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Homeowners!! What has been your experience with owning your home?

Me and my S/O is really thinking about purchasing a home because we are sick of renting. I just want to know from real live people what's the difference between owning your home or putting a mortgage out on it. Do you own the land as well? Give me some input please.

Answer Question

Asked by diamondmamma at 6:53 PM on Apr. 19, 2009 in Home & Garden

Level 3 (24 Credits)
Answers (5)
  • There is not really that big of a difference. Besides you have all the cost of repairing ur house, but u also can change anything u want. We own are land but it is in town so its not very big, and my 3 neighbors are assholes. We moved on a block with a bunch of 60-70 year olds, who hate children!!!! Then across the street is a church who is always in are business.. That is the only down fall to owning a house I think is I can't just up and move away from these guys. But if u don't mind the regular manitance on a house and are sick of white wall I would diffently buy.. Plus are house payment is a lot cheaper than renting.

    Answer by maciemay at 6:58 PM on Apr. 19, 2009

  • You own the lot and the house, you'll see what the house is worth and what the lot is worth and then combine the cost. Owning is smart as you get a large tax break for it and build equity. But, things can go wrong, the plumbing, the roof, water heater sometimes sewer and all the rest and you must care for your home and those are big ticket items. It's still worth it. If it's an older home, pay to have the sewer inspected. It's separate of an "Inspection." but worth the cost. We did NOT do this and ours broke. The plumbing people quoted us 20 THOUSAND to fix it. We about died but finally found a company to do it for 7000. My advice, buy a single family home and not a condo or townhome. Really think LOCATION for resale, especially now with the economy. Pick an attractive street in a good, safe area by good schools. It's worth it to buy, you should.

    Answer by jeanclaudia at 7:02 PM on Apr. 19, 2009

  • We bought our first house on 1/31/2007 and love it so much after years upon years of renting! We live in a nice town an hour south of DC where DH works. Our neighborhood is very quiet, with quiet neighbors. Most of the homes were build around the same time so no one expects everyone else's home to look like a showcase model. The ownership of our home comes with the ownership of a little over an acre of land on a corner lot. We chose this area because of the excellent school system and low property tax rates.
    We did pay for 2 inspections for comparison so we would generally know what major expenses to expect within certain timeframes (ie: roof, heater, hot water tank, etc). I love that we can decorate to our heart's desire! Our daughters chose the paints for their rooms and we are having fun painting.
    I love owning a home!

    Answer by PrydferthMenyw at 7:37 PM on Apr. 19, 2009

  • Oh, and I should say that we were able to obtain a loan with no money down, so we took the money we would have used for a down payment and put it into a savings account for any surprises that may occur. You never know if a hurricane will blow a tree over into your roof, or if the plumbing goes bad, or if you get a sudden infestation, etc.

    Just thought I'd throw that suggestion out there to ya.

    Answer by PrydferthMenyw at 7:39 PM on Apr. 19, 2009

  • Owning your home is the best way to go. Renting is throwing money down the toilet, it'll never be yours. After you pay it off you can sell and move somewhere else. I like the fact that noone has to give me permission if I want to build or plant or paint or whatever, it's just nicer that way. Land is gold, its your little piece of the earth.

    Answer by MAMAMISTY33 at 11:10 AM on Apr. 20, 2009

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