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brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 04:59 PM (EST) "Rent or Own?" I need some input for a friend of mine. Without going into any long story, can I have your input on renting vs. owning. What are the goods vs the bads of renting and owning a home.   Top

Subject     Author     Message Date     ID    RE: Rent or Own? arkiegrl 09-26-06 1    RE: Rent or Own? brvnkrz 09-26-06 3        RE: Rent or Own? arkiegrl 09-26-06 6            RE: Rent or Own? brvnkrz 09-26-06 7  RE: Rent or Own? HobbsofMI 09-26-06 2    RE: Rent or Own? arkiegrl 09-26-06 4  RE: Rent or Own? Sagebrush Dan 09-26-06 5    RE: Rent or Own? EMTBGRL 09-26-06 8        RE: Rent or Own? arkiegrl 09-26-06 9            RE: Rent or Own? brvnkrz 09-26-06 23        RE: Rent or Own? MKitty 09-26-06 16            RE: Rent or Own? Maroonclown 09-27-06 32  RE: Rent or Own? dragonflies 09-26-06 10    RE: Rent or Own? brvnkrz 09-26-06 22        RE: Rent or Own? dragonflies 09-26-06 25            RE: Rent or Own? brvnkrz 09-26-06 26  RE: Rent or Own? AugustGirl 09-26-06 11  I rent moonbaby 09-26-06 12  RE: Rent or Own? Estee 09-26-06 13    RE: Rent or Own? Glow 09-26-06 14  RE: Rent or Own? Glow 09-26-06 15  RE: Rent or Own? zombiebaby 09-26-06 17  Own if you can afford it cahaya 09-26-06 18  RE: Rent or Own? willinCal 09-26-06 19  RE: Rent or Own? txmomma26 09-26-06 20    RE: Rent or Own? Glow 09-27-06 29        RE: Rent or Own? brvnkrz 09-27-06 30            RE: Rent or Own? samboohoo 09-27-06 31  RE: Rent or Own? Riordan 09-26-06 21  Thank You brvnkrz 09-26-06 24  RE: Rent or Own? dabo 09-26-06 27  I vote RENT..... anotherkim 09-27-06 28

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arkiegrl 9421 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:06 PM (EST) 1. "RE: Rent or Own?" Renting - the lack of responsibility in regards to repairs and upkeep was a plus to me. Owning - the interest is tax-deductible. Sorry, I'm not enjoying the joys of ownership too much, but at least in 25 years, I won't have to make payments anymore. Of course, I will still have to pay property taxes, but that will only be one payment a year.   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:10 PM (EST) 3. "RE: Rent or Own?" I know that some people prefer to rent. I'm in the camp of preferring to own. that's why I'm trying to get different opinions from other people. I suppose if one can get a great landlord, then perhaps renting is less of a hassle. For me, I like having the security that I can not be evicted for things like "my son wants to move in" or "I want to sell the house" or whatever. I like knowing that when I retire, I will have a place to live. I have another friend who is a realtor and she prefers to rent. Of course, she has a wonderful landlord too, so I know that makes a idfference.   Top

arkiegrl 9421 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:12 PM (EST) 6. "RE: Rent or Own?" To me, it would also depend on how "settled" your friend is or wants to be. If you have a job that might require frequent relocating, I think I would prefer to rent because it would be easier to move and not deal with the hassle of trying to sell the one house and close on another. Slice & Dice Chop Shop 2004   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:18 PM (EST) 7. "RE: Rent or Own?" Pretty settled. the job does not require any travel and she isn't really interested in relocating at this time.   Top

HobbsofMI 16065 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:08 PM (EST) 2. "RE: Rent or Own?" Even thought renting can make you more money (if you save the difference between renting and owning..but who can do that) in the long run if you are disciplined......owning is the best and it's a buyer market out there so there are big savings out there...even in the western US. Plus the tax advantages are great if you are paying....even if you are not part of the interest and prop tax comes off your fed income tax. sig by Syren and bouncy by IceCat   Top

arkiegrl 9421 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:10 PM (EST) 4. "RE: Rent or Own?" In my area, the rent is as much, if not more than, my house payments.   Top

