Comments on: Renting vs Buying: What’s the Right Choice?

By: Ryane

Ryane — Wed, 01 Apr 2009 00:30:28 +0000

I have terrible house envy. I really want to buy my own place…but I’m stubborn. I know where I want to live, and what I want to buy…and so, until I can afford both, I will probably keep renting. I had a great-aunt who rented her same apartment (at the Kennedy Warren) for over 30 years. When she died?? Over a quarter of a million dollars was found in her bank account. Apparently, some renters do make money!

By: Sagan

Sagan — Tue, 31 Mar 2009 20:36:09 +0000

It all depends what kind of life you want- I’m big on traveling and I have a fear of commitment, so right now renting suits me perfectly :D

By: LiLu

LiLu — Tue, 31 Mar 2009 19:53:47 +0000

If I could afford it (read: had a dollar to my name), I would totally wait for the market to bottom out and snap something up. Unfortch, it is not to be…

By: CeeCee

CeeCee — Tue, 31 Mar 2009 16:46:12 +0000

I’m in this boat right now. I live in the suburbs of NYC. Rent’s expensive. Owning is expensive. There’s no way around it. White Plains is optimal for me. Work, school, family and friends are all close. As well as metro-north to get into the city. And shopping in walking distance. My price range is about 1100-1500/ month. And that’s what rent goes for in the mid-range. But, so do co-ops. A 200K co-op withe 20% down will cost about the same per month (including maintenance/utilities). So, does it make sense to rent? Or spend the same amount monthly and *eventually* own?

By: David Jones

David Jones — Tue, 31 Mar 2009 08:56:28 +0000

For the next two years renting is the preferable option. Whilst property prices are nosediving, landlords will be desperate to hold on to their properties until the market recovers and they can only do this by renting them out. Rents can be negotiated downwards very easily at the moment

By: Stephanie

Stephanie — Tue, 31 Mar 2009 01:27:51 +0000

I bought a townhome 4 years ago and really believe that it was the best choice in the world…for me. I was a WINK at the time but now have a husband and a baby and would like to buy a house BUT because I am an owner not a renter. We can not just run out and take advantage of this “great” economic time for buying a home. I believe that ownership is definitely the way to go, especially financially, in the long run but renting also has its perks.

By: Melissa

Melissa — Mon, 30 Mar 2009 22:57:10 +0000

I actually did buy a house with a roommate and it went rather well, but I definitely think it’s a big step. Not quite as big as marriage, since you’re only legally linked by your mortgage, but still…big. My roommate and I had already lived together for years as renters, and neither of us had plans to marry within the next three or four years at least.

Just a few things to take into consideration for people going that route:

KNOW your co-owner. Like, you need to really know them well. Have you lived with them before? Can you stand their habits? Will you be sharing a bathroom? What are your schedules like? Once you’ve got this place, you’re stuck with it at least for a while unless you want to lose money on the whole thing. Also, are they financially responsible? It’s a bigger deal with a mortgage on the line.

Strongly consider buying as joint-tenants. It might sound messed up to say so, but if your co-owner dies, it would be nice for their stake of ownership to revert to you and not to be up for grabs from their family. Also, my roommate and I had both made sure that we had life insurance policies that would pay off our half of the mortgage if we kicked it.

Also consider having a written agreement about how expenses will be divided up. Utilities, repairs, maintenance, etc. Don’t forget things like lawn care if you pay for that. It is also helpful if you have a schedule of chores so nobody gets snitty with anybody else because they feel like they’re doing more.

Have an exit plan in case one of you needs to move, get married, or something else. You should have at least some vague idea of how the whole thing can be taken care of without any hurt feelings – can one roommate afford to buy out the other? If one of you leaves, would the other be content with letting their half to another roommate?

You should have all these things ironed out before you ever sign papers. It’s easy to get excited now, but unless you both plan to be each other’s platonic lifemates forever, this is a starter home and one or both of you will eventually leave. Try to plan to all the possible outcomes you can think of!

By: Chris

Chris — Mon, 30 Mar 2009 18:12:53 +0000

Right now, buying – especially since you have nothing to sell – is perfect. The rates and prices are low and in this area, that almost never happens.

By: Michelle

Michelle — Mon, 30 Mar 2009 17:41:01 +0000

both renting and buying have their own pros and cons.

i love my condo (even though i am selling) because I can paint and decorate to my hearts content.

By: Holly

Holly — Mon, 30 Mar 2009 17:16:17 +0000

I’m a WINK! lol. That’s hilarious.

I just bought a home last fall, but I live in a very affordable area (typical one-story/3 bedroom goes for around $140-150K). I was also able to live with my parents for a couple of years to save up money for my down payment. Also, my best friend lives with me and helps out with the mortgage. Had it not been for those 3 things, however, I’d be a renter – tried and true.

It’s been very rewarding, but in the 6 months I’ve lived in the house I’ve already had a new furnace, broken garbage disposal, and washer that sits in need of repair (and has for a couple months!). I guess the grass is greener….sometimes I’d love to call the landlord to fix things – oh yeah, and