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Tagged With "Renting"

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Re: Renting vs. buying a home — how did you make your decision?

lismox ·
This is such a tough question to answer. I rented for many years, and am now a homeowner for the second time. I do miss renting. When something breaks, you just call the landlord (we've had to replace our refrigerator and washer in dryer in a 3 year time span). With owning you are also tied to an area. If you get a new job or move away you'll have to sell your house first. In addition, you'll have closing costs, and lots of other costs up front when purchasing a house. Owning is nice - it's...
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Renting vs. buying a home — how did you make your decision?

Maryann ·
I know there are a lot of opinions on whether or not it is best to rent or buy. It's one of the toughest decisions to make, and I truly think there is no right or wrong way. With that said, I was curious to get your take. From personal experience, what are your thoughts on pros and cons of renting? How about buying? Which has been more friendly to your wallet? What factors did you consider when making your decision?
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Re: Renting vs. buying a home — how did you make your decision?

JeremyM ·
Well given that buying a home has always required good credit and a decent amount of money for a down payment, the choice was pretty easy...I've rented my entire life. My parents rented for my entire childhood. I never wanted to own a home. But now that I'm older (late 40s) and my kids are growing up, I do. I figure it might happen in about 5 years, but now I'm working on my credit and getting all my bills paid down. My credit record is spotless with no missed payments in 4 years. Just need...
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Re: Renting vs. buying a home — how did you make your decision?

Chantal Voltaire ·
I am looking foward to own my own home because of children we need the space I am working on my savings to be prepared to buy our home and to maintain our home I think five to ten years is a good bet . Chantal Voltaire
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Re: Renting vs. buying a home — how did you make your decision?

grance ·
I want to have my own suite, but if I really buy it, I will have a huge debt. I am also very tangled.
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Re: Renting vs. buying a home — how did you make your decision?

sthom ·
I'd lived in condos before but when I bought my current home, I specifically wanted not to share walls anymore and I wanted an attached garage and small yard for upkeep. It's a small home and is on what is called zero-property line here or what some states call "efficiency." What that means is that your home is completely separate but on very small property lots. Your property (land) ends at the wall or fence of the adjoining property.
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Re: Renting vs. buying a home — how did you make your decision?

mintjulep ·
I was never in a position where I had to worry about long distance relocation due to work. I am a retired real estate broker, so my answer will appear biased. In my area, Florida, rents are many times equivalent to, if not higher than, a monthly mortgage payment which includes principal and interest on the loan, and very often your monthly homeowner's insurance and property taxes. When you pay rent, you are almost always paying those expenses for your landlord in addition to some profit for...
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Re: Renting vs. buying a home — how did you make your decision?

PiNaY ·
I have both owned and rented, and there are benefits to each option. The perks of renting were that I did not have to pay for repairs, and I’d simply request the landlord to fix or replace an item. There were also community discounts with local restaurants and businesses. The downside involved annual increases in rent, pet fees and parking. Furthermore, rent would sometimes cost more than a monthly mortgage. I have owned two properties. I would recommend renting if one does not plan to live...
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Re: Renting vs. buying a home — how did you make your decision?

Veronica ·
We are glad we are not renting now. Our entire area has rising real estate costs based on gentrification. New homes are selling near us at $350,000 that used to be $150,000 or less. Our mortgage is $636, we owe about $50,000, and property taxes are low. If we were renting a 2 bedroom unit in this area, it would average $1200 and up a month. Rents are through the roof, and rising. Right now, mortgages may be a better value. Renting does have its perks based on home maintenance costs, and the...
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Re: Renting vs. buying a home — how did you make your decision?

Savingsmama ·
A lot of the decision to rent or own is determined by the area. When we first got married, we rented from my mother-in-law (she had a separate apartment over the garage) but when we wanted to start a family, we bought a home nearby. There aren't many rentals in this area. Her house has one of the few legal apartments. Years later, we moved back by my MIL to help her out as she was having trouble keeping up the property (3 acres). She moved into the apartment and we moved into the bigger part...
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Re: Renting vs. buying a home — how did you make your decision?

