Comments on: This is why I don’t own a house…

By: J. Money

J. Money — Mon, 30 Apr 2018 13:35:33 +0000

In reply to SusanB. It's very true - there's lots of shaming and peer pressuring going on! Good job holding your ground and doing what's best for YOU and not other people!

By: SusanB

SusanB — Sun, 29 Apr 2018 18:59:47 +0000

Glad to read an earlier comment here that mortgage interest and closing costs, etc were akin to “throwing away your money on rent”. My friends who “own” a house are throwing away $900 a month on interest. But they “own” a house so this is acceptable whereas in my circles, renting means you are lazy or immature.

I wish there was not so much peer and family pressure to own. As a single non-handy female, I have no desire to own a house. I’ve heard the stories and seen what people go through. Hey, if you are handy and you enjoy repairs on the weekends, mowing lawns and spending your free time at Home Depot, then congrats. I’ve been a renter thus far, and I may remain one, or if this crazy market ever crashes, maybe I’ll buy a townhome or a condo. Sure, in a perfect world I’d own a big single family house on a private swath of land and someone else would take care of it. Ah, I can dream, can’t I?

The amount of condescension and shame one encounters through adult life if one is a renter, I believe, pushes a lot of reluctant buyers into becoming “owners”. As one recent home-buyer friend who regrets her decision told me, “Misery loves company”.

By: J. Money

J. Money — Fri, 12 Jan 2018 19:30:40 +0000

In reply to Debbie.

Ugh, I hear that…

But yes – very true indeed, plenty of upsides of owning as well :)

By: Debbie

Debbie — Thu, 11 Jan 2018 09:18:51 +0000

Leaking water is a nightmare but no one mentioned your landlord has ONE advantage. He can tax deduct ALL these expenses. My mother bought a 9 unit apt. building in the 80’s for $58,000 cash. Yes, there are expenses/taxes/insurance/upgrading/repairs, etc but it’s all tax deductible & this has given her a great supplemental income in her retirement (her husband does a lot of the repairs himself as well as snow removal with his SUV/plow). Several years ago she was offered $850,000 to sell it but she refused. It’s now worth well over $1 million. In the 90’s she paid $100,000 cash for another building with 2 apts. & a store front. The people renting the store front want to buy it this year in the $350,000 range. No realtors fees! Just waiting for Trump’s new tax reforms to solidify regarding decreasing fees for Capital Gains. You’re right. Each person must do what’s right for their own situation. PS We rented a home we owned out of state. NEVER AGAIN! Tenants did $10,000 damage & took off. Nightmare! Being a landlord is definitely not for everyone either.

By: J. Money

J. Money — Mon, 10 Jul 2017 14:10:31 +0000

In reply to Moe Howard.

Yuuuuuuup… major pros and cons to both – just depends on which set you like more! :)

By: Moe Howard

Moe Howard — Mon, 10 Jul 2017 03:04:37 +0000

I owned homes for 30 years and finally sold everything and started renting. Basically, when the kids moved out, a small residence made life very comfortable. I’m not saying its for everybody but it works for us. My wow moment came when my wife and I were drinking coffee one morning and pipe broke somewhere in the wall pouring water all over the cabinets. Before shutting off the main valve, I looked at my wife and said, “Our landlord has a big problem”. We stayed a the Hilton Garden Inn (paid for by landlord) until construction and drying fans were complete.

By: Sandra

Sandra — Sun, 02 Jul 2017 16:09:32 +0000

In reply to J. Money. Thanks for pointing that out. Its funny when people think just because a mortgage is paid off they are all "done". Uhhh....no. :)

By: The 76K Project

The 76K Project — Sat, 01 Jul 2017 02:51:27 +0000

When we’re renting (as we are now), I long to purchase my own home. But when we’ve been homeowners, I’ve longed to rent for the very reasons you’ve outlined here. Homeownership brings with it numerous hidden costs… and as a result, it can be a real PITA. I have to keep reminding myself of that.

By: J. Money

J. Money — Sun, 25 Jun 2017 21:29:48 +0000

“She NEVER has to pay monthly housing until the day she dies, but a renter does.”

Agreed that owning is better in the long term (and that your girlfriend is a total bad ass!), but that line there isn’t all the way accurate ;) Homeowners still have to pay property taxes and maintenance for the rest of their lives so it’s not like you get it for free after the mortgage is gone. But yes – the benefits are huge at that point for sure!

By: Mistress Susan

Mistress Susan — Sun, 25 Jun 2017 20:41:15 +0000

In the long run, you cannot beat being a homeowner. My girlfriend is 48 and she has paid off her mortgage, and she is NOT a rich person.

You cannot beat not having a mortgage. How many 48-year olds have paid off their mortgage?
She NEVER has to pay monthly housing until the day she dies, but a renter does.

I sold my condo last year, but since rent is more expensive than a mortgage in Midtown Atlanta, it makes no sense to rent. I am looking to buy another condo.