62234)
• Canada
1 Sep
The first year that we were married, we lived upstairs in my inlaws flat. The year after, we bought our first house and a few more later on.
6 people like this
@Tampa_girl7 (21646)
• United States
1 Sep
Hopefully we have bought our last house
3 people like this
@Susan2015 (18698)
• United States
1 Sep
We own the house we live in because my mom left it to me. If we had to move, we would probably rent. Not sure, it would depend on the situation. I had thought about moving into the city I work in now, but since we own this house, we don't want to go into debt and get a mortgage or anything like that.
5 people like this
@Tampa_girl7 (21646)
• United States
1 Sep
It's a blessing not to have monthly house payments.
3 people like this
@vandana7 (57494)
• India
2 Sep
I am left to wonder how much would be property taxes, insurance costs, and of course repair costs. While some repairs do not occur regularly, there can be costs that turn up suddenly so something may have to be set aside on regular basis. Would such costs be lower then rents for the period or more...I wonder.
3 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
@vandana7 we are exempt from home and property taxes 100% here in Mississippi, because I am legally blind.
1 person likes this
@moffittjc (35729)
• Gainesville, Florida
1 Sep
I have done both. And honestly, I prefer renting over owning. I get the whole "home ownership" and "build equity" arguments, but I also know that there are better ways to build future equity if you are a savvy investor. Think about, historically houses appreciate at about 3% per year. I do a little research and invest my money wisely, I could earn about 10% a year or better. When you own a home, you are responsible for insurance, maintenance, taxes, improvements, etc. Those "extra" expenses on top of your mortgage really add up.
4 people like this
@vandana7 (57494)
• India
2 Sep
Your argument is quite like what my father used to argue. He ended up a pauper and the responsibility of running the show fell on me. While you are right in some respects, I still feel owning a home - small one - is a good idea. Pull out from the stock markets a bit and keep it in home. The reason? Well stock markets do carry risk. They may be down sharply just when you need the funds. At such times, taking another mortgage might be easier.
1 person likes this
@vandana7 (57494)
• India
2 Sep
And did you consider the tax implications of mortgage installment? If you have taxable income, that saving can almost cover property taxes, and insurance, if not repairs.
1 person likes this
@moffittjc (35729)
• Gainesville, Florida
2 Sep
@vandana7 There's no doubt that the tax implications can help offset some of the costs of owning a home. I own a home, so I enjoy the nice refund I get on my taxes each year!
1 person likes this
• Jacksonville, Florida
1 Sep
We have only rented and I prefer it that way. When something breaks it's not coming out of our pockets since we can never afford issues. Things always break at the worst times!
4 people like this
@Tampa_girl7 (21646)
• United States
1 Sep
Owning does come with the responsibility of fixing things. our home here in Mississippi hasn't needed much work over the years, but we have been working nonstop on the West Virginia house
4 people like this
@peavey (15874)
• United States
2 Sep
I have done both. When I was younger, we always rented, then in my late thirties, we bought a house. I sold that one and bought another one. It's nice to not have payments or rent every month. I don't know what anyone does who retires and has to rent because it can be expensive
3 people like this
@vandana7 (57494)
• India
2 Sep
But what about corresponding insurances, property taxes, and repair charges, etc. Don't they add up to be equal to monthly rent?
2 people like this
@peavey (15874)
• United States
2 Sep
@vandana7 Oh, no. At least not for me where I am. This house was built in the mid 1950s, so it's solid with very few repairs to worry about and the property taxes, etc., are low, a lot lower than a mortgage payment. I probably pay about a tenth for all that than it would cost to pay a mortgage on this.
1 person likes this
@vandana7 (57494)
• India
2 Sep
@peavey .. I thought older homes have more repairs...termites and problems with plumbing and sewers and roofs and drive ways and electrical connections etc.
1 person likes this
@poehere (17878)
• French Polynesia
2 Sep
Here on the islands my BF owns this land and the two of us built the house. It is our and we just paid for the material to build the home. The land was given to him by his mom. That is how it works here the parents have a lot of land and divide it up between their children.