Sagebrush Dan 10002 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:11 PM (EST) 5. "RE: Rent or Own?" Renting: The sense of freedom to just pick up and go is nice. However, every dime you put into monthly payments is money purely down the drain. You will never see it again. Owning: Tax breaks are enormous, you will be able to sell it for more than you paid, The money spent is like an investment. Easier to get credit, can do home equity loans if you need the money (and the interest is deductible on those, too) Negative: you are responsible for the repairs, and such. Me? Definitely prefer owning. Well worth it. Tribe, the flamer. If we bring a little joy into your humdrum lives, it makes us feel as though our hard work ain't been in vain fer nuttin'. -Lena Lamont, Singin' in the Rain   Top

EMTBGRL 2514 desperate attention whore postings DAW Level: "Survivor-themed Cruise Spokesperson" 09-26-06, 05:52 PM (EST) 8. "RE: Rent or Own?" I am in the camp that someone should buy property as early as they can. However, they should NOT buy more than they can afford! Do NOT get suckered into more house than within means. The reason is that a house is an asset. Chances are, the owner will gain money, not take a loss on the investment. Sometimes there can be a serious financial gain, depending on the timing of the sale, and where the next purchase is made. Never re-mortgage already owned property for another loan. That's a mistake. Renting is only what someone should do if they are trying to fix their credit in the meantime, and don't have the means to buy property. Unless, they are someone who also moves a lot. Even my friends who are active duty in the military buy their homes and sell them when they leave in a few years. Almost none of them have ever lost money. They've only gained. So, "moving" might not matter so much, either. Rent money is just money in someone else's pocket, no asset for the renter, and chances are, will lose money in the longrun. (Whom has EVER gotten their full deposit back, with the escrow from the account it was supposed to be put in "by law?" Yeah. Right.) A home owner also has a lot more freedom in what to do with their property, both inside--and out. Interesting trivia: Every millionnaire owns their own home.   Top

arkiegrl 9421 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:55 PM (EST) 9. "RE: Rent or Own?" Being in a homeowner's association, I really don't have that much freedom to do things to the outside of my property.   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 10:03 PM (EST) 23. "RE: Rent or Own?" I have to say, I'll never again buy where there is an HOA. I absolutely hate it. Well, until the roof needs repair or the outside needs paint.   Top

MKitty 2976 desperate attention whore postings DAW Level: "Howard Stern Show Guest" 09-26-06, 07:11 PM (EST) 16. "RE: Rent or Own?" I totally agree with you! Owning is definately the way to go, for many, many reasons: 1. YOu can decorate any way you please! I LOVE to decorate and have a great time redesigning, repainting,e tc.. 2. YOu can have a dream garden of your own (if you have a lawn) Maybe your friend doesn't like gardening, but if they do...then it is wonderful to create your own paradise escape. 3. It's like a great big savings account! You have to pay your mortgage, but it's like a forced savings that will usually, (note I say 'usually") make you money in the long run when you decide to sell and move. It really depends on your market. In my market, real estate is HOT, HOT, HOT, so you cannot go wrong. In my last place, I made $60 thousand dollars in two years from a small townhouse when i went to sell it. 4. You don't have to get permission to turn up your music. Okay, that is only if you have a house,....a condo / townhouse is different. 5. You just feel more grown up. There is only so much land...might as well own a chunk of it. REal estate usually goes up unless you pay a stupid amount for it in a depressed market (see number 3 again) 6. I just really love having my own place! Must be my need to nest...   Top

Maroonclown 5829 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-27-06, 10:37 AM (EST) 32. "RE: Rent or Own?" Must be my need to nest... Are congratulations in order?   Top

dragonflies 8051 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:56 PM (EST) 10. "RE: Rent or Own?" Even though it seems you are paying more when you own, vs renting, in many areas, in the end you are actually paying less. When we bought our first house, we were paying $625/mo in rent. The house payment was just under $1000. We actually ended up in better financial shape after taxes. Of course, this is directly dependant upon your income level, real estate taxes and state income taxes paid as well. Living in one of the highest taxed states, we have no problem with those. But you must perform due diligence before buying. Values of houses don't automatically increase. It is not 100% sure. You have to be aware of the area, and what you are buying. For instance, buying a 2 bedroom house is harder to resell than a 3 bedroom house, in most areas. One other benefit to owning, if you buy a free standing house. You can crank up the stereo as loud as you want. And you can paint the rooms puce, if that is what you want to do. Go Pack!   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 10:01 PM (EST) 22. "RE: Rent or Own?" One of the first things I did when we bought our place was paint one room 49er red. Now I'm trying to convince GF to let me put down green carpet to resemble a football field. I've almost got her convinced. *grin*   Top

