Why would you never want to own your own home?

United States
March 30, 2011 8:41am CST
I read somewhere the other day that owning your own home was a mistake they would not make. I could not read the article because my computer was so slow. I was most likely at adrians house that day. So,wondering why I would want to own my own home I thought about the article on yahoo.com So now I ask why would you not want to own your own home..
5 people like this
20 responses
@zweeb82 (5711)
• Malaysia
30 Mar 11
Hmm...I really can't think of any reason WHY NOT!The apartment we're in belongs to us. I've always wanted to have a landed property of my own....hmmm...
1 person likes this
@deebomb (15315)
• United States
30 Mar 11
I can think of a number of reasons for not owning your own home. The first reason is that even after it is paid off it still isn't yous because you get to pay taxes on it as long as you "own it". then there is the insurance that if you use goes up. Depending on where you have the home you really are not free to do as you please with it. It is supposed to be a good investment but with the fall of housing values people are losing money. A house also ties you down. If you lose your job and want to move to another area you have two options keep the house and renting it out or keeping it and paying for it and paying rent at the new location. Then there is the upkeep and repairs. A roof should be replace every 10 years. So many thing can go wrong. Plumbing get to be out dated. Hot water heater go out as do AC/heaters. Taking on a house is a very big expense. It is so much easier and less expensive to rent.
1 person likes this
@sid556 (30987)
• United States
30 Mar 11
Well, I would not want to own my own home because honestly I could not afford to. I could not afford the ever rising taxes that are way higher than the value of the home itself. I could not afford the upkeep. Many of the homeowners I talk to say it is just one big headache.
1 person likes this
@AdalieM (1134)
• United States
30 Mar 11
Well, that depends on a lot of factors like, who is going to fix the water leaks in your house if your husband doesn't know nothing about repairing things? You have to call the plumber to get it fix. When you rent, you call the landlord and you don't paid for anything, unless it was negligence and they can prove it. When you own a house you have to take care of the backyard, winter comes and you have to sweep the leaves, if it is snowing you have to clean your driveway or else you can hurt yourself and in some States is against the law if your driveway is not free of snow. The only bad thing about renting is that you are giving your money away and not getting anything of it in return, when you own a house is more like an investment because you can sell it when you are old and ready to move to a retirement home.
1 person likes this
@carmelanirel (20976)
• United States
30 Mar 11
The only drawback I can see owning your own home is any work that needs to be done is completely the home owners responsibility. There is no calling the landlord to fix or that. It is a lot of work, but personally, I prefer owning my own home because I can do what I want with it. Plus, I remember the renting days, even if something did need fixed, didn't mean it was going to be fixed. So it was either live with a broken furnace in the freezing cold or fix it yourself, which is what you'd do in owning a home..
@chuyins123 (2115)
• Philippines
30 Mar 11
I am thinking of what could be some grave reasons why you wouldn't want to own your own home. A lot of people wants to own the home that they are staying in. Well it's getting me a little curious now. And might as well use the search engine for such an article.
@ajk111 (2526)
30 Mar 11
i own my house and up till 2 years ago it was the best thing i had done. Lately i have suffered ill health and my place of work is not ideal. i am currently signed of sick because of the effects of work. so now the house is a stress laden millstone around my neck. i have to continue working in a job that causes my health more problems or i cannot pay the mortgage. strangely i walk home at nights and pass the younger unemployed element that get housing benefit and can afford to drink all day long...... my fault for not taking out an insurence to cover that problem but when your younger you never think your health will deteriate. still, there's always the lottery! lol!
1 person likes this
@celticeagle (124528)
• Boise, Idaho
30 Mar 11
I realized many years ago that I neither wanted the responsibility of owning a house nor the hassle. There are taxes every year just for starters. I am not a fix it type person and when things break down I may not have the money to get them fixed. I just never wanted the full responsibility of owning a home. I liked alot of the perks but not many of the cons. Having peace from landlords snooping around would be great but taking care of the thing would be a bummer.
• United States
30 Mar 11
I hear you it would be nice not to have people in my business.
1 person likes this
@celticeagle (124528)
• Boise, Idaho
30 Mar 11
Each person's situation is different.
@anklesmash (1414)
31 Mar 11
Whoever started the expression was not english.we have an expression in the uk that an englishmans home is his castle.in the uk there is a sought of obsession to get on the property ladder thats why us in the uk live in smaller homes on average than europeans because we tend to be buying not renting.im following this trend as i have already started saving for when i buy a home this account is where my mylot earnings end up.
• United States
3 Apr 11
This is good to know. I am sure your home will be a great one.
• Canada
30 Mar 11
My husband and I are both on very low disability incomes, and while it's true that owning a home would result in equity, it's also true that there's no way in hell we'd ever be able to afford to get started. We wouldn't be able to afford a mortgage, downpayment, or anything else needed for the house.
• United States
30 Mar 11
This is the case wtih adrian an I as well. I would only be able too because I have section 8 and my motgage would be my current rent. But The down payment we would have to pay.
@daeckardt (6239)
• United States
3 Apr 11
I think for me, the biggest problem with owning my own home would be taking care of repairs. If something happens in a rental, you just call the landlord and they fix the problem. If you own the home, you have to make the call to the repairman and pay for it. There is also the problem of having to pay taxes on the property. I have never had to do that on a rental (except maybe in Phoenix, but that was included in the rent cost). While you may have nothing to show for the money you paid for rent, you also don't have to worry about foreclosure if you can't pay your mortgage and lose everything that you did pay in.
