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Another good reasons to own is that when you own a home, no one can kick you out. When you rent, whether you live there next year is at the landlords discretion
by ericb 16y ago
Another good reasons to own is that when you own a home, no one can kick you out. When you rent, whether you live there next year is at the landlords discretion. A landlord may decide to sell next year, to renovate, to find tenants who never complain, to let their children live there, etc.
Also, fixed mortgages stay the same price, but rents rise.
- TamDenholm 16y agoI understand that your point probably is "as long as you pay your mortgage and taxes, no one can kick you out". I think the likelyhood of being kicked out in both instances is extremely low if you continue to pay your rent/mortgage.
- ericb 16y agoIn the 13 years that I rented, I was forced to move once because the landlord's kids were moving in, once because we had a baby and the apartment had lead paint, and once because the building was being renovated. My point wasn't merely theoretical.
- rahoulb 16y agolast year there were a number of stories in the UK press (not that that is necessarily an indicator of accuracy) about renters having a month's notice to move out as the landlord had defaulted on the mortgage (and not informed the tenants).
- gamble 16y agoThey were lucky not to live in the US! Since the foreclosure crisis began, a lot of people have found out their rental home was foreclosed when the sheriff showed up on their door to evict them.
- sixtofour 16y agoLeases expire, and owners' circumstances change.