Owner or Renter

• sportchampps

  Just bought our house In Feb so I'll be paying that off for awhile.
• HelloAgain

  Fab4Runner;1638750 wrote:My boyfriend owns his house. I live there.

  Whore
• Commander of Awesome

  

  Rent, owning for suckers.
  
  Can move when and if I want to, something breaks I call the landlord, dont pay property tax. Soon as the government stops giving tax right offs for owning a home, which they should immediately, there will be 0 incentive to own a home IMO.
  
  And before you start giving me all the BS about it being cheaper and building equity, that's a farse. By the time you pay property tax, fixing your washer/dryer, etc... you've lost money compared to me.
• GoChiefs

  

  Owned for 8 years.
  
  Renting since December.
  
  Waiting on the wifes grandparents to pass and will become an owner again. Hopefully thats no time soon.
• ernest_t_bass

  

  Commander of Awesome;1639059 wrote:Rent, owning for suckers.
  
  Can move when and if I want to, something breaks I call the landlord, dont pay property tax. Soon as the government stops giving tax right offs for owning a home, which they should immediately, there will be 0 incentive to own a home IMO.
  
  And before you start giving me all the BS about it being cheaper and building equity, that's a farse. By the time you pay property tax, fixing your washer/dryer, etc... you've lost money compared to me.

  
  
• BRF

  

  Actually, I think COA has a good point.
  
  I have been a home owner for 38 years.
• ernest_t_bass

  

  BRF;1639094 wrote:Actually, I think COA has a good point.
  
  I have been a home owner for 38 years.

  He has an excellent point. High horse regardless.
• ZWICK 4 PREZ

  

  ernest_t_bass;1638830 wrote:If I were to do it all over again, I'd look for a home to rent, as long as the price was reasonable. I'd save and save and save, buy land, and build exactly what I/we wanted. The perks of renting, and never having to pay for something if it breaks, plus having the ability to easily pack up and move away outweigh the perks of owning, IMO.

  Nothing like pissing equity out the window great logic.
• ZWICK 4 PREZ

  

  Commander of Awesome;1639059 wrote:Rent, owning for suckers.
  
  Can move when and if I want to, something breaks I call the landlord, dont pay property tax. Soon as the government stops giving tax right offs for owning a home, which they should immediately, there will be 0 incentive to own a home IMO.
  
  And before you start giving me all the BS about it being cheaper and building equity, that's a farse. By the time you pay property tax, fixing your washer/dryer, etc... you've lost money compared to me.

  You're paying property tax too. It's built into rent, dummy.
• GoChiefs

  

  ZWICK 4 PREZ;1639152 wrote:You're paying property tax too. It's built into rent, dummy.

  I'm paying less than the actual mortgage payment of the house. So no, its not always built into the rent.
• Sonofanump

  Commander of Awesome;1639059 wrote:Rent, owning for suckers.
  
  Can move when and if I want to, something breaks I call the landlord, dont pay property tax. Soon as the government stops giving tax right offs for owning a home, which they should immediately, there will be 0 incentive to own a home IMO.
  
  And before you start giving me all the BS about it being cheaper and building equity, that's a farse. By the time you pay property tax, fixing your washer/dryer, etc... you've lost money compared to me.

  What do I do with the extra disposable income in 12 years when my house is paid off?
• ZWICK 4 PREZ

  

  GoChiefs;1639156 wrote:I'm paying less than the actual mortgage payment of the house. So no, its not always built into the rent.

  How do you know what the actual mortgage payment is. I'm sure someone isn't paying part of your rent just bc they like you.
• Ironman92

  

  Wondering what some of the renters are paying per month...
• GoChiefs

  

  ZWICK 4 PREZ;1639161 wrote:How do you know what the actual mortgage payment is. I'm sure someone isn't paying part of your rent just bc they like you.

  Because it's my mother in law's best friend that owns the house. MIL knew what the mortgage payment was before we even considered moving in.
• GoChiefs

  

  Ironman92;1639165 wrote:Wondering what some of the renters are paying per month...

  $600 a month.
  
  3/4 acre. Ranch home with 2 car garage and finished basement. 3 bedroom, kitchen, living room all fresh paint, complete new remodeled bathroom. Basement has laundry room, storage room, huge rec room, 4th bedroom, and 2nd bathroom. Fenced in backyard with storage shed. Great neighborhood.
  
  We lucked in to this place though.
• Heretic

  

  Ironman92;1639165 wrote:Wondering what some of the renters are paying per month...

  $450/month for a two-bedroom house. A bit in the country (maybe a half-mile outside a smallish town). Sort of a guesthouse kind of place on the landlord's property. They're hands-off (a positive, because when I'm home, I like my privacy) and the place is far enough away from their house (or those of the neighbors) that I can blast my music however loud I want without disturbing them.
• Ironman92

  

  Just here in nothing Jackson most decent rentals are $600-$700 and they aren't anything great. My grandma has a good rental for only $350 and another one not as nice but a house at $325. My nothing fancy brick ranch with 4 bdr and 2 bth with garage is $660 a month and that include taxes and insurance as we have it I escrow
  
  What you two listed sounds good. My mom renting for $800 month in Columbus when she doesn't ever go out and enjoy the city is ridiculous
• ZWICK 4 PREZ

  

  GoChiefs;1639183 wrote:Because it's my mother in law's best friend that owns the house. MIL knew what the mortgage payment was before we even considered moving in.

