3 ms·

I own because I like knowing I can modify my living space however I like. I took out a bedroom to make a home theater, could never do that renting. There are de

by lath 8y ago

I own because I like knowing I can modify my living space however I like. I took out a bedroom to make a home theater, could never do that renting. There are definitely advantages to home ownership psychologically that can’t be defined in a dollar figure. His main point though was that renting isn’t throwing money away. I say if renting is the better option for you then who cares?

stephen_g 8y ago
Yep - that was a huge deal for me (wanting workshop/garage space). Apart from that, renters rights can really vary around the world, in Australia it's pretty bad. Depending on the landlord, you can get fairly frequent inspections with as little as 24 hours notice, generally can't have pets, are often on a 6 or 12 month lease and can't always renew (if the landlord sells and the new owners don't want to keep you on... I much prefer owning, and my interest is $100 less per week than what the previous owners rented my place out for before I bought it. If the value of the house keeps up with inflation by the time I sell I'll be very happy. (We don't have capital gains tax on primary residences either, or land tax so that's nice).
Jessie_James 8y ago
An additional point to remember is that many, perhaps most, landlords will put as little money into their property as possible. After all, it's an investment, not a living space. As a renter, I had problem such as: * The roof was leaking, and the landlord patched it ... poorly. * The heat exchanger in the furnace was cracked and letting CO into the living space. He refused to fix it for over two weeks as I fought him. At the time I was young and did not know better, but this literally could have killed us. * Our microwave broke, and the landlord refused to repair it. I was not allowed to replace it. * Our water heater failed. It took our landlord over 3 weeks to replace it. We finally decided to move and were able to purchase a house for $235k that was literally twice the size for $200/mo less than we were paying in rent. We lived there for 7 years and sold it for $417k. I am pretty sure we could not have invested the $200/mo savings (about $17k) for 7 years and made close to $170k in profits.

by lath 8y ago

stephen_g 8y ago

Yep - that was a huge deal for me (wanting workshop/garage space). Apart from that, renters rights can really vary around the world, in Australia it's pretty bad. Depending on the landlord, you can get fairly frequent inspections with as little as 24 hours notice, generally can't have pets, are often on a 6 or 12 month lease and can't always renew (if the landlord sells and the new owners don't want to keep you on... I much prefer owning, and my interest is $100 less per week than what the previous owners rented my place out for before I bought it. If the value of the house keeps up with inflation by the time I sell I'll be very happy. (We don't have capital gains tax on primary residences either, or land tax so that's nice).

Jessie_James 8y ago

An additional point to remember is that many, perhaps most, landlords will put as little money into their property as possible. After all, it's an investment, not a living space. As a renter, I had problem such as: * The roof was leaking, and the landlord patched it ... poorly. * The heat exchanger in the furnace was cracked and letting CO into the living space. He refused to fix it for over two weeks as I fought him. At the time I was young and did not know better, but this literally could have killed us. * Our microwave broke, and the landlord refused to repair it. I was not allowed to replace it. * Our water heater failed. It took our landlord over 3 weeks to replace it. We finally decided to move and were able to purchase a house for $235k that was literally twice the size for $200/mo less than we were paying in rent. We lived there for 7 years and sold it for $417k. I am pretty sure we could not have invested the $200/mo savings (about $17k) for 7 years and made close to $170k in profits.