dragonflies 8051 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 11:29 PM (EST) 25. "RE: Rent or Own?" How many coats of paint did it take? DH wanted to paint our rec room green & gold. I wouldn't give in. It is a beautiful burgundy. "Ruby Lips" is the color. Took 4 coats. Go Pack!   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 11:45 PM (EST) 26. "RE: Rent or Own?" Believe it or not, one coat. No primer. We bought two gallons and ended up giving one gallon to a friend of ours.   Top

AugustGirl 11534 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 05:58 PM (EST) 11. "RE: Rent or Own?" I prefer to freeload whenever possible. a J Slice original. bounce by Icey.   Top

moonbaby 17120 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 06:46 PM (EST) 12. "I rent" but not entirely by choice. The house prices here are insane! Untouchable! I'd love to own a house-I feel like I'm burning money just giving it to someone else to live in a place I feel is less than ideal. I do hear that property taxes can be a killer, though, and if something big goes wrong with a house, like electric or plumbing you are so screwed.   Top

Estee 57126 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 06:50 PM (EST) 13. "RE: Rent or Own?" can I have your input on renting vs. owning. Given the choice, I'd just return you.   Top

Glow 14353 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 06:59 PM (EST) 14. "RE: Rent or Own?" In her words, "Sorry, I'm a rent to own. You can't get rid of me... She won't admit it but she loves me." I'm responding for her.   Top

Glow 14353 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 07:01 PM (EST) 15. "RE: Rent or Own?" Bravey also asked me to say that this question was posted for a single mother. Keeping this in mind, may alter your answers a bit.   Top

zombiebaby 7356 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 08:02 PM (EST) 17. "RE: Rent or Own?" When in doubt be a squatter. Own a condo. All the benefits of ownership but you don't have to worry about the outside chores. Siggy conceived by Arkie, gestating done by Zombs IT'S A GIRL!!!!!   Top

cahaya 19891 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 08:48 PM (EST) 18. "Own if you can afford it" If you can afford it, try to own your own house and other property. Think about it, what you pay in rent goes into the house owner's house loan payments. When you pay rent, you get no assets in return. When you make a house payment, it goes toward property ownership, a long-term investment and asset holding. Eventually, you can get your money back by selling the house, possibly with a good profit if the house is in a good location and appreciating (increasing) in value over time. When you make a rent payment, you'll never get it back. Foo dogs by Tribe   Top

willinCal 193 desperate attention whore postings DAW Level: "Blistex Spokesperson" 09-26-06, 08:49 PM (EST) 19. "RE: Rent or Own?" LAST EDITED ON 09-26-06 AT 08:51 PM (EST) I would love to buy, but housing prices are just insane here in California. I've lived in my duplex the past 3 years without any rent increases until this month, but paying $700 is much better...for now...compared to paying close to 2 times the rent for a smaller place miles away from my job. Right now, I love the convenience of walking to work and living in a respectable neighborhood. For now, I continue to dream... EP: Besides that, I've got a great landlord. I can play my music without offending my neighbor and paint the walls if I wanted to. Anyways, just my two cents. Sig by arkiegrl   Top