RJ ·
I agree with the posts here, renting is less worry some because someone else takes care of the property and maintenance, but rents are astronomical now a days being well over $1800 for a two bedroom near me. My mortgage is $524 plus common charges are $183 so I'm still way under that amount. Since I have a condo it's less maintenance for me and that's what works for me. Good luck with whatever decision you choose!!
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Re: Renting vs. buying a home — how did you make your decision?

Wanda Haiche ·
I have bought several single-family homes and also rented several apartments in my long life. When young, I rented because I had no option (no down-payment, no credit history), but after working for a few years post-college I'd been able to eliminate those obstacles and bought my first house as soon as possible. That first house was meant primarily as a comfortable and secure home for my young son (his dad had split), and secondarily as an investment (back then we used to say "they aren't...
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Re: Renting vs. buying a home — how did you make your decision?

Linda Obermoeller ·
Rent or own is also considered by your age! I am 72, retired and work at my own business. At present, I rent an apartment. Previously I owned all of my homes. When you get to be my age, certain factors must play in to those decisions. I am on a fixed income and don't have the freedom I once had. When owning a home, things go wrong or wear out. Furnaces, water heaters, roofs, driveways not to mention yard work every summer! Some years are worse than others. I could not manage the real estate...
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Re: Renting vs. buying a home — how did you make your decision?

Teri Meeker ·
At 59 years old we have never wanted to own property. I know that our rent is higher than some mortgages but in 3 years the landlord has replaced the roof, a toilet, and both the washer and dryer. The roof alone would have eaten up anything we had saved by buying rather than renting. I don't mow the lawn and as it's a single-family home I don't have people living "on top" of me. We rent from an individual and because we are model tenants ( we were in our previous rental 15 years with no rent...
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Re: Renting vs. buying a home — how did you make your decision?

Deborah Cogill ·
I owned a home for 45 years. When I decided to downsize, the market was very poor and it took over 9 months to sell and close on the house. I decided to rent now. I don't have to make repairs, do not have to deal with real estate taxes and I'm fortunate to have a landlord who accepted 3 animals without additional pet fees. Renting is definitely a good choice on my part.
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Re: Renting vs. buying a home — how did you make your decision?

Olivia ·
We had never been a position to purchase a home until recently. My husband is a pastor and we always lived in parsonages. With his current call we have a housing allowance and have rented since relocating. Even though financially, purchasing would have advantages if we took out a short term mortgage, the uncertainty of knowing how long our health will hold out, (we're retirement age for most folks), and the maintenance needed in owning a property, leans us towards renting. Plus, we have...
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Re: Renting vs. buying a home — how did you make your decision?

Gary Bailey ·
We have been renting for the last few years while we re-established our credit, but for me - if you are relatively secure in an area, owning is the only way to go. It's not always possible, but if you can see staying in that area for at least 4-5 years, you'll usually accrue some tidy equity in that time. I do appreciate the simplicity of just calling the landlord anytime there's a problem in a rental property, but that also comes with restrictions on what you can do to make it your home.
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Re: Renting vs. buying a home — how did you make your decision?

Savingsmama ·
@Gary Bailey What you said makes perfect sense! As with anything, there are pros and cons. Every person has to look at all sides of the question and decide what works for them. It also depends on the size of your family and your credit rating, because as a few people said they didn't have great credit so could not get a mortgage.
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Re: Renting vs. buying a home — how did you make your decision?

sthom ·
@Wanda Haiche, I think like you I'm ready to rent. I've owned 3 homes and a rental. I'm thinking of selling my current home in a few years and renting instead. Home upkeep is horrendous, never-ending, and expensive. Let a landlord worry about it...if I can afford a rental. I'm not sure I can get a nice rental comparable to the low mortgage I pay and it's almost paid off. Of course, that means I will have to share walls, yecch! I'm thinking just keep the rental condo and maybe buy another for...
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Re: Renting vs. buying a home — how did you make your decision?

