Close
Login to Your Account
No Account?
+ Reply To This
Page 1 of 2 12 LastLast
Results 1 to 10 of 13
  1. #1
    Registered User Junior Member
    Posts
    49

    Rent or own?

    I was watching TV last night, and saw a commercial for Apartments.com. It featured a homeowner in a stockade watching renters living happy and free.

    And I felt like they were showing me.



    I know all the advantages of owning. Can't raise your rent; build equity; tax breaks.

    But the fact is, I don't itemize. I have tons of expenses for maintenance. And my taxes have been raised each of the last 3 years (both increased assessment and rate!). How is this so much better than renting, I don't know.

    I feel freed by the commerce. Sell, rent, and move on. Plus, a quick search shows some very decent rentals available in a great area - at surprisingly reasonable prices.

    Before I list, am I missing anything?

  2. Rent or own?
  3. #2
    Registered User Pro Member
    Posts
    554
    I don't know about where you live, but where I live, rents have been going up like crazy. And all the rental homes are being sold to flippers.

    But your area may be different. I'd dig deep on my research before selling.

  4. #3
    Registered User Semi Pro Member
    Posts
    267
    I agree with what Maria says. You don't want to get rid of one burden and end up sending more cash flow on rent at the end of the day.

    You should also consider whether you will be getting money at the sale, or need to put in money. (I still know some folks who remain underwater on their home.)

    If you are going to get money at closing, can you use that productively? Maybe invest or pay down some other debts.

    If you are going to need to bring a check to closing, where will you get that money?

  5. #4
    Registered User Junior Member
    Posts
    30
    When I was in school, I read "All the King's Men". At one point, the protagonist just gets in his car and goes to California for a week. Totally flakes out on his job and his life.

    I rent because I want to be able to do that.

    I never have. But there is something liberating about knowing you can.

    So I get where Bob is coming from.

  6. #5
    Registered User Junior Member
    Posts
    46
    That commercial must have made some impression if it motivated you to sell your house.

  7. #6
    Registered User Senior Member
    Posts
    112
    Bob, you sound like my husband. He thinks our home is just an endless stream of maintenance bills. He is so ready to go back to renting.

  8. #7
    Registered User Semi Pro Member
    Posts
    382
    You also need to factor in moving expenses. Renters tend to move more often, which takes a lot of time and costs a lot of money.

  9. #8
    Registered User Junior Member
    Posts
    49
    Thanks for the thoughts and tips.

    I guess I have become disgusted by the whole idea of a starter house, and it is time to get out while I can make a little money. And very little indeed when considering my closing costs and moving expenses. But after doing my research, I will still end up spending less to rent and have a little extra to put into an emergency fund. All without facing the risk of wanting or needing to sell in the midst of a bear market.

  10. #9
    Registered User Semi Pro Member
    Posts
    270
    I like this idea. What is the sense of a starter home? Get your down payment out and a little more and it is money that can work for you better than it will in a house.

  11. #10
    Registered User Senior Member
    Posts
    189
    Quote Originally Posted by Toman23 View Post
    I like this idea. What is the sense of a starter home? Get your down payment out and a little more and it is money that can work for you better than it will in a house.
    Realtors like the idea of a "starter home" so they can get you to pay that 6% commission at least one extra time. It's a total waste to own a home for 3 years and then sell it and move.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •