Do you own or rent your home? What do you think the benefits are to either of those.
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Iv'e been a homeowner for 21 yrs. Considering that it began in the 90"s when the market was better but interest rates where higher, I have learned a lot. I bought 3, and built 1.....however, in 2007 we financed our home leaving no equity within the mortgage. In 2008 we experienced a set-back that left us scrambling to maintain our first mort, our home equity mort, and our rental property mortgage that bc of the economy, it was a struggle to keep tenants and those who would pay their rent.
So from my point of view, don't spread yourself too this on the number of property's you own. Be prepared for an econimic downturn, and stay away from grabbing onto a large home equity loan if possible.
After my husband and I began to recover from the unexpected set back as we did in 2008, we are now nearing the end of the foreclosure process on our home. It's a tough spot to be in considering that we have worked so hard and home-ownership is something we prided ourselves in
additionally, the first home we owned we had paid off giving us $40,000 to put towards the second which left us with half of the new house paid for. With this current house, we purchased for $125,000 in 2004, refinanced in 2007 giving us a second mort of $45,000. so the total being $170,000 only to have the housing market crash later in 2008. Our hoe after that was only worth $114,000. So we went under water.
The taxes you pay annualy is returned to you as a deduction, so you sorta break even there. If something goes wrong in the home, you have the responsibility. If you have to file a claim with your homeowners insurance co. you take a HIT and your rates go up.
From a previous Homeowner...
Actually neither. Our home is part of my husband's compensation. No equity since we don't own, yet it's considered salary for Social Security so we pay taxes on it's value. We can't get cheaper accomodations (thus being able to sock away more in savings) for the value is determined by a government formula, 40% of cash income. One benefit is we don't have to pay for repairs, like with a rental. And it's a nice old house with good neighbors. However since it's not owned by an individual, repairs are not always done in a timely way. We do have to deal with other maintenance, yard work, and the like. So it's a mixed bag.
Rent...can't wait to buy!
Own, I have only rented for a year back when I was 18. I would never do it again, I love owning my own home. I can do anything I want to it and the tax deduction especially from all our property is awesome.
Owning would have to be my preference.. I just love having the freedom of doing whatever I want in my home..
I own my home. Benefit #1 for me is that I can do whatever I want to my house. If I want to change out fixtures, tear down a wall or paint it neon pink I can. Also I love having a yard for the kids to spend time playing in. Benefits to an apartment in my opinion would be not having to pay for broken things. The plumbing goes bad, the dishwasher breaks, someone is there to fix it free. At your own home, those costs can rack up. In the last year alone between appliances/heat/ac I've spent about $500 in repairs.
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