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To rent or to buy?

What do you think is better? Your personal opinions and experience in either renting an apartment our buying a house. Pro and contras?

I know with renting if something breaks my landlord has to fix it, my own house its up to me and out of my pocket. My own house I need different insurance for the house and what about the state property tax? someone know how much that runs every year? I would like to own a house cause the thought of having it payed off and when I am old not having to pay rent anymore sounds wonderful.
But then again if you have a beautiful house and you put lots of money and work into it and get later on terrible neighbors? All thoughts to consider isnt it?

Answer Question
 
LittleBirdFly

Asked by LittleBirdFly at 1:21 PM on May. 1, 2011 in Home & Garden

Level 20 (10,092 Credits)
Answers (23)
  • If you buy your home...you are investing in your life and self more...if you end up hating the neighborhood...lease it out or sell it; there's still no loss to you there. If you aren't able to fix things yourself; ask a family friend or a handyman to do it...they'll usually do it cheaper than most companies. Also, it's something to leave your children when they are older and such as well...just my opinion. Renting will give you nothing to show for it in the long run...it just puts money in your land lords pocket. Of course renting is fine if you are saving in the process or building up your credit or if you are younger and such. But i'd definatly recommend looking towards steps to buy your first home! =)
    ArmyWifexoxo

    Answer by ArmyWifexoxo at 1:25 PM on May. 1, 2011

  • I have a little over an acor of land and the only thing I hate is the yard work. Single mom, three kids, so I can't afford someone to do it for us. My son is 10 now and can push the mower and he helps out a lot. I've don't some creative fixing though the years but it our home. Oh and google is great, you can look up anything for ideas on fixing stuff. Who know, a bar of saop could fix the dryer.
    Good luck, it is worth it.
    And now a days, my house payemnt is a lot less then rent. I do miss having a pool and gym that we had in the appartment complex.
    It is a little creapy sometime being all alone, just the kids and I - at times. But the good out weigh the bad, So Much.. kids can runa dn play outside and they can have pets.
    Although, id like to move after the kids are out of school.. but I dought, I will. Either way, I have the house as an investment.
    SassySue123

    Answer by SassySue123 at 1:37 PM on May. 1, 2011

  • I've rented for 14 years and paid over $100,000 in rent. Wasted money! Plus with a house I don't hear the neighbors above me flushing the toilet at 2 AM.
    emmyandlisa

    Answer by emmyandlisa at 1:39 PM on May. 1, 2011

  • thanks for your input. Yeah I`d say I am still young so I am looking into house buying and all options and just what you said is how I feel. My kids can live in there later on and with renting its always money down for nothing. What I pay now for rent could also be a mortgage payment. And a house can be payed off in maybe 15 years or similar.
    Just wanted to know if ever anyone bough ta house and regretted it?
    LittleBirdFly

    Comment by LittleBirdFly (original poster) at 1:39 PM on May. 1, 2011

  • yeah its ture I sometimes do hear the neighbors above me, even they not loud. Where I lived b4 they had partys every so offten which was annoying cause it got really loud and I couldnt sleep. A house gives you more room between yoi neighbors unless they do loud parts in the back yard a lot. But is it true that the property tax is really high? How would I figure that out? I guess its depents on how big the property is and where located?
    LittleBirdFly

    Comment by LittleBirdFly (original poster) at 1:43 PM on May. 1, 2011

  • Property tax depends on the area you live in. On the east coast, generally property tax is much higher up north than it is down south (or so I've heard from all the people that keep moving down here - I'm in NC). And your taxes change depending on whether you are in the county or inside the city limits, but so do services. My property tax is relatively low.
    There is never a day that I regret buying my house. It is the absolute perfect house for my family and I love it. We have a community pool and tennis courts, I have no neighbors on either side that I can see (large, natural, wooded lots), and we live outside the city limits.
    missanc

    Answer by missanc at 1:57 PM on May. 1, 2011

  • Well...first, you couldn't pick a better time to buy your first home than in this market. While there are certainly benefits to renting, like not having the permanency, not having to pay the home expenses up front out of your own pocket, etc, it does end up costing you more to rent. When you move out, you are out that money while the landlord profited from you living there AND you paid his mortgage and insurance already out of your rent money.

    When you own, your property appreciates in value...as in, what you spend $100,000 on now, will be worth way more in the future...and in this market, the future is not far off...when it recovers you would likely be able to get your investment price and then some for the home you buy today. And, we paid off our mortgage in 6 years, so being 28 and 30 and not having a mortgage is pretty effin sweet. cont...
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 4:16 PM on May. 1, 2011

  • To make the best investment, you will need to have a decent down payment and be able to keep an "emergency fund" on top of it in case something does go wrong.

    As far as your insurance and taxes go, a lot of loans will roll your insurance and taxes into your payment. It will go in an escrow account until the taxes are due each year, and then when they are due, you wont have that up front expense. As far as the actual amount, you can go to the county assessor's website and look up any property to see what the annual taxes are each year...but this information is typically provided in the handout most agents give you when you see a house (at least in my experience).

    Probably the biggest downfall is having to sell if you have to move, and life does happen...jobs change, more kids, etc.

    Best of luck with whatever you decide.
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 4:20 PM on May. 1, 2011

  • awesome Mom-2-3-Girlz! Happy for you.
    LittleBirdFly

    Comment by LittleBirdFly (original poster) at 4:41 PM on May. 1, 2011

  • If you rent it may be out of someone elses pocket to pay for repairs but also if you have a slumlord he wont fix anything. You cant paint the colors you want or if you do you have to choose from his list or repaint it back before you move. Cant have pets, cant garden. There arent really any pros for renting. You can still get stuck with crappy niehgbors.

    If you own a house, its YOURS. Make sure your loan has the taxes and insurance added into the monthly payment, makes it so much easier. Also... you can learn how to do alot of repairs yourself. Most hardware stores sell how to books or even have classes teaching you how to do things. Slowly build up your tool collection and do it yourself. You can ignore nieghbors, I do. lol A home is an investment. One that is very worth making. We dont regret one bit buying our own house.
    Eko

    Answer by Eko at 6:10 PM on May. 1, 2011

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