3 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
We also live on family land that has been lived on by my family for 200 years or so. We did buy it from my parents for a very small amount.
@poehere (17878)
• French Polynesia
3 Sep
@Tampa_girl7 I think it is good to keep the land in the family.
1 person likes this
@Tampa_girl7 (21646)
• United States
4 Sep
@poehere I think so too.
1 person likes this
@averygirl72 (14059)
• Philippines
1 Sep
What is a mobile home does it have wheels? I never experience renting a house because we have our own lot and space to build a house. My siblings rent house in the city near their workplace. I sometimes get to live in their rented apartments
3 people like this
@Tampa_girl7 (21646)
• United States
2 Sep
it is a home that can be relocated just about anywhere.
2 people like this
@averygirl72 (14059)
• Philippines
2 Sep
@Tampa_girl7 You mean it can be assembled easily
2 people like this
@Tampa_girl7 (21646)
• United States
2 Sep
@averygirl72 a company built it and then it was bought and could be moved to any place. Look up manufactured homes.
2 people like this
@NJChicaa (29707)
• United States
1 Sep
My husband (then-boyfriend) and I bought our house after dating for a year. There was no sense in renting an apartment or condo because the price was just as much as a mortgage payment. (NJ is EXPENSIVE!) 13 years later we are still in the same house. It suits us fine as it is just the 2 of us. We don't want kids and we've converted the basement into a nice big entertaining area for when we have the family over for parties. I would never want to rent. You're just throwing money away.
3 people like this
@vandana7 (57494)
• India
2 Sep
I am surprised that the rent and mortgage payments are alike. I mean, if rents are high, then so should cost of the house, and consequently mortgage installment.
2 people like this
@NJChicaa (29707)
• United States
2 Sep
@vandana7 We were too. That's why we just wound up buying.
2 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
It sounds like you made wise chooses.
1 person likes this
@Morleyhunt (16688)
• Canada
1 Sep
We've done both. Currently we live in the house that comes with my husbands job. Next year when he retires we plan to buy another home.
3 people like this
@Tampa_girl7 (21646)
• United States
1 Sep
I look forward to my husband retiring .
2 people like this
@Morleyhunt (16688)
• Canada
1 Sep
@Tampa_girl7 385 days....not like we're counting.
2 people like this
@Tampa_girl7 (21646)
• United States
1 Sep
@Morleyhunt I'm happy for you
2 people like this
@TRBRocks420 (62236)
• Banks, Oregon
2 Sep
I have never done either on my own, lucky to have a house Grandpa and, me built on his land.
3 people like this
@Tampa_girl7 (21646)
• United States
2 Sep
That is such a blessing
3 people like this
@Platespinner (18538)
• Winston Salem, North Carolina
1 Sep
We've done both over the years. We are in the process of purchasing our current home and look forward to eventually paying it off.
3 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
Paying a home off feels like winning the lottery
1 person likes this
@Happy2BeMe (69827)
• Canada
1 Sep
I've done both. When my kids were first born we rented then we bought a home. When we divorced the house was sold and I moved into an apartment. I have been here ever since. I like where I am at and I have no desire to buy another home. I have a small, cozy place and it suits us just fine.
3 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
It's wonderful that you enjoy your home
1 person likes this
@alberello75 (13238)
• Genova, Italy
1 Sep
My mother (and therefore all of us), we own three apartments. In one we live (here in Genova). The other two (in Piombino, ever in Italy), we inherited them from my grandparents. Two empty apartments, only carry expenses, and no earnings! My father would like to sell, my mother does not agree with that decision, maybe even as an affective memory! I, in my opinion, would be right to sell. We do no need to uninhabited homes! However about renting or buying for you, I would choose to buy (even, if you can afford it)
2 people like this
@vandana7 (57494)
• India
2 Sep
Does not make sense. Get into touch with some tourism businesses, and let them help you earn through tourists. Why keep a house idle? Blink. Rats eat it away.
