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 drawde
Registered: 11/15/09
Posts: 5,268
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 Do you rent or own? 
#474093 - 09/08/10 12:11 PM (14 years, 2 months ago) |
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Renting seems ok, and is best if your on a tight budget I guess. But your not building any equity, each month is just money down the drain. On the other hand you do not have nearly as much responsibility, it is cheaper, and your not at risk of the market depreciating.
Owning seems a lot more fulfilling, with a mortgage you are still paying every month but you are working towards something and building equity. When you own its yours, you can do whatever you like with your property (within reason and legal limitations) and you can make improvements yourself knowing that is also building your equity. If your not planning on staying put forever, you could make money on the market or you could loose out big time. Still, it seems like it would be very satisfying to own a house.
Anyway, do you rent or do you own? Any thoughts on either?
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King Koopa said:
The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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 81renaissance
Coachella '13 KKOTY
Registered: 04/20/08
Posts: 4,182
Loc: State of Mind 
Last seen: 8 months, 27 days
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Re: Do you rent or own? [Re: drawde]
#474109 - 09/08/10 01:00 PM (14 years, 2 months ago) |
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Quote:
drawde said:
Owning seems a lot more fulfilling.
How so? I rent, and plan to until I have children (I'm almost 30, so that'll be another 4-5 years away).
If you think you're not gaining anything by renting, let's look at the bigger picture:
Renting buys you the freedom to pick up and leave with little or no fiscal impact (if you've negotiated a good contract). Owning a home means strings that tether you both physically and financially, and if you want to cut those ties, its gonna cost you in a big way since for the first few years of home ownership you are essentially just paying for the interest on your home.
You say that when you buy, you own something, but how many people do you know that have stayed in one home for the length of a 30 year mortgage? Even my parents didn't do that...so you're paying more per month for the fantasy of owning something for which, after interest, you'll pay twice what that property is worth. If you're in real estate as an investment, the only way to do it with some certainty isn't ownership, its buy low, and sell as quickly as you can for a profit before the market changes significantly.
The only reason to own IMO is if you are settling down permanently. We've been led to believe that "ownership" is so grand, but really its a shit ton of cost and responsibility in exchange for taking your freedom to explore this world we live in.
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"So it goes."
-Kurt Vonnegut
BlueBerry_Swisher said:I want French fries. No, I want a penis French. Thank you. I'm so excited. I can not contain myself. Now I eat chocolate. It is so good. I'm trying to rub it all over myself. And then lick. Now I need a hot shower. The end.
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DeadHearts
Registered: 03/12/10
Posts: 710
Loc: ▐▐▐▐▐
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Quote:
81renaissance said:
Quote:
drawde said:
Owning seems a lot more fulfilling.
How so? I rent, and plan to until I have children (I'm almost 30, so that'll be another 4-5 years away).
If you think you're not gaining anything by renting, let's look at the bigger picture:
Renting buys you the freedom to pick up and leave with little or no fiscal impact (if you've negotiated a good contract). Owning a home means strings that tether you both physically and financially, and if you want to cut those ties, its gonna cost you in a big way since for the first few years of home ownership you are essentially just paying for the interest on your home.
You say that when you buy, you own something, but how many people do you know that have stayed in one home for the length of a 30 year mortgage? Even my parents didn't do that...so you're paying more per month for the fantasy of owning something for which, after interest, you'll pay twice what that property is worth. If you're in real estate as an investment, the only way to do it with some certainty isn't ownership, its buy low, and sell as quickly as you can for a profit before the market changes significantly.
The only reason to own IMO is if you are settling down permanently. We've been led to believe that "ownership" is so grand, but really its a shit ton of cost and responsibility in exchange for taking your freedom to explore this world we live in.
I like this. Sounds about right to me.
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drawde
Registered: 11/15/09
Posts: 5,268
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Just thinking out loud there. I appreciate your point of view, very good points.
Pretty much just looking for a debate between the merits of each.
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King Koopa said:
The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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DungenessDank
Lord of the Flies
Registered: 05/05/08
Posts: 9,372
Loc: PNW
Last seen: 11 years, 5 months
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Re: Do you rent or own? [Re: drawde]
#474139 - 09/08/10 02:40 PM (14 years, 2 months ago) |
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I rent because 1) I don't know how long I'll be around these parts & 2) Right now the housing market isn't that great and there is a possibility if I buy now I won't get as good of a deal as I can in the future, and then if I do decide to move there is a poor chance of selling so I would have to rent it out, which can be another pain in the ass.