@dorannmwin (36651)
• United States
1 Apr 11
Now, my husband and I have owned our home for the past three years now and I really can't think of very many situations that would leave me wanting to be a person that rented a property for the rest of my life. The only two things that I can really think of is that we would not be responsible for the maintenance on a rented property, which we are in our own house (the bad reverse of that is that we also wouldn't have the creative liberty that we have at our own house). Also in a rental property we would not have to do yard work which neither of us really enjoy.
• United States
31 Mar 11
I can see both sides. Like the others say owning a home is a big expense such as property taxes, insurance, and repairs. I'm getting ready to buy a mobile home which I'm excited and scared being a single mom if something breaks I'm not sure how it will get fixed. Only reason I'm going that route is because I need a bigger place and it makes no sense to me to move from one apartment to another since i want to make this my final move. It's cheaper to buy a mobile home here thn to rent a bigger apartment. I was looking into houses but when i think about it i can't afford to the payments, insurance and taxes. The disadvantage of renting is your making the landlord richer and have nothing to show for it. The advantage of renting is if anything breaks the landlord has to fix it. But like someone mentioned some landlords won't fix stuff or they take their time getting things fixed what we call a slumlord. I rent from people like that.
@Grandmaof2 (7602)
• Canada
31 Mar 11
Times change, at one time I did want to own my own home and I did. Today at my age I would not want to own my own home because I can no longer do the things required to maintain your own home. You have to be able to cut the grass and do snow shovelling from your walk, and because I no longer at an age where I can work I simply don't have the money to fix and repair things as they need doing. I am now in a senior apartment and if something goes wrong or breaks down they fix it, all I need to do is pay my rent.
31 Mar 11
Hi giftsandbagscom, I don't think that there is much of a good reason as to why not to own your own home, well not here in the united kingdom anyway. I do work full time but i don't get a big pay and so i do live in a council house where i don't pay much rent. However, i do not understand why many people that are working and are on good money decide to rent the home they live in. Here we could pay anything between £350 to £550 per month to rent the property. However, if we were to get a mortgage for a property then we could still pay around the same as we were if we were renting, but the difference which is huge benefits is that: 1. We could not be told to leave or given notice as we would not have a contract or a landlord. 2. We would own our own home and so have some security behind us in life, it would be our home rather than a rented home. Common sense really would say why rent when you could buy for the same price. It is stupid how people through away good money to rent a property when they could get a mortgage and own there own home. I would certainly buy a property if i had the money, especially now as the prices for homes really have dropped. So to me i do not understand the non logical thinking of renting when you have the money to be able to buy.
@ellanick (191)
• Philippines
31 Mar 11
For me, i want to own a house but financially i am not yet ready for it. We all know that owning a property has its pros and cons and right now i think i am not yet ready to avail the housing loan. Maybe some of the reasons why people are not yet keen on getting their own home is because of the financial constraints or maybe some people don want to have a responsibility of paying up every month for so many years.
@tlb0822 (1412)
• United States
31 Mar 11
My husband and I have owned our own home for four years. It is nice owning your own home because you can change things that you want without having to get permission from someone else. You can have animals if you like without having someone tell you no. There are some fall backs to owning your own home like being responsible for every single thing that goes wrong. The hot water tank blows up or the furnace goes, that is something that solely falls on you. When renting you can call your landlord and it is their problem to worry about. Another thing about owning is that you can't just give your thirty days and move. You are responsible for the mortgage and you own the home, that you either have to sell the home or rent out your home. You can't just decide that you want to move to another area easily. My husband and I enjoy our home, but realize that there are other things to consider when buying a home like the right location. We live about an hour from his work and would love to live closer and buy a bigger home for our growing family, but currently the economy is not ideal for selling your home. If we had rented we would've been able to give our notice and find a place closer. So all in all I think it just depends on your circumstance and where you see yourself in the next five years.
@aeiou78 (3455)
• Malaysia
31 Mar 11
We should have our own home unless we need to move around because of the work. Most of the army or police personnel at my place has to move to other place for their duty during a short period. As a result, they prefer to rent a home. Other than this, we prefer to use the rental to pay for our the bank installment. After certain period, we shall have our own home. If we keep renting a home and never plan a step forward, forever we can not have our own home. This is true.
@sweet_pea (3323)
• Philippines
31 Mar 11
It could be because of some factors. One is financial capacity. People don't want a house because they are not capable of owning one. Some people have difficulty to have food on the table much more aim to have a roof above their heads. Times are hard and with the current economy, nobody wants to risk having a home and then soon find themselves losing their job. Second is the nature of work. If a person's work involves traveling or relocating their family every now a then. I think it is not wise to own a house when eventually you will leave it to. It is much easier to leave when you are just renting. Third, a person doesn't want the responsibilities attached to owning a home like paying insurances, taxes and maintenance cost. These are some of the reasons I can think. But I am still a happy home owner. I still want to have a house where my family can build happy memories together.
@ElicBxn (61191)
• United States
30 Mar 11
Okay... there are some reasons to NOT own a home/house/condo. First, is that if you don't own it, its the landlord's responsibility to fix things. Second, after a few years, any tax benefit also becomes pretty negligible. Then, if you need to move because of jobs, you don't have the problems of selling a house/property to do so, so you are more able to go where jobs are, rather than feeling tied down to the ownership. However, having just paid off my house, and still need to get it from my mom's to my name... I like having a place that is mine so long as I pay the taxes!