Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

We currently "technically" own a 2-family house (DH's parents put it in his name a few years ago.) We moved in a year ago, we live upstairs, IL's live downstairs while their house Upstate is being built. We renovated everything (it wasn't painted or fixed since the 70's.) When IL's move Upstate, then we're converting it into a 1-Family.

I have panic attacks NOW whenever something needs repair (roof/windows/plumbing, etc.)

Ideally, owning a home w/out a mortgage is the BEST (b/c that money goes right to savings), but there's still a part of me, that wants a Luxury Condo, where I can just "call" someone to fix it all.

Verdict is still out.

Re: Is owning a house all it's cracked up to be?

When we first bought the house and realized how little you get for your $$ on LI i wold have said nooooooo way.

Now after getting used to some "perks", i cant imagine going back to renting(although a lot of these perks can be found while renting...)....My very own backyard, parking spot in my driveway, house alarm(i never felt safe without one), basement storage, washer/dryer, i can scream and yell and turn the tv as loud as i want and run around my house

My dog can bark in the house and poop in the yard(or vice versa lol), i can get my mail in my own mailbox, i can get a new dishwasher if i want( sore spot since we offerred to completely pay for new shower stall in our rental since it was so gross and landlord declined), you dont have to hear domestic violence next door or worry about a neighbor setting the complex on fire, your baby can run around and cry without the older couple complaining downstairs.....

....like i said you can find these things renting too but not necessarily on your own terms. So if you buy *within your $ means* it can be worth it although there are people that im sure would be happier renting and dont really mind going without all of the above.

Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

It's the bestband worst thing at the same time.

We have the luxury of knocking down walls and creating a third bedroom out of dd's massive bedroom. And we were able to do it at a very small cost tom us, thanks to many family members in construction and electricians.

But to heat and cool a house is expensive. Hell, just to pay the mortgage is tight some months. But we're getting there.

Re: Is owning a house all it's cracked up to be?

For us, yes. We moved from LI to Florida a few years ago and bought a townhome down here. Our mortgage, taxes and homeowners fees are LESS than our rent was for a tiny 1-bed apt on LI. It's insane and we are really happy we didn't buy over our means on LI (we almost did before we moved).

We also bought a foreclosure that was a completely blank slate... white walls, dirty carpet, no kitchen. We started from scratch, did everything ourselves and made it our own.

We were even thinking of putting it on the market recently but backed out b/c we are kinda attached.

Re: Is owning a house all it's cracked up to be?

For us, it is absolutely worth it. We never rented; we went right from living with my parents to owning a house. Therefore, I can't really compare renting and owning fairly since I never experienced renting.

We absolutely love having the freedom to do whatever we want with the house, having yard space to host parties in the warmer months, and having all of the space.

Eventually, we know we are going to need a bigger place, so we're glad that we have the flexibility to either expand on the house or to sell this house and buy another one. Of course, I know it's not that easy, but we bought a foreclosure for an incredibly low cost and we've fixed it up so much, so we have added value.

Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

i am iffy about this. I think people need to realize the financial burden a house is. Mortgage/taxes/insurance is given to you but what isn't given to you is all the rest of the bills and how much to fix things. I love having my house, love having my garden and getting cats and taking pride with having something but its at a cost.

We (hubby and I) only have a small income, our bills take up much of that income and are left with very little at the end. Its fine not taking vacations, we only go out to eat once a month if that, we can't afford to buy things brand new at times, we are on a tight budget but what I didn't' factor was we can't afford a child now. I can't afford daycare. I can't slash anywhere else unless I disconnect cable/phone/internet and get rid of my one cell phone. We are barely putting away anything in savings. So one thing to consider is if you can afford the house, plus the bills, plus the repairs and then factor in if your going to have kids. DON'T think you will get free childcare because in most instances it doesn't work out. Oh if you think well get a second job - well DH works massive OT and I have my own business on top of my day job. This is allowing us to catch up on bills that were stacked due to our first year of owning the house and having to fix things and unexpected medical stuff.

I think the american dream is dependent on your dream. Is it having a family? Is it owning a house? Is it going on vacations yearly? If you can have all that then yes your living the dream but if you can't have most of it then its a little bit like living in hell.

Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

privacy and your own little spot to do whatever you want is worth it all to me

Re: Is owning a house all it's cracked up to be?

I still rent...
I suppose we want to eventually buy.. I would think we're just about the ONLY people that have money for a DP saved and yet still rent.

Part of it is, I don't like anything we can afford. Another part is I just don't want to be bothered with it- the process, the looking, the moving, etc. We have a 3 bedroom 1 1/2 bath townhouse that we rent, and it's very affordable (way less than anything we could buy) so it isn't uncomfortable.

I also like when I have a leak- I call the landlord.. I don't have to "deal" with anything. I don't mow the lawn, etc etc.

I never see paying rent as wasting money- you gotta pay to live somewhere... and I'm able to put money away and live comfortably without having to kill myself working to pay for something I don't need.

Re: Is owning a house all it's cracked up to be?

I think it depends on your family, needs lifestyle and desires.

We have 1 kid and 3 dogs.

I did not live in a house until I was almost 20 yo. Living in luxury condos in the City with my parents. Then they bought a house in the burbs.

We are loud, we have a loud kid, we have loud dogs.

