Ah contrare... I’ve rented and own my house. I actually can’t understand why anyone would buy these days. Now if the housing market continues to go up and you get lucky and either sell then your are good! To put ownership on the same scale as renting is silly though...
Lets look at the main problems:
Ownership means that you have to fix every item in your house including the yard and some other city things. You also never actually own your home because you have to pay taxes or it is gone... In actually you are renting but at a lower rate. You have to stay there (or hope the market is good) if you want to move.
If you rent, you never have to pay for repairs or maintenance or taxes! Maintenance is not your problem. You can leave without problems (especially important for the young). A house, you have to wait until sell or have enough to get by for several months.
Today, I would say that renting is better depending upon your wealth more than what is foolish... Owning a home is not what it use to be!
Very good points and perspective.
U funny, I have 2 properties on my street here in Texas North of Houston. Originally this one was for my daughter but she sold it back to me for the same foreclosure price I bought it for. She made out good because she got 2 yrs of payments back but I got the property back. I could easily sell it for double but why do that when I can rent it. I only moved into her house because she got married and moved into her new husbands house and left this house and I worried it may be vandalized. So she sold it to me for what I/we paid. I don’t care where you buy, look for foreclosures in all neighborhoods even Beverly hills have foreclosures. u need to look.
You have more rights to do things in a place you own rather than rent, and I dont have to let strangers in if I dont want to to do maintenance or swap out shower heads and the like.
“If you rent, you never have to pay for repairs or maintenance or taxes!”
What do you think makes up the rent price?
You build equity when you own. Not so when you rent. It’s like leasing a car ...you are pissing your money down the drain. Look at it this way: do you think the people who own the house/apt you rent are doing it at a loss or to just break even? Heck no! You are paying a premium on top of what they are paying for taxes, maintenance, and mortgage (if they don’t own the property out-right) ...it’s their “profit” and they will make one even if they have to constantly raise the rent.
If you rent, you never have to pay for repairs or maintenance or taxes
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To say that renters don’t pay those things is misleading. It’s all factored into the rent you pay the land lord. If not, he wouldn’t be a land lord for very long.
“If you rent, you never have to pay for repairs or maintenance or taxes!”
Do you also believe in the tooth fairy?