Do You Rent Or Own The Home You Live In?

Discussion in 'Retirement & Leisure' started by Babs Hunt, Apr 22, 2017.

  1. Babs Hunt

    Babs Hunt Veteran Member
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    My Honey and I rent the home we live in. At one time we even had the option to buy it and had to give some thought and prayer to this option before deciding not to buy.

    At our age we don't want the upkeep money wise that owning a home would cost us. We would rather not have to pay taxes, insurance, maintenance bills, etc. that a home owner has to put out. We like knowing that if we wanted to move somewhere else tomorrow...we would have the freedom to do this without having to put our home up for sale, etc.

    We like knowing that when something breaks down, etc. all we have to do is call our Landlord and he fixes or replaces it at no cost to us. We also like knowing our Landlord doesn't mind if we paint, plant flowers or garden in our yard space, etc. He even gives us a discount on our already low rent for mowing our own yard space. Since my Honey loves working out in the yard, etc. this is a blessing too.

    What about you? Do you rent or own your home? And are you happy with the decision you have made?
     
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  2. Holly Saunders

    Holly Saunders Veteran Member
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    Good question @Babs Hunt ..have you always rented ?...I like your way of thinking...however here in the UK rents are hugely high....so very often the mortgage payments would be cheaper than the monthly rent...unlike the UK where homeownership is looked on as a status symbol, ...craziness!!


    In Europe as a whole...particularly Germany and the Netherlands renting is preferred to home ownership for all of the same reasons you've stated ..in fact it's looked on as a better option because landlords and local councils maintain their homes well and the rents of public housing is kept at an affordable rate.

    Here in the UK...with the severe shortage of houses generally...the cost of buying is hugely high...which precludes a minimum wage family of ever owning their own home...most of the council public housing was sold off in the 80's by Margaret Thatcher..leaving very few affordable government owned rentals . but left the door open for buy to let landlords (many unscrupulous..not all, but very many) ...who rent out privately homes for very often huge profits to the very people who can't afford to buy in the first place.

    This can and does often create a situation where these people then cannot afford to work to pay extortionate rents... and find that they have no options but to become unemployed and allow the state to pay most if not all of their rents for them ...it's a viscious circle here that needs a desperate remedy.


    Ha!! Sorry about that...let me just climb down from my high horse and answer your question...lol....


    Yes I own my own home...and I'm lucky enough to also own a second home in another country!!
     
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    Last edited: Apr 22, 2017
  3. Babs Hunt

    Babs Hunt Veteran Member
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    @Holly Saunders There are many places here in America that charge outrageous rent too and the homes to buy are unaffordable for those who are not wealthy. I have owned homes and have rented...and after experiencing both...I prefer to rent. Unless you can afford to pay cash for your home, owning a home to me is really just renting it from the bank or mortgage company until it is paid off. Except you also have to pay the taxes, insurance, and fix or replace anything that breaks, etc. Some people say they like the security of knowing they own their home but like I said unless you have paid cash for it and have the title to it...the bank or mortgage company really owns it until you have paid it off. :)

    Some people do not have much choice in whether they rent or buy. We are limited in what we could afford to buy, but would rather use the extra income that owning a home would take for other things in our lives.
     
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  4. Holly Saunders

    Holly Saunders Veteran Member
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    You're absolutely correct, so many people do not have a choice as to whether they rent or buy...well actually renting is their own choice..or live in a tent..

    if you live in a nice rental in a nice area with a landlord who looks after you, there;s no problem....it's the ones who take advantage of people who can ill afford huge rents for properties which are not maintained and are in poor areas which make me mad!!
     
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  5. Patsy Faye

    Patsy Faye Veteran Member
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    We owned the house we lived in for 24 years. We had to move due to my health problems and decided that a retirement
    apartment was the best option, no stairs and a careline system.
    I was so happy to move, but that was short lived. The management company looks upon the older generation as
    'cash cows' and easy pickings. When we realised this it all went downhill for us.
    The manager of this place is here part time and it was obvious she wanted to form a clique to enable back up when
    someone like 'us' causes a stir. This has worked well for her as we are the 'only' voice :(
    I would love to be able to move as I would inspect a future property with 'eyes wide open' - but this is very unlikely
    to happen.
     
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  6. Babs Hunt

    Babs Hunt Veteran Member
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    We have only lived in only one rental place where the Managers did not care whether they took care of their tenants or the place we rented from them. After I went to the Office and told them I wanted the name and a number or address for the Owner did that Manager finally start sending maintenance to our place as soon as I called. :) Having been a Legal Secretary for awhile I knew our rights and did not tolerate being treated like I didn't.
     
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  7. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
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    We rent a 2 bedroom 2 full bath apt. with garage - by choice. We had a 3 bedroom home many years ago, but for many reasons gave it up and now live in apt.Its a gated community, which does seem to help in the crime area. IT is expensive to us- but so much less to worry about and after 5 years - it is still quiet, clean and upkept very well. Do dread the end of every lease. when they always go up. Will have to use a new negotiation tactic this year.How much does a place like our cost in your area ?
    For apt,garage,pet,trash, water and sewer $1063-1070 a moth.Would be interesting to know .
     