Yes, we need a house for the sake of the neighbors we would have upstairs and downstairs.

But make no mistake. A house is $hit load of work. Landscaping non stop (unless you pay a landscaper $1700 for the season to do it all.. weeding included). Or you do it yourself. Spending hours weeding your planting beds.

Then there is ALWAYS a project to be done in a house. Things that break. No landlord/super to fix it. Always some remodeling, stuff that breaks, leaks, etc...

yet, you get the yard, privacy, the BBQ parties, etc...

So yes, it's a love/hate relationship!

Re: Is owning a house all it's cracked up to be?

For me, it's definitely worth it. Three and a half years later, I still sit in my livingroom at night and am in awe that this is my own house. It's something I really never thought my husband and I could afford, but we saved and scrimped and eventually were able to buy a beautiful house for us and our two kids.
It's a lot of work and there are days where I look around at all the stuff we still need to do work on and feel sad that we can't get to it all at once, but honestly, there is no better feeling for me than knowing we own this house.

Re: Is owning a house all it's cracked up to be?

Same for me! Plus I love the idea that I can leave it to my kid(s) one day as part of an inheritance.

Re: Is owning a house all it's cracked up to be?

Yes owning a home is amazing. DH was 42 and I was 41 when we bought our first home.

After 20 years of renting, it was a big adjustment. However, we could never go back.

Yup - it's expensive, yes, it's time consuming, yes, things break constantly. BUT - it's ours. We can do what we like to it. We are anchored into the community. We get a much nicer income tax return too.

Wouldn't trade it for the world.

Re: Is owning a house all it's cracked up to be?

Nope, hate it.

ETA: guess I should clarify.

Don't like all the work involved. DH and I are so busy we don't have much spare time and like to spend that time as a family, not mowing the lawn etc. A landscaper would be a luxury we can't afford. Also, the houses in our price range at the time we bought were all POS fixer uppers. We did a lot of work on this house, and there is still forever more to be done.
The house is not big enough for our family, but we are stuck. When we bought, it was just DH and I. We thought we'd be in the house for 5 years or so and then be able to move up the property ladder.
Flash forward 4 years, a housing market crash, and 3 kids, and we are stuck in a house bursting at the seams.
So, I wish we had rented. Then we could trade up and not lose anything.

Message edited 7/29/2011 4:54:32 PM.

Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

Depends on when you ask me.

If you ask me when I am paying my bills, or listening to friends talk about their vacations, or when its pouring out and I am freaking out about getting a leak -- I would say maybe its not worth it.

But then I think about my DD, learning to ride her bike in the same driveway I did, my parents being able to stay in the house they bought in 1966, my DH mowing the same lawn I helped my dad mow years ago -- then YES, absolutely worth it!

Re: Is owning a house all it's cracked up to be?

I hate it. While I love having more space, I preferred living in apartments in the city. I feel like something always is breaking and always needs to be fixed and like a pp said, we are not handy so we need to get someone in to do so it never gets done.

When our kids are grown and done with school, we are moving back into the city into a condo in a full service building!

Re: Is owning a house all it's cracked up to be?

Re: Is owning a house all it's cracked up to be?

DH and I were just talking about this- we wish we'd gone the condo route instead sometimes. We'd still own, but have more space, nicer bathrooms (we did redo one bath and love it) and a nicer kitchen. And there would be SO much less yard work to contend with.

So owning- yes- house- not so much.

And some advice I guess- we were leery about the condo because we thought we'd have two kids and 3 BR condos are hard to find where we live (not on LI). We had no kids then, and after DD was born we decided to stick with one child. So it's good to be practical and plan but you may want to consider changes in plans as well.

Re: Is owning a house all it's cracked up to be?

I guess I'm the odd one here. I have absolutely no desire to own a home. It would just be more to clean and more work to do.

I'd much rather take vacations. Also people here don't really buy houses until they are older. There is no tax benefit and it's more expensive than renting. I think it would be super $$$$ here to own. For one, when you rent here, you're lucky you get an apartment with a KITCHEN and LIGHTS. That's right. I moved in and there were wires hanging from the ceiling. We had to pay for them to be installed. Luckily, we had a kitchen, but we had to pay an extra 400 Euro for the fridge. The previous tenant bought it and we paid the depreciated value for it. And we only RENT. I have a friend now that just moved into an apartment here and she has NO KITCHEN. She has to buy it on her own, and she rents. Based on that, I can only imagine how much it would cost to own.

I've changed countries a few times in the past ten years and I like that. I can't stay in one place for too long. I know a house would not be for me and DH.

Re: Is owning a house all it's cracked up to be?

This is interesting.

Right now, I am 3 years into a 30 year mortgage and quite often I find myself wishing I never bought it. Not that I do not love my home and not that I am not happy to have had the chance - its the constant worry. What if I lose my job? What if some breaks? What if I (or my wife) passes away? Its all on me and I carry the burden and since foreclosures is a hot topic in the news, the thoughts linger.

Its a double edge sword

Rent = Pay for somebody else's investment. Less risk on your end.

Buy = Pay for your investment. More risk.

The scales teeter. If I can go back, I am not sure what I would do. My wife, she wants to own. But me, I can "save" money by renting (more/same as has appreciation) and if anything happens, its much easier to downsize.