txmomma26 5825 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 09:01 PM (EST) 20. "RE: Rent or Own?" LAST EDITED ON 09-26-06 AT 09:04 PM (EST) Couple of things for your friend to think about: Down payment - can she come up with a sizeable one, if need be? Or would a deposit equal to the first months rent be more her budget? Yard work - is she willing to deal with it? Own a mower? Can she borrow one? Any property over 1/2 an acre will almost require a riding mower, which (even used) is much more $$$ than a push mower. Property taxes - will it kill her to come up with the extra couple grand each year? Will it be worth it to roll it into a higher mortgage payment, thus paying extra interest every year? Federal/State Taxes - Does she need the tax deductions that homeownership will provide? Or can she afford to wait a year or two? Mortgage loan - Is her credit decent? If so, the deals for ownership are out there. If not, she'll end up forking over quite a bit in interest until her credit is worthy enough of a refinance. Home Repairs/Upkeep - does she have the cash (or credit card availability) in case the water heater goes out, a toilet backs up, the foundation cracks, the roof blows off in a hella storm? Or would it be better for her situation for a few months/years to let a landlord take care of those potential problems? Insurance - Renters insurance is a bit cheaper than homeowners insurance. Home and Yard Decorating - Does she want wild and crazy stuff or is she happy with basic white walls and such? Many landlords will allow you to repaint or plant on two (or three conditions) - if it's better for the home's value, it meets their approval, and well...if they aren't a pain in the arse. Homeowner Dues - Is there a homeowner association in the area she'd be living in? Would it be helpful or a pain in the rear? There's also a rent with the option to buy....maybe worth looking into if she finds a steal on a rent house. Many times landlords will take paid previous rent off what they ask for the house for the tenant. And the big question for your friend, can she find a house she really likes, in the area she really wants, with the schools and neighbors she'd want for sale? And if it's not perfect, does she want to trap herself there? Or would it be worth it to find a temporary (6month or year) place to put life together before moving on to a more permanent solution? Here's a link to a website for my state...it's probably pretty applicable nationwide for renting vs buying. And here's a Yahoo calculator that will show you the dollar figures between estimated renting vs buying. My first Syren! ETF links   Top

Glow 14353 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-27-06, 08:47 AM (EST) 29. "RE: Rent or Own?" Yeah, all that stuff that she said. Thanks momma! "And the big question for your friend, can she find a house she really likes, in the area she really wants, with the schools and neighbors she'd want for sale? And if it's not perfect, does she want to trap herself there? Or would it be worth it to find a temporary (6month or year) place to put life together before moving on to a more permanent solution" ^This was my main question as well.^   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-27-06, 09:12 AM (EST) 30. "RE: Rent or Own?" This was my biggest question/concern as well.   Top

samboohoo 17173 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-27-06, 10:03 AM (EST) 31. "RE: Rent or Own?" I just wanted to agree with Momma as well. I don't know what I'd do if I had to do all of the stuff that dh does. Thanks Tribe!   Top

Riordan 634 desperate attention whore postings DAW Level: "Reality Show Commentator" 09-26-06, 09:14 PM (EST) 21. "RE: Rent or Own?" I side heavily in the own camp for many of the reasons listed above. But I think anyone should make their own comaparisons for themselves and see which would work best for them. For me (recently divorced, and trying to keep my house), my mortgage payment is $100/month more than renting in this area, which I will more than make up in taxes. In addition, I am in the process of refinancing and my payment will drop to the same or less than rent (of course, adding a few years to my loan). In the end, I will have the house as an asset, instead of whoever I would rent from profiting from it. Plus, I HATED renting.   Top

brvnkrz 20491 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 10:04 PM (EST) 24. "Thank You" Thanks everybody. I'll make sure to pass along all of the pros and cons.   Top

dabo 26942 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-26-06, 11:58 PM (EST) 27. "RE: Rent or Own?" Own! Living in debt is the American way! Besides, you build equity when you own, you just pay your landlord's property taxes and inflate his savings account when you rent.   Top

anotherkim 14420 desperate attention whore postings DAW Level: "Playboy Centerfold" 09-27-06, 00:15 AM (EST) 28. "I vote RENT....." and have her move to Tennessee so she can rent from us . Actually, there are few instances where I can think that renting makes more sense than owning, especially if she has a stable income, good job and doesn't have some giant pile of debt. The one drawback right now, IMO, would be the market on the West Coast is going down, down, down, so it might make sense to hold off for a little bit before jumping in--the prices should get even better. The downside is that she'll probably have a hard time making the killing on resale that so many people have gotten used to. Miscellaneous Ramblings --she can move here and mr. kim will be her realtor, too!   Top

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