Rent or Own?
- Thread starter Mastiff
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Own
Thank God. Given my penchant for collecting dogs (up to three now-in a townhouse), and the fact that rents on a small apartment are more than my mortgage. Plus, my unit has almost doubled in price/value-so yes. Plus the whole tax benefit thing, etc.
On the bad side, ownership does limit your mobility. Given that I have been here 11 years. . . And, my twenty year old townhouse was designed by an architect far more ambitious than the contractor who executed his design. (the flashing around the sliding glass doors was put in BACKWARDS!)
Thank God. Given my penchant for collecting dogs (up to three now-in a townhouse), and the fact that rents on a small apartment are more than my mortgage. Plus, my unit has almost doubled in price/value-so yes. Plus the whole tax benefit thing, etc.
On the bad side, ownership does limit your mobility. Given that I have been here 11 years. . . And, my twenty year old townhouse was designed by an architect far more ambitious than the contractor who executed his design. (the flashing around the sliding glass doors was put in BACKWARDS!)
Chet
Cyburbian Emeritus
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I owned for the last 8 years, but just sold my house in June. Why? The big "D" my friend. Add to that it was too big a house to upkeep on my own, and the neighborhood was sliding... Now I want to get into a downtown loft condo before I'm completely priced out of the market. Oooops too late.
Repo Man
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Unfortunatly, I rent. In order to afford a house in an area that I find desirable, I will need to find a new profession or get hitched. 
I love the area where I live though. I am walking distance to bars, restaurants, stores, etc and I am a 5-minute drive (10 minutes by bike) from downtown Milwaukee.
I love the area where I live though. I am walking distance to bars, restaurants, stores, etc and I am a 5-minute drive (10 minutes by bike) from downtown Milwaukee.
PlannerGirl
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um i tried and cant seem to get it to create a new poll with out totaly redoing the thread, want me to do that?
PG
PG
donk
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I own.
The story behind myself is a stand up comedy act in itself.
The reason I own instead of rent is that I have a mortgage payment of $180 / month CDN and the best rents around here are $500 / month. This is how I afford my foolish hobbies (bikes, books, music)
The only problem is that I have had to do alot of work on my house (new roof, windows, drywall, wiring, doors, flooring, kitchen cabinets, garden/lawn, siding, painting, decorating) and I am still nowhere near being done. (finished some wiring, drywall, flooring, painting)
In retrospect I kind of wish i was renting so that i could quit my job and move elsewhere. I am stuck here until I can get the house into shape for sale. The good news is that I only have 18 more payments and I own it outright.
I'll take some pictures and post them soon. along with the entire story of the "castle".
The story behind myself is a stand up comedy act in itself.
The reason I own instead of rent is that I have a mortgage payment of $180 / month CDN and the best rents around here are $500 / month. This is how I afford my foolish hobbies (bikes, books, music)
The only problem is that I have had to do alot of work on my house (new roof, windows, drywall, wiring, doors, flooring, kitchen cabinets, garden/lawn, siding, painting, decorating) and I am still nowhere near being done. (finished some wiring, drywall, flooring, painting)
In retrospect I kind of wish i was renting so that i could quit my job and move elsewhere. I am stuck here until I can get the house into shape for sale. The good news is that I only have 18 more payments and I own it outright.
I'll take some pictures and post them soon. along with the entire story of the "castle".
PlannerGirl
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I rent, a tiny 960 sq ft 3 br 1 bath SFH for 1800 a month, and thats cheap around here.
Id love to own again, some little 1930s bungalow with a basement for all my stuff but when they start over 400,000 around here-well ill never make it as a planner.
PG
Id love to own again, some little 1930s bungalow with a basement for all my stuff but when they start over 400,000 around here-well ill never make it as a planner.
PG
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Back on-topic...
My wife and I rent at the moment. Nice 1920's Victorian converted into a duplex in the 1990's...downtown location, 3 blocks from the house I grew up in.
Uncertainty about the long-term future in my hometown is the primary reason we rent. Right now we're 3 hours from her family, 3 minutes from mine. She'd like to be closer to hers, I'd like to be a bit farther away from mine.