  Was your MIL paying the bill? I'm sure she was told what it is and I'm sure it was more than what she was paying.
• believer

  

  Owning and renting have advantages and disadvantages.
  
  Advantages to owning: Tax breaks on mortgage interest, you can more or less do what you want with the property, and there's the illusion that you're not pissing away your money.
  
  Disadvantages to owning: Property taxes which of course are more or less offset by the mortgage interest deduction, insurance, dealing with homeowners associations (if you foolishly chose to own a house in a sub-division that has that nice little feature), if something breaks YOU pay for it, if you live in an economically challenged area it's tough to sell if you lose or change jobs or simply want to move on, and last but not least there's maintenance/upkeep. Don't get me started on HOA's...just a bunch of neighbors poking their noses into your personal business and taxing you via HOA dues for the privilege of doing so.
  
  I really don't fully grasp the notion that owning is almost always a good investment. Provided you survive a 30-year mortgage, you've basically paid rent to the lender with eye-popping interest which can easily total more than the value of the property itself. At the end of the mortgage you've spend countless dollars on upkeep and by the time you've paid off the house you start looking to sell it or pass it on to your kids in order to underwrite your retirement. Plus, be honest, how many of us really want to keep dealing with the time consuming hassle of maintaining a house in our retirement years assuming we still have the energy and cash to do so? And after all that's been said and done the old adage "you can't take it with you when you die" rings loud and clear. You start thinking "WTF was that all about?"
  
  Advantages to renting: Generally much lower payments per month than a mortgage, if something breaks the landlord is generally required to fix it, little or no maintenance or upkeep particularly if you apartment rent, you can pick-up and move fairly easily once your lease obligation is met.
  
  Disadvantages to renting: No tax breaks, lousy neighbors, dickhead landlords, and no return on your investment.
  
  To me shelter is shelter. How you choose to finance that shelter is simply a matter of personal choice.
• adog

  Own, with another 5 yrs mortgage and at 1.125% interest have no desire to pay off early
• GoChiefs

  

  ZWICK 4 PREZ;1639195 wrote:Was your MIL paying the bill? I'm sure she was told what it is and I'm sure it was more than what she was paying.

  Considering she spent the last 7 years caring for the previous homeowner, yeah, theres a pretty good chance she knows exactly what was paid.
• HelloAgain

  A home is one of the worst investments you can make as far as returns. Adjusted for inflation, a home you bought in 1906 would be worth about $6k more now. If you can find a good deal on a rental/don't want to tie yourself to one area for too long, it makes sense to put the extra money into something that can actually beat out inflation.
  
  But if you know you'll be in one area for a long time, are risk-averse and/or just have the cash laying around to pay off the home quickly, then buying makes sense. There's no one right answer.
  
  Love how rustled Zwick's jimmies are. It's far from inconceivable that someone is renting out a home for less than their mortgage payment.
• ZWICK 4 PREZ

  

  HelloAgain;1639214 wrote:A home is one of the worst investments you can make as far as returns. Adjusted for inflation, a home you bought in 1906 would be worth about $6k more now. If you can find a good deal on a rental/don't want to tie yourself to one area for too long, it makes sense to put the extra money into something that can actually beat out inflation.
  
  But if you know you'll be in one area for a long time, are risk-averse and/or just have the cash laying around to pay off the home quickly, then buying makes sense. There's no one right answer.
  
  Love how rustled Zwick's jimmies are. It's far from inconceivable that someone is renting out a home for less than their mortgage payment.

  Let's hear how great the return on renting is.
  
  No matter how you try to spin it, you're completely pissing money away renting.
• HelloAgain

  ZWICK 4 PREZ;1639216 wrote:Let's hear how great the return on renting is.
  
  No matter how you try to spin it, you're completely pissing money away renting.

  If you can save money renting and put that money into a vehicle that actually beats out inflation, it makes sense. Especially if you don't want to be tied down to a single area for the foreseeable future.
  
  You seem to be taking all this very personally. I would be pissed if I realized I'd committed to living most of my life in Canton too, but don't let it cloud your logic.
• ZWICK 4 PREZ

  

  HelloAgain;1639225 wrote:If you can save money renting and put that money into a vehicle that actually beats out inflation, it makes sense. Especially if you don't want to be tied down to a single area for the foreseeable future.
  
  You seem to be taking all this very personally. I would be pissed if I realized I'd committed to living most of my life in Canton too, but don't let it cloud your logic.

  Yeah except for the fact that anywhere worth living (ie: jobs) it's more expensive to rent than own. I've bought and sold 2 houses and am building one now. I've stayed in my last house for 5 years and was able to sell and make 7,000 on it. Adding the down payment and equity I've netted an additional 16,000 totaling 23,000 I got at closing that I was able to use to put down on my construction loan. So tell me where that money would have went if I was renting?
  My wife had a house before we married. She tried to sell but couldn't so she rented t out. Her mortgage insurance and taxes totaled ~ 800 a month. We rented her house for 1100 a month. So let's hear again how renting is cheaper for you.
  
  I'm not taking anything personally, I just like to call people out for spewing bullshit.