House vs. Renting Perspectives

So many people have to sacrifice so much to own a home on Long Island. The extent to what people sacrifice varies and some do not sacrifice at all.

If having to choose between the following options, what would you choose?

1) OWN a house and sacrifice lifestyle greatly (no more vacations, dining out, spending money unnecessarily, etc.) Some would call this "House Married"

2) RENT in order to keep a comfortable, flexible lifestyle, even it means you do not OWN a house and might not be able to save much.

3) Live with family so that you can save until you can afford to buy a house and live comfortably, even if that may take some time.



TIA!

Re: House vs. Renting Perspectives

we rent.

we *could* buy a house, but it would be just as you described- sacrificing everything, counting every penny....
its just not something that we want to deal with right now (especially when you add in the time for maintanence, etc). We'll have to live on a stricter budget once we have kids, so right now, we want to enjoy being able to do those little things.
in 2 years, we'llbe able to buy a house more comfortabley (assuming prices dont go up 50% a year again )... so we're waiting until then.


BUT, i would definitely consider option 3 (moving in my my ILs) if the option were presented, as a way to savemore $$$. I'm barely home with work and school, and they like to have their space as much as we do ours, so i wouldnt really have any reservations about that.

Re: House vs. Renting Perspectives

Well, we're renting right now, although we hope to start house-hunting w/in the year. We live in a nice apartment in a 2-family house and have very nice landlords.

If we were in miserable conditions, we'd be hurrying to find a house just to get out, but we're ok for now.

We would NEVER live with family!!!

Re: House vs. Renting Perspectives

Choice #3

ultimately i think owning is very important to me...

And if i could live in a parents home and save, i would

Message edited 7/1/2006 7:00:31 PM.

Re: House vs. Renting Perspectives

If Either my mom or DH's mom had a house..our azzes would be there SAVING money in a heartbeat.

We rent and we go back and forth with the house thing all the time, but right now its on hold...we will continue to rent.

Re: House vs. Renting Perspectives

I guess for me #3 applies. Since my father passed away we decided we will buy a M/D house with my mom this way she can help us with expenses and she won't have to live alone.

Re: House vs. Renting Perspectives

we rent right now- we could buy a house and be fine- but we are waiting to see what the market does b/c we don't plan on staying here longer then 5 years

Re: House vs. Renting Perspectives

I would rent first, try to save as much as you could and then buy a house.

there are loans and incentives for first time buyers.

Re: House vs. Renting Perspectives

Option #3 is what we're doing right now. We've actually never rented though, we bought a co-op right before we got married and sold it about 2 years later. We're planning to use the profit from that sale to buy a house.

Personally, having a home is important to both of us, so we're willing to sacrifice to do it. If that means taking less vacations, or going out less, it's worth it to us.

Re: House vs. Renting Perspectives

We are close to option 2) RENT in order to keep a comfortable, flexible lifestyle, even it means you do not OWN a house and might not be able to save much.

But we are able to save enough for our peace of mind. We could put that savings towards a mortgage, but it would be too tight for comfort. There would be nothing left to save after bills, and I am not comfortable living like that. I would never be able to sleep.

Re: House vs. Renting Perspectives

I am #2, we went back and forth on #3 for awhile but figured that would be stress with a baby...

we made the conscious decision to have a baby while still renting, not make an effort to buy and then slowly save to buy in the next 1-2 years. My cousin just bought a house in East Rockaway and is completely house-poor and unable to have a baby anytime soon.

Daycare is almost a freakin' mortgage payment in itself. Besides, I am not buying in Long Beach, DH LOVES LB, and letting him stay a couple of extra years will hopefully get it out of his system.

I NEED PARKING!