My wife and I rent at the moment. Nice 1920's Victorian converted into a duplex in the 1990's...downtown location, 3 blocks from the house I grew up in.
Uncertainty about the long-term future in my hometown is the primary reason we rent. Right now we're 3 hours from her family, 3 minutes from mine. She'd like to be closer to hers, I'd like to be a bit farther away from mine.
PlannerGirl
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Thanks thats what i thought i had to do but was scared id loose the orig. ill have to make one late one night of my own and play with it so i dont loose anyones stuff.
and Bturk...how would YOU know ;-) youre the one that had the bad boy avatar.
PG the picked on planner
and Bturk...how would YOU know ;-) youre the one that had the bad boy avatar.
PG the picked on planner
statler
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I rent. I'd love to own a single family home but they start around $360,000 in the area I want to live in. Plus I'm really lucky with my rental. I live in a triple-decker that could be renting for $1500+ but I'm getting it for the ridiculously low price of $900. Which is especially odd considering my landlord hates my roommate.
*edited to add the word "home" after "single family". It just sounded wrong otherwise. *
*edited to add the word "home" after "single family". It just sounded wrong otherwise.
*
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I picked "own," even though I rent here in KC. My old house in Orlando is under contract, and the closing is 26 December.
My current residence is much smaller than the old house in Orlando. It's a 1,200 square foot house, built in the early 1950s, with two smallish bedrooms, one tiny bathroom, a one car garage, and a good-sized yard. The old house ... 1,900 square feet, three bedrooms (two of which were very large), two bathrooms (a small master and a huge full second bath), a two car garage, and a 17,500 gallon inground pool. It was a lot of house for one person, but the real estate market in Orlando's western 'burbs is strange; if I didn't buy something quite large, I'd be living in an area where my neighbors would be flying Confederate flags and possessing large "project car" collections.
I'll be buying in about 10 months or so. I'm still looking at neighborhoods, but I'm thinking about Prairie Village (a pretty, well-planned 1950s/1960s era suburb of KC, on the Kansas side) or the Midtown, Hyde Park, Brookside or Waldo areas in KCMO. Gotta' have a house, with two active dogs. Fortunately, the market here doesn't have the same dynamics as in Orlando, and I can get a smaller home without ending up in some Little Valdosta.
Why own? The tax benefits, and appreciation/equity. I'm leaving Orlando with a very healthy profit.
My current residence is much smaller than the old house in Orlando. It's a 1,200 square foot house, built in the early 1950s, with two smallish bedrooms, one tiny bathroom, a one car garage, and a good-sized yard. The old house ... 1,900 square feet, three bedrooms (two of which were very large), two bathrooms (a small master and a huge full second bath), a two car garage, and a 17,500 gallon inground pool. It was a lot of house for one person, but the real estate market in Orlando's western 'burbs is strange; if I didn't buy something quite large, I'd be living in an area where my neighbors would be flying Confederate flags and possessing large "project car" collections.
I'll be buying in about 10 months or so. I'm still looking at neighborhoods, but I'm thinking about Prairie Village (a pretty, well-planned 1950s/1960s era suburb of KC, on the Kansas side) or the Midtown, Hyde Park, Brookside or Waldo areas in KCMO. Gotta' have a house, with two active dogs. Fortunately, the market here doesn't have the same dynamics as in Orlando, and I can get a smaller home without ending up in some Little Valdosta.
Why own? The tax benefits, and appreciation/equity. I'm leaving Orlando with a very healthy profit.
We own. Unfortunately both of us hate debt so we made our payments fairly big and at this rate will be paid off in 12 years unfortunately that doesn't leave much for fun stuff so I think we will have to adjust things, soon.
The house is neat though, it look about 100 years old but if only 50. Brick, colonial style with a huge yard. Only one over before us so we have a lot of 'updating' to do, still 2 years later but at least someone else didnt mess around with it first.
The house is neat though, it look about 100 years old but if only 50. Brick, colonial style with a huge yard. Only one over before us so we have a lot of 'updating' to do, still 2 years later but at least someone else didnt mess around with it first.
Dan said:
Why own? The tax benefits, and appreciation/equity. I'm leaving Orlando with a very healthy profit.