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  8. Patsy Faye

    Patsy Faye Veteran Member
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    The owner and management team are one of the same - something else I have learnt not to tolerate if I ever could move
     
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  9. Babs Hunt

    Babs Hunt Veteran Member
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    If you know what your tenant rights are and the Owner is not meeting those rights...then you should have legal options you could try Patsy.
     
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  10. Holly Saunders

    Holly Saunders Veteran Member
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    A rental on a gated community just as you describe here in the UK @Gloria Mitchell would cost at least 10 times more in rental than you're paying...



    I own a 2 bed 2 bath.. 3 storey triplex with underbuild.. on a beautiful well kept Gated community in Spain with pool. We pay a homeowners community charge for gardeners and general upkeep of the grounds including the electric gates, and parking areas of around 200 euros per quarter... and I charge my tenants a little more than my mortgage costs in rental .. to cover any damages, and to pay for my letting agents fees, which is about half what a similar property would cost here, we pay the water bills and any repairs, and my tenants pay for the electricity .... ...I lived in it for 10 years before returning to the UK.....

    If we weren't still employed in the Uk we'd go back and live there half of the year again...
     
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  11. Holly Saunders

    Holly Saunders Veteran Member
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    @Patsy Faye I'm sorry to hear you're going through such a trauma with your management company because it's something we'd thought of doing ourselves...perhaps moving to a retirement property in the furutre due to my RA..and the ever increasing problems with the stairs.

    However , now I'm wondering whether that would be a good thing given your story... what I don't understand is..if this is a retirement property ergo..for older retired folks.. how are they using you as cash cows?...I mean by that...what are they doing that causes you to have to pay more money?

    I'm genuinely interested, because having thought about this very thing ourselves for the future I'd want to be aware of the pitfalls..
     
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  12. Patsy Faye

    Patsy Faye Veteran Member
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    Tried everything Babs - I did do well in the beginning, they had to change the lease because of what I spotted
    as it was 'illegal' !
    Got them on a couple of other things too - but it doesn't do your health any good at all, so we have decided
    we can't continue anymore
     
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  13. Patsy Faye

    Patsy Faye Veteran Member
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    I soon learnt I would have to check the yearly accounts, doing that, I saw 'double charges' for a single invoice
    They also rack up charges on maintenance work, they get a builder and they get their cut of the cost. Same with insurance that we pay for.
    There are lots of things Holly. But my advice would be to thoroughly check the intended place. Make sure the builder of the property and
    management are not the same. And - don't have a lodge manager if you can avoid it !
    I will pm you on a place that strives for our rights and they have a list of 'reputable' management companies and good properties
     
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  14. Babs Hunt

    Babs Hunt Veteran Member
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    IMG_0517.JPG IMG_0502.JPG IMG_0494.JPG IMG_2893.JPG IMG_0489.JPG IMG_0504.JPG IMG_1693.JPG

    This is our cozy Acadiana Cottage that has everything including a washer and dryer and a attic to store Christmas stuff, etc. Plus we have a wonderful big yard that we enjoy from our front porch. We pay $450. per month and pay our own utilities, etc. We are blessed with a wonderful Landlord who has already told us we can live out the rest of our lives here and he will never raise our rent. :) This home is prayer answered for us and we love it.
     
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  15. Babs Hunt

    Babs Hunt Veteran Member
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    I'm really sorry @Patsy Faye that you are having such a terrible stressful problem where you live. And I pray that you will be able to find a solution so you can live in peace and happiness soon.
     
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  16. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    We have rented apts. and also bought a house back in 2004. Our biggest problem with living in an apartment was the upstairs neighbor/neighbors, of which we don't have any now. "Noisy, noisy, noisy" is all we can say. We politely talked to one tenant who (somewhat) politely told us, "you don't like it, move!" Where we live now, and have lived since January 2009, is called a "bungaloo" type apartment. Basically, it's a one-story and attached to the one end of the building. Nobody lives above us. We love it. There are only four of these "bungaloo's" in the complex and a Waiting List to get each one. We live straight across a small parking lot from the Rental Office.

    Funny, when we moved from an apartment to a house, while living in Colorado, we thought we'd lost the "noise" problem..........absolutely wrong! Next door neighbors had two dogs that loved to bark at night. Actually, the husband worked Security at night for the school district and his wife was suppose to put the dogs in the garage when nighttime fell. Obviously she didn't do that. We had a polite talk with him and he assured us that the dogs would be put in the garage at night. They were after that talk.

