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13 comentarios
  1. B
    B Dice:

    As much as I like the intent of the article – to educate and help young people about buying decisions – I feel like it isn’t being honest, which I will speak to below. By the way, I was a homeowner for five years at the urging of my parents and other family members who talked about «stability» and it got my husband and I in serious debt and made our lives beyond stressful and focused solely on making our mortgage (and property taxes). We now rent and life has never been simpler and more affordable. We are no longer tied to a property, which means that if we want to move, we can, without having to file for bankruptcy, do a short sale or foreclose. Life is fluid – our desires shift and by owning a house, in bleak economic conditions, you are not able to freely follow your path. You can be stuck.

    Thoughts on these:
    1. It means having a good place to raise children and provide a good education. ** owning has NOTHING to do with this. You can rent in a place that has good education – like we are doing for our son right now. This is such a false claim and frustrates me because this is the kind of fear-based reasoning that got us into buying a property before we could really afford all the expenses of it (and there were more than we ever knew – property taxes alone were a killer and any time we felt like we had our heads above water, property tax time came and we were then treading water again and again.)

    2. You have a physical structure where you and your family feel safe. ** Again, owning has nothing to do with feeling safe, really. Let’s be honest, regardless of it you’re in a home or a rental, the same terrible things (and good things) can happen to you. It’s not like a burglar goes, «Oh wait, these people are homeowners, I’ll give them a break.» Again, this kind of reasoning is totally fear-based and just not true.

    3. It allows you to have more space for your family. **How does owning just magically make you have more space?! In fact, we have DOUBLE the space now that we rent because we can afford it this way.

    4. It gives you control over what you do with your living space (renovations & updates). ** This one I agree with – this is one of the few upsides I see to owning. But with this comes the $$ that it takes to do all these things.

    I think to decide to own or rent, you have to ask yourself WHY do I want to do either? If you want to own because you are getting a great deal that you can more than afford and you want to be able to renovate how you want it, then fabulous – go for it! But if you are wanting to own to gain stability and security and feel like a successful adult, you are fooling yourself because stability and security come from within (as long as you’re not living in a violent area, of course – renting or buying) and it’s a farse to think that owning will magically make you feel safe and stable. Life still happens.

    I would really do some deep inner digging before coming to a conclusion about owning. Especially if your parent is the one urging (and helping) it. Look at where THEY are coming from and might this urging be because THEY think that owning will make you stable and safe and that’s how they view the world? Are your thoughts congruent with this or are you making your decision based off fear?

    Either way – whatever choice you make is the right choice. If you get burned (like we did) among many things, that will just make you all that more compassionate to people in similar situations and will give you a crystal clear understanding of what you do and don’t want out of a property (rent or own) and intention for life. And if you buy and have a great experience and don’t get burned, wonderful! :)

    Responder
  2. jjBecker
    jjBecker Dice:

    It’s really not bs. In some places, it’s more cost effective to rent than buy. The rent may be less than a mortgage payment & you don’t have to pay for a maintenance item at all. However, in most places, the cost of renting is actually more. Keep in mind that your monthly payment is only fixed for the term of the lease (6mo’s, 1yr, even month-to-month). After that, your landlord can choose to increase it AS MUCH AS THEY CAN. With a mortgage payment, you can FIX the cost for the next 30 years (if you choose!!). YOU are in control of your cost, not a landlord. Plus, houses are so cheap right now and rates are so low, that the mortgage cost is minimal (compared to years past). Not only do you control your own cost when owning, you control the feel/look/use of your space without restriction from a landlord. Based on mortgage interest deductions, real estate tax deductions, home improvement deductions and more ~ the tax benefits of homeownership outweigh the initial cost of purchasing. Then, an owner has a vehicle with which to grow their wealth. Housing has NEVER been intended as a short term investment (like risky stocks & bonds). It is purely a long term wealth creator. If you rent for life, you’ll never have a source to pull wealth from ~ unless you are diligent in utilizing other vehicles for investment (such as stocks, bonds, mutual funds, IRA’s etc.). Please don’t misunderstand me. I don’t condone using a home as a credit card. However, in times of great financial distress, owning a home could be the difference between filing for bankruptcy and NOT. Owning land has been something that generations of men & women have FOUGHT FOR. We should continue to fight for it now.

    Responder
  3. Delaware Rental Communities
    Delaware Rental Communities Dice:

    I think that renting was commonly thought of as «throwing money away» in the past; however, the volatile state of our economy is pushing more people to rent. Even some homeowners are packing up and moving into rental properties in order to save some money. The fact that they can save money will ensure that they can become homeowners again when the markets rebound. I think more people should consider this option instead of staying in a house they can’t afford. Most times this causes foreclosure and can actually decrease your chances of homeownership in the future.

    Leah

    Responder
  4. suaman
    suaman Dice:

    As we reflect on the pros and cons of renting and or buying, we tend to forget the cause and effect which influenced their decisions. Of all those that are «packing up and moving to rentals» how many of them are influenced by the economic down falls, their personal experiences of this down fall? Would those that have been effect still make the move if in fact they were in good standing financially? Are the numbers really telling or painting us the correct picture?
    Very interesting topic which can be supported or opposed but the bottom line really, what works for the individual.

    Responder
  5. David Wiesemann
    David Wiesemann Dice:

    As a professional in the rental property business, this is an insightful article for me. Thank you for the information. In my area corporate vacancies are at 47% which means less jobs for people in the area which means translates into less confidence when purchasing a home. I agree with the personal reasons for buying a home, but I am finding people are still apprehensive and are thoughtfully consider renting rather than owning a home.

    Responder

Trackbacks y pingbacks

  1. […] a growing number of regions, homeownership is already less expensive than renting. And, it looks like rents are headed even higher. The WSJ, in an article on their online resource […]

  2. […] a growing number of regions, homeownership is already less expensive than renting. And, it looks like rents are headed even higher. The WSJ, in an article on their online resource […]

  3. […] Rent vs. Buy: Do the Math and Then Ask Mom. Share this:FacebookTwitterDiggRedditStumbleUponPrintEmailLike this:LikeBe the first to like this post. This entry was posted in Human interest, Miami Beach Real Estate, Mooshi About Town, Real Estate, Real Estate News, St Pete Real Estate, Tampa Bay Real Estate and tagged economic stimulus, first time home buyers, Miami Beach, miami beach real estate, mooshi miami, south beach, south beach real estate. Bookmark the permalink. ← Open house Sunday 6162 Leeland St South […]

  4. […] Rent vs. Buy: Do the Math and Then Ask Mom. Share this:FacebookTwitterDiggRedditStumbleUponPrintEmailLike this:LikeBe the first to like this post. This entry was posted in Human interest, Miami Beach Real Estate, Mooshi About Town, Real Estate, Real Estate News, St Pete Real Estate, Tampa Bay Real Estate and tagged economic stimulus, first time home buyers, Miami Beach, miami beach real estate, mooshi miami, south beach, south beach real estate. Bookmark the permalink. ← Oswald Acted Alone and We Did Land on the Moon A Little Buddhism Goes A Long Way → […]

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