sthom ·
I think what I didn't mention in earlier posts about this topic is that for me, my first home purchase was a wise decision. It allowed me to build equity to buy my next home with a good downpayment generated from its sale, and then the next. My very first purchase was a townhouse/condo and it was a HUD home. At the time around 1990, I was working with a guy who suggested it for me as he was a part-time investor and he said it was a good stepping stone to enter the housing arena. He was...
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Re: Renting vs. buying a home — how did you make your decision?

Harsh Vardhan ·
Buying a home in the United States requires critical thinking and timing. The real estate industry is quite volatile which makes the housing market quite unstable. The major challenge faced by potential home buyers is the ability to decide when it is suitable to buy a home. If you’ll like to become a homeowner, it is important that you put a lot of things into consideration in order to make the rightful home buying decision, starting from your financial status to the mortgage rates that fits...
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Re: Renting vs. buying a home — how did you make your decision?

redcatcec ·
Many good points being made here with many influencing factors. We have rented in the past and it was in a 2 story apt complex, The upstairs young adults were just that. All around us were retirees, college students, working class folk and some crime... a lot of transients. With that in mind and rent increases, we looked for a single family home across town and found the perfect one at the right price. Bought it with the help of a fantastic realtor. While owning we had to put on a roof,...
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The Cost of Renting

Sushil ·
Did you know that more than a third of American households are inhabited by renters? For those tenants, navigating the relationship with a landlord can be tricky. But renter's have rights (they vary by state and local jurisdiction). Learn more about general renter's rights , and learn tactics for negotiating lower rent (yes, it's possible!). And be sure to check out the interactive graphic below to see the cost of renting across the U.S. We want to know: How much of your income goes to rent...
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Re: The Cost of Renting

Angie P. ·
I split rent with my partner, and I'd say around 22% of my after-tax pay goes to rent. -- https://www.goodmoneygoodlife.com
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Re: The Cost of Renting

irishnanny ·
i am one person income and i get a small social security check and work part time so i can my rent and car insurance, sometimes it gets hard, because i work for the school, and when were off all summer and holidays i get no pay, so i make sure i save every paycheck
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Re: The Cost of Renting

KellyFromKeene ·
Thankfully, I purchased just weeks before COVID hit the US and rentals went through the roof. But if I were renting the same place today, it would be 65% of net income NOT including any utilities. At the time, it was 48%. It's crazy. (Now I pay 40%.) I work in housing and HUD uses the 30-35% estimate for housing (which includes utility allowances!). It's not even close to reality for many people right now. Of course, they go by gross income.
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Re: The Cost of Renting

A.J. Young Jr ·
I share the same story as Kelly. We literally closed on our home a month before the pandemic was official for us in Feb 2020. In March we were both offically on lock down in Virginia. Before ending our lease agreement. We were told that if we did not renew by the end of February, we would have to pay $1,100 a month, plus a new charge for gas and water that would be added in the new lease. Needless to say, we are GRATEFUL to have closed so quickly!! Shout out to Prosperity Morgage! Our...
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Re: The Cost of Renting

maria rose ·
Whoever came up with the 30% of monthly income ratio for rent has never evaluated real market value rents versus average real wages. I am not talking expected dream wage but real wages. I live in one of the areas of NY where market value rents are based on property values only and don’t even consider real wages of most people because it is ASSUMED that they can find someone who will pay the outrageous rent—along with the security deposit, last month and brokerage fee. Based on my income, 30%...
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Re: The Cost of Renting

Savingsmama ·
Irishnanny - can you collect unemployment benefits during the off time?
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Re: The Cost of Renting

KellyFromKeene ·
Real wages will never be used to calculate market value rents. Unfortunately.
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