Therefore, I'm embracing the things that are great about being a renter and thought I might write some of them down. Now, this isn't an attack on home ownership or home owners; it's something I look forward to. When I'm ready. But renting is pretty awesome too. Here are some of the things that I love about it:
- The ability to pick up our lives and move. Not that we would or anything. Minneapolis is pretty great. But we could if we wanted to without taking a huge financial hit.
- Never having to mow a lawn, shovel a sidewalk, remove leaves from a gutter or deal with a basement flood. There's a lot to be said for those sorts of things not being your problem. Hell, I felt like a burden was lifted when we no longer had to deal with maintenance on a second car, and houses are a lot more work than that.
- Having cash on hand. Not that we'd spend it or anything (remember that overly cautious nature?), but, like picking up and moving, we could spend our money on something else. Or, if there were some sort of emergency, all of our cash wouldn't be tied up in a house that may or may not be able to be sold.
- Not having to deal with interior decorating. Now, I know this is a big reason that people love owning, the ability to make the place you live your own, but doing that is also very stressful. And expensive. Not being expected to have a wall color that matches my personality, to me, is a little less (self-imposed) pressure in life.
- Predictable living expenses. Rent is hands down our biggest monthly expense, and it gives me peace of mind that the amount it's going to cost to keep a roof over our heads is going to be the exact same amount every month, regardless of whether or not the hot water heater explodes.
- Living in a great old building. Our apartment is 100 years old. I love it. It's full of charm and built-in storage. The walls also may or may not be full of bats. The building is wonderful, but if I was in the market to buy, we wouldn't be buying a house this old. The challenge of the upkeep (especially since neither of us is particularly handy) just seems a little too daunting.
- Staying out of the suburbs. We have every intention of, when we buy, staying in the city, but I get nervous that the "so much more for your money" lure might call us away. That terrifies me. Probably irrationally. But buying a house just feels so long term that choosing a physical location we don't like could turn into a big, hairy mess.
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Aside from being able to pick up and move whenever, which really isn't feasible unless you're on a month-to-month lease, everything you mention is possible even if you own.
ReplyDeletePossible? Yes. What would actually happen if we bought in 2012? Not as likely.
ReplyDeleteI'm in the same renting boat as you! The idea of owning the house we're in sounds great, except I'm scared something's going to explode, break and or fall down and I really don't want to have to pay for that. So, we'll just rent there forever.
ReplyDeleteBuying a house was the greatest financial mistake I (and quite a few other people) have ever made, though hindsight is 20/20 and, to be fair, it made a bit more sense at the time.
ReplyDeleteLike Bill said, all the stuff you mentioned is possible when owning, but it's definitely easier when you rent. In particular, your second point would require living somewhere with an association, which creates its own set of issues.
Honestly, you have pretty much have all the time in the world when it comes to deciding when to buy a house. With a few exceptions, prices aren't going up anytime in the next several years, if not decade. I know a number of people in their 30's who rent for a variety of reasons, so your age should never be a factor either.
Yeah, i wouldn't be in a hurry these days. Taking your time to save and decide later isn't a bad thing. Though I would point out that if you can get enough equity into your home and still have extra cash for other things, you can lock into a 30 year loan at a pretty good rate right now. That never changes as long as you stay there. That's pretty predictable over the long haul.
ReplyDeleteBuying a home has never been for everybody but it does seem pre-crash that a lot of people got into it that probably never should have.
I know this is about renting, but another great thing about buying is that since home prices are constantly going up, you can always sell for more than you paid, or refinance and take some cash out to buy a car or take a trip or something. That's a really great luxury that I hope never goes away.
ReplyDeleteThat "luxury" HAS gone away, and then some.
DeleteEmily, why are you attacking me and my lifestyle?
ReplyDeleteJust kidding. I agree completely, especially 1 and 2. I'm a fan of home ownership because I enjoy renovation as a hobby. I'm definitely not convinced that it's a good financial move (although, with prices and rates as they are right now, if it's ever been a good financial move, it's now).
However, the peace of mind of knowing that you're not liable for damage from exploding things would be wonderful.
Re: point #7. You can get the "so much more" and still stay in the city by buying a home in North or Northeast Minneapolis. :-)
ReplyDeleteHaha I am a fan of renting, though sometimes its annoying when I end up doing all the homeownership work myself, with none of the benefits (calling the electrician when something is broken, stuff like that). BUT on the flip side, at least when you own a home you can actually get shit fixed when you want, instead of dealing with a leaky fridge forever.
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