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CosmicFool
Psychoholic
Registered: 08/07/10
Posts: 1,634
Loc: 203
Last seen: 2 years, 7 months
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I pay mortgage... I don't truely own but I'm on my way
after talking to my friends it seems silly to rent
I pay several hundreds less per month than my friends who rent
I don't have to worry about a landlord or other tenants
as long as you can live in a place 5+ years (the longer the better) it is usually better financially to own. Property is one of the few things that doesn't normally deprecate in value
and with so many people losing their homes due to the poor economy you can probably find a house dirt cheap
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Picklez
Registered: 04/20/08
Posts: 17,919
Last seen: 10 years, 4 months
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Re: Do you rent or own? [Re: CosmicFool]
#474172 - 09/08/10 04:56 PM (14 years, 2 months ago) |
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Owning seems to be a good option if you are married, in a committed relationship, or have friends going in on it.
It is definitely my goal to own my own house one day.
Renting blows.
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TripityDooDaDay
Registered: 04/20/08
Posts: 7,600
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Re: Do you rent or own? [Re: Picklez]
#474187 - 09/08/10 05:14 PM (14 years, 2 months ago) |
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Owning works for me. I am married with children. I have twice the room in a much newer home for about $200.00 less a month than the last place I rented that was much older and less than half as big. I bought it new in 2000 and it's now worth twice what I paid for it. That last bit does suck when property tax comes around but all things considered it's the best option for us in our area.
If some major life changes came our way we could always rent it out for twice the mortgage payment and buy or rent another place.
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FurrowedBrow
Free yourself from yourself
Registered: 04/20/08
Posts: 12,045
Loc: Carpal Tunnel
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most of my friends over the country who own a home are paying 1200-1600 a mo in mortgage. These are people who are married and have kids and two incomes and all that jazz. I think I will be renting a home until I; 1. find a geographic area I want to live in for a long term period, 2. find a woman to settle down with, and 3. have designed said house and find the land to build it on.
kinda off topic, but has anyone seen the episode of cribs where they go through the house that the guys of incubus were living in? It had this hidden pillow room where they smoked their pot. It was awesome. I remember they had pink floyd in there and maybe a lava lamp or two.
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CosmicFool
Psychoholic
Registered: 08/07/10
Posts: 1,634
Loc: 203
Last seen: 2 years, 7 months
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Re: Do you rent or own? [Re: FurrowedBrow]
#474224 - 09/08/10 06:34 PM (14 years, 2 months ago) |
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Quote:
FurrowedBrow said:
most of my friends over the country who own a home are paying 1200-1600 a mo in mortgage.
I have friends paying over 1k a month in rent
while I've got a 3 bedroom house for <$750 a month (taxes included)
granted there are some expenses that don't come into play when renting
but if I really need some extra ducats I could rent out my extra rooms
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drawde
Registered: 11/15/09
Posts: 5,268
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Re: Do you rent or own? [Re: CosmicFool]
#474240 - 09/08/10 07:09 PM (14 years, 2 months ago) |
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Yeah, its crazy what it costs to rent in some cities.
I am going to school probably in a year or two so I figure I will be living in this city for at least 4 years, if I have the money for a down payment why not buy something cheaper? I am super handy so I could probably fix something up a great deal for cheap and maybe even make money if the market is good when it comes time to move on. Even if theres a crash I could see myself sticking around in the area.
I want to see how the housing market plays out over the next year.
One more benefit that hasn't been mentioned is being able to do "stuff" in your home without any potential hassle from land lords.
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King Koopa said:
The amount of pot that Gask smokes is equivalent to a guy shooting heroin on weekends
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Shaggy420
Registered: 07/06/10
Posts: 3,372
Last seen: 12 years, 8 months
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Re: Do you rent or own? [Re: drawde]
#475084 - 09/10/10 12:16 PM (14 years, 2 months ago) |
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im still living with the folks
i still get food cooked for me
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Tangerines
Grease Wizard
Registered: 04/20/08
Posts: 9,497
Last seen: 6 years, 5 months
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Re: Do you rent or own? [Re: Shaggy420]
#475087 - 09/10/10 12:19 PM (14 years, 2 months ago) |
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Quote:
TrippyStoner420 said:
i still get food cooked for me
The one thing I miss about living at home is good home cooked meals. Now I have to put in the effort to recreate these dishes.
I rent.
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CosmicFool
Psychoholic
Registered: 08/07/10
Posts: 1,634
Loc: 203
Last seen: 2 years, 7 months
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Re: Do you rent or own? [Re: Tangerines]
#475187 - 09/10/10 03:58 PM (14 years, 2 months ago) |
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I like to cook
BUT NOT EVERY FUCKING DAY!!!
why can't I cook like once a month
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iStoner
Astral Beast
Registered: 06/09/10
Posts: 7,176
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Re: Do you rent or own? [Re: CosmicFool]
#475190 - 09/10/10 04:04 PM (14 years, 2 months ago) |
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i currently live with my parents since i just got out of school. im taking this year to figure things out and get a job.
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