    Wife would love to buy another house, but that just isn't going to happen. We found out that to get a VA Home Loan (thru a bank), the bank requires a person to be on a job for at least 5 years, of which when my wife leaves her job to move, won't happen. And, on top of that, we don't want to use up all of our Savings for an "inspection before buying", down-payment and possible closing costs. It's nice to own a house, that is, one that is totally paid for.........no more mortgage payments. But, then again, that would mean that a person would've had to either live or rent-out that house for some 30 years. Some of my high school class mates did just that (bought/lived in) their house for that many years and now actually own it. There are good and bad points about both renting and having a house. Unfortunately, money is a major part of living in a "mortgage" or even "owned" home, unlike renting.

    BTW, we do, and it is required here, to have insurance on our apartment.
     
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  17. Holly Saunders

    Holly Saunders Veteran Member
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    OMG $450 ??? per month ??? ...wow, wow,...you couldn't get a garden shed for that here.... Does your landlord rent out holiday rentals per chance?...I\d love to come out and pay for a little cottage like that for a vacation :D
     
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  18. Babs Hunt

    Babs Hunt Veteran Member
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    Rental insurance even if mandatory is a lot cheaper than the kind of insurance you have to have on a home you are buying. :)

    Our home is not an apartment complex either. It is a unit of 4 Acadiana Cottages, two in the front and two in the back. Evidently the fire walls between them are very thick and soundproof for we seldom hear any noise from any of our neighbors unless they are outside doing something.
     
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  19. Holly Saunders

    Holly Saunders Veteran Member
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    I agree with you @Cody Fousnaugh ...I once lived in an aprtment for a very shiort time in naval married quarters..OMG!! the noise I could hear everything...and I mean everything...I would never choose to live in an apartment again unless it was sound proofed..


    I have friends who live in a second floor apartment in my road...and even though they have concrete floors, and thick carpeting, they always walk around with slippers on because the downstairs neighbours complain...and they only put their washing machine on once a week because of the complaining from the neighbour about the noise... and in the evening they have to wear headphones to listen to the tv, so as not to upset the neighbour.....OH...no !!I couldn't live like that. I feel absolutely sorry for those who have no choice!!
     
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    Last edited: Apr 22, 2017
  20. Babs Hunt

    Babs Hunt Veteran Member
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    No, he doesn't Holly and I'm kind of glad of that since we might have some problems with "tourists" if he did that. :) You could always rent of those cottages we were going to get for Christmas though in the Holiday section of the Forum and I'm sure the Owners would offer you a good deal on them too. :)
     
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  21. Babs Hunt

    Babs Hunt Veteran Member
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    I always wanted an Acadiana Cottage and our prayers were answers with this one for sure. I can still remember when I saw the ad in the paper and told the Landlord I would meet him there. When I saw the outside with the porch I didn't even have to see the inside...I knew it was going to be our home. And when I did see the inside I asked the Landlord if I could make him a check for a year's rent. He asked me if I wanted to show my husband first and I told him no that this was home and I was sure of that for both of us. :)
     
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  22. Patsy Faye

    Patsy Faye Veteran Member
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    @Holly Saunders - the organisation I told you about are trying to get 'leaseholds' stopped
    Our company sold our leasehold without telling us ! I found out
    They make big bucks by doing this
    And, talking of sound and noise - we thought as this was a new build at the time, that we would have
    good sound proofing - far from it. So, if you go down that road, you need to check with other residents
    that it 'is good' !
     
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  23. Holly Saunders

    Holly Saunders Veteran Member
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    Like I said to you @Patsy Faye I would never buy a leasehold property ..once bitten twice shy...we were glad to get rid of the one and only leasehold we bought years ago very quickly..that was a new build as well... but other than that your advice is a good one.. :)
     
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  24. Ina I. Wonder

    Ina I. Wonder Very Well-Known Member
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    When we were raising our family, we too preferred to rent. That allowed us to move to wherever the prices fit whatever our income might be at the time.

    My hubby was the most reliable and standup person I ever met, but the man just couldn't count. If I told him he had $10 to eat for three days, (just an example), he would spend $9.99 on the first meal, and then wonder about the rest.

    I too had a problem with the idea of purchasing a home for all the reason that all of you mentioned. With my medical bills, the many unforeseen cost of raising 5 children, and the uncertainty of employment, I wasn't about to let us get wound up in the long term obligations entailed in a mortgage. So until I was running a company that I felt gave us some financial security, we stuck with rentals.

    When we decided it was time to own a home Michael had visions of grandeur. Poor fella, his face was priceless :eek: when I showed him an old log cabin on 2/3rds of an acre, built way back in the 1870's. On top of that it hadn't been lived in, except for the critters, for well over 20 years. But I talked the owner into financing the place at 4.25 APR, and the notes were only $350 a month. We paid our home off in 9 years by doubling and sometimes tripling the monthly payments.

    Now I set aside $500 a month to pay for the insurance and taxes, and with my grandson, Bobert, living with me my maintenance costs are few. :p
     
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    Last edited: Apr 22, 2017
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  25. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
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    :( wow 10 times that amount..to rent? Geez...
     
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