I just spoke to my mother, the payment on a 200+ arce ranch with 2 barns, a workshop/garage, and a cute little 3/1 is less than I pay in rent out here. *grumble*
Although, I'd much rather live close to civilization than 30 minutes outside of it..
donk
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I'll explain the "castle".
The general description:
It was originally built between 1870 and 1880. It is a plank house made from stolen / liberated wood from the local ship yard. (cunard which still exists, just not in the miramichi) I discovered this while gutting it during phase one renovations. The boards are 4 inches thick and anywhere between 10-18 inches wide by 18 feet long. They are all horizontally pegged together with wooden pegs then caulked with ships caulk. All of the door and window sills and plates are hand dove tailed together.
The main house is about 16 feet by 25 feet with a 16 by 10 addition on the back. It has 1 1/2 stories.
Now this sounds like it has lots of potenital, and it does, but then imagine a house that has every unsympathetic addtion and renovation you can think of.
These include
1) House was "jacked" up about 4 feet to replace a rotten sill. So now the house is really narrow and really tall.
2) Yellow vinyl siding. Foot wide at that.
3) Horizontal sliding window. That leak and don't close properly.
4) Pressed steel doors. At least they have faux divided light windows.
5) Interior finished in 10 layers of finishes, including, original plaster, drywall, wallpaper, fakewood panelling, wallpaper and paint. All removed and insulated for the first time in its histroy and drywalled.
6) Interior finished with industrial grade carpet. In the process of being replaced with recycled hardwood flooring I got from a gymnasium.
7) really bad inground swimming pool, since removed.
8) Old 4 fuse 60 amp service. Replaced with modern 200 amp service and breakers
And the kicker is that I paid $12 000 for it. I have since put about $6000 into it and lots of sweat equity. The bad thing is that even improved it is only worth about $22 000 in my market.
The general description:
It was originally built between 1870 and 1880. It is a plank house made from stolen / liberated wood from the local ship yard. (cunard which still exists, just not in the miramichi) I discovered this while gutting it during phase one renovations. The boards are 4 inches thick and anywhere between 10-18 inches wide by 18 feet long. They are all horizontally pegged together with wooden pegs then caulked with ships caulk. All of the door and window sills and plates are hand dove tailed together.
The main house is about 16 feet by 25 feet with a 16 by 10 addition on the back. It has 1 1/2 stories.
Now this sounds like it has lots of potenital, and it does, but then imagine a house that has every unsympathetic addtion and renovation you can think of.
These include
1) House was "jacked" up about 4 feet to replace a rotten sill. So now the house is really narrow and really tall.
2) Yellow vinyl siding. Foot wide at that.
3) Horizontal sliding window. That leak and don't close properly.
4) Pressed steel doors. At least they have faux divided light windows.
5) Interior finished in 10 layers of finishes, including, original plaster, drywall, wallpaper, fakewood panelling, wallpaper and paint. All removed and insulated for the first time in its histroy and drywalled.
6) Interior finished with industrial grade carpet. In the process of being replaced with recycled hardwood flooring I got from a gymnasium.
7) really bad inground swimming pool, since removed.
8) Old 4 fuse 60 amp service. Replaced with modern 200 amp service and breakers
And the kicker is that I paid $12 000 for it. I have since put about $6000 into it and lots of sweat equity. The bad thing is that even improved it is only worth about $22 000 in my market.
BKM said:Hey jmf, 12 years is great!
With the new interest rates, I was able to refi my house to be paid off in only 15 years (instead of 25 under my old mortgage). I will actually be done with house payments before retirement
I know it pretty good but when we got the mortgage I was workng in the private sector and earning about 15k more (before taxes) than I am right now.
We negotiated the mortgage based on a much lower salary (ie the public sector job I am in now) but I suppoase we never thought I would be making that little again. It is amazing how much you miss the little things: a trip to TO every year; dinner out; vacations.... All of a sudden we/I have to think about the bottom line a little more seriously.
I guess I would give a little on the mortgage if it meant I could spend more money on the fun things now.
Zoning Goddess
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I bought my home north of Orlando about 5 years ago; it's a 1958 ranch, only 1200 square feet, but on 1/2 acre with a small lake behind it. The best features: a fabulous addition consisting of a (real-wood) panelled family room with cathedral ceiling, and a huge screened porch, and a lot of privacy. Unfortunately, no garage, so not much storage, and a really nosy kid next door. We have since acquired 3 cats, a large dog, a parakeet, and a hamster, so it's kinda noisy.
el Guapo
Capitalist
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Own
I rented or lived in Uncle Sam's guest quarters my entire life. We just bought an 8 year old house 3 months ago and are just as happy as can be. I am setting down some roots at last.
[fab]There's no place like home, there's no place like home...[/fab]
I rented or lived in Uncle Sam's guest quarters my entire life. We just bought an 8 year old house 3 months ago and are just as happy as can be. I am setting down some roots at last.
[fab]There's no place like home, there's no place like home...[/fab]
PlannerGirl
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Im right there with you buddy-but your good distance out-it has to be better out there than 3rd metro station from the City-i cant not figure how folks pay for these homes
other
We live in government quarters here at Ft. Riley. Captain quarters are not too shabby here, as Ft. Riley has some of the best military housing. Keep telling the hubby that if he stays in, we are coming back when he is a LTC to live in one of the 4500 square foot, 3-story, limestone homes. . .they are historic homes that date back to pre-Gen.Custer.
Would love to own, but not very practical when you move every 2-3 years and we don't want to be abscentee landlords.
We live in government quarters here at Ft. Riley. Captain quarters are not too shabby here, as Ft. Riley has some of the best military housing. Keep telling the hubby that if he stays in, we are coming back when he is a LTC to live in one of the 4500 square foot, 3-story, limestone homes. . .they are historic homes that date back to pre-Gen.Custer.
Would love to own, but not very practical when you move every 2-3 years and we don't want to be abscentee landlords.
PlannerGirl
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I live in Ballston but want to move back to Clarendon where i lived when i first got here. I would love to live IN the City but that is too costly to even dream of. Id be all over a little English basement place in Dupont *yes ill admit im a yuppie in the making and that address is HOT*
i have no desire to move farther out, i dont go outside the beltway unless its for work or a trip to Annapolis for dinner with the bf. I can be in the City in moments at just about any given time and can walk to Georgetown. Never mind all the cool resturants, shops, parks, street parties etc. *see the yuppyie comment above*
i refuse to spend over an hour to go a few miles on 66 if i lived outside the beltway.
i have no desire to move farther out, i dont go outside the beltway unless its for work or a trip to Annapolis for dinner with the bf. I can be in the City in moments at just about any given time and can walk to Georgetown. Never mind all the cool resturants, shops, parks, street parties etc. *see the yuppyie comment above*
i refuse to spend over an hour to go a few miles on 66 if i lived outside the beltway.
Mastiff
Gunfighter
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So what did y'all think of my new house?
"Accented with flowing waterfalls, cool ponds and landscaped paths that meander past masses of flowering gardens, this bank-owned property is a real gardener's heaven! A 2-story vintage farmhouse, the home needs some cosmetic work but features spacious interiors with a pellet stove, kitchen with breakfast bar, a big dining area, a family room, a skylighted hot tub bonus room, a main level master suite & windows that look out to gardens galore... "
Additional Room 1: UTILITY
Additional Room 2: HOTUB-R
Cool: NONE
Exterior: DECK, HOT-TUB, SHOP
Exterior Description: WOOD
Fireplace Description: PELLSTV
Hot Water: ELECT
Interior: CEILFAN
Kitchen Appliances: DISHWAS, FS-RANG
Kitchen Features: EAT-BAR
Living: FIREPL
Lot Description: POND, VIEW
Lot Size: 10,001 - 20,000
Poss: CLOSING
Roof Type: COMP
Sewer: SEPTIC
Style: FARMHSE
Terms: CASH, CONV
Water: PUBLIC
Not too bad for $81,000, eh? Anyone here know about hot tub maintenance?
"Accented with flowing waterfalls, cool ponds and landscaped paths that meander past masses of flowering gardens, this bank-owned property is a real gardener's heaven! A 2-story vintage farmhouse, the home needs some cosmetic work but features spacious interiors with a pellet stove, kitchen with breakfast bar, a big dining area, a family room, a skylighted hot tub bonus room, a main level master suite & windows that look out to gardens galore... "
Additional Room 1: UTILITY
Additional Room 2: HOTUB-R
Cool: NONE
Exterior: DECK, HOT-TUB, SHOP
Exterior Description: WOOD
Fireplace Description: PELLSTV
Hot Water: ELECT
Interior: CEILFAN
Kitchen Appliances: DISHWAS, FS-RANG
Kitchen Features: EAT-BAR
Living: FIREPL
Lot Description: POND, VIEW
Lot Size: 10,001 - 20,000
Poss: CLOSING
Roof Type: COMP
Sewer: SEPTIC
Style: FARMHSE
Terms: CASH, CONV
Water: PUBLIC
Not too bad for $81,000, eh? Anyone here know about hot tub maintenance?
Bullwinkle
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We bought a house about two years ago. Rental properties here are either very expensive (oriented toward tourists and seasonal rentals) or totally trashed (mostly occupied by service workers, etc.). There is very little decent housing available to rent at an affordable price. It is still possible to buy a home on a city-employee's salary, so that's the route I took.
It has already appreciated. That's a good thing for me personally, but professionally, it is indicative of some challenges that the community will be facing. 'Normal' people can still afford to live and work here, but it's only a matter of time before the second-home market drives out those who work here. We don't have the affordable housing problems of Sun Valley or other resort communities ... yet. I can see it coming. Unfortunately, nobody seems to want to deal with the issue while it is still manageable. I bring it up every few months, but nobody bites. I'll just keep plugging away at it. Hopefully, we'll do something before it is too late.
It has already appreciated. That's a good thing for me personally, but professionally, it is indicative of some challenges that the community will be facing. 'Normal' people can still afford to live and work here, but it's only a matter of time before the second-home market drives out those who work here. We don't have the affordable housing problems of Sun Valley or other resort communities ... yet. I can see it coming. Unfortunately, nobody seems to want to deal with the issue while it is still manageable. I bring it up every few months, but nobody bites. I'll just keep plugging away at it. Hopefully, we'll do something before it is too late.
SW MI Planner
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That was the new house - in the first post? I think it's adorable - it has lots of character! I love the tree's
We have a hot tub, so if you need some TA just ask. I'll have to ask the hubbie, since he's the expert. I do know that we have no "special" filters!
PlannerGirl
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See i loved the officers quarters at Ft Davis, big, airy, maids quarters below, balconys, 3 br 3 bath, carport etc.
The rental house im in is nice, the land lady lived in it till i moved in *she got married and moved in with her husband* its small but has a washer and dryer, off street parking and on a walking trail so im happy. i put wiring in the floors/walls for a home network she is thrilled
pg
The rental house im in is nice, the land lady lived in it till i moved in *she got married and moved in with her husband* its small but has a washer and dryer, off street parking and on a walking trail so im happy. i put wiring in the floors/walls for a home network she is thrilled
pg
Mastiff
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SW MI Planner said:
That was the new house - in the first post? I think it's adorable - it has lots of character! I love the tree's
Yep... that's it. And those are 200' western cedar trees. The whole yard smells like cedar. And let me see if I can find a view of what we'll see out the front door.
This is up the river toward the covered bridge (but the house is closer that where this was taken):
This is a shot of the river and the hills (mountains?) across the river from the house. You can open the sliding door in the bedroon and hear the river... I'm going to like that:
Ya'll have a lot of room. I'm starting to feel bad about my 375 foot $370 all utilities included apartment. But I like the location and my landlord is great, and It's a nice building, 1880's brick mansion in Allentown, Buffalo, NY. (neighborhood included for Dan's benefit)
PlannerGirl
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Wow Mastiff when you having all us out there-thats beyond words its so pretty
SW MI Planner
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SHUT UP!! That is SO awesome - got goosebumps looking at the pictures! Congrats on the new home - I am sure you'll enjoy it, and probably won't ever want to move again
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