1 person likes this
@alberello75 (13238)
• Genova, Italy
2 Sep
@vandana7 Same thing I think. Unfortunately my mother is not the same opinion! Up until now, those two houses have been only and only expenses!
1 person likes this
@vandana7 (57494)
• India
2 Sep
@alberello75 Some people don't make sense to me.
1 person likes this
@nanette64 (13821)
• Fairfield, Texas
2 Sep
I decided that owning was a heck of a lot better than renting @Tampa_girl7 . There's no sense in paying a monthly fee for something you'd never own. The only time renting is a good idea is if you aren't sure if you're gonna stay in the same place for very long; due to a job or family connections.
2 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
I also like that we can do what we want with our home without needing to ask a landlord for permission.
1 person likes this
@nanette64 (13821)
• Fairfield, Texas
3 Sep
@Tampa_girl7 You got that right unless you buy a place where there's a Home Owners Association (which I think is crap). You're gonna tell me what color I can paint my house or what flowers I can plant. I don't think so.
1 person likes this
@Tampa_girl7 (21646)
• United States
3 Sep
@nanette64 we live in a very rural area and anything goes
1 person likes this
@CoralLevang (40844)
• United States
2 Sep
I am a renter. I prefer it to ownership.
2 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
I'm so jealous that you live on base
1 person likes this
@Tampa_girl7 (21646)
• United States
3 Sep
@CoralLevang I always loved it when we were on base, but that was many years ago.
1 person likes this
@CoralLevang (40844)
• United States
4 Sep
@Tampa_girl7 The feel is much different today.
• United States
2 Sep
I rented apartments first marriage until we bought. Current marriage we only buy. I don't like throwing money away to a landlord.
2 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
I understand that feeling
• United States
3 Sep
@Tampa_girl7 Renting doesn't give the same secure feeling for some reason.
1 person likes this
@Tampa_girl7 (21646)
• United States
3 Sep
@kobesbuddy (19482)
• East Tawas, Michigan
2 Sep
@Tampa_girl7 We are buying a home, at this time. I was purchasing a house, when Jay and I married in 1990. He used credit cards to our disadvantage and we lost that house, in Tawas City. We rented for one year, then bought my mother's home in E. Tawas, when she passed away.
2 people like this
@vandana7 (57494)
• India
2 Sep
That is good. One house is mandatory. Even animals and birds build their homes / nests before having kids. Agreed we get stuck to one place and that can be boring. But there comes a time in our lives when stability means something and financial ups and downs only become a tad easier to take in stride when we own a home, I feel.
1 person likes this
@Tampa_girl7 (21646)
• United States
3 Sep
@kobesbuddy Charge cards can certainly get people in trouble. I hope that ya'll got the charge card mess straightened out
1 person likes this
@kobesbuddy (19482)
• East Tawas, Michigan
3 Sep
@Tampa_girl7 I had two, about seven years ago to do Tupperware transactions. Jay had four, trying to survive after he quit a good job. For an entire year, that's how he paid all our bills! Jay was deep into Amway. We finally hit rock bottom and lost our home. Thank God, all those years are behind us, it was like an awful night-mare!
@fishtiger58 (30716)
• Momence, Illinois
2 Sep
Owning is so much better, I rented an apartment or two before I got married, but since then we have owned two houses. We love our current house and will probably be here for the rest of our lives.
2 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
It's nice to live in a home that you love.
1 person likes this
@fishtiger58 (30716)
• Momence, Illinois
4 Sep
@Tampa_girl7 It sure is, I wasn't happy at all about our first house, but hubby already had it when we got married.
1 person likes this
@Courtlynn (50903)
• United States
2 Sep
Rent apartment
2 people like this
@Tampa_girl7 (21646)
• United States
3 Sep
I've lived in several apartments.
1 person likes this
@Courtlynn (50903)
• United States
3 Sep
@Tampa_girl7 ive lived in here for 20years. Bedore that when i was little we lived with my grandparents and uncles in theirs. Noone in my family has a house. All rent apartments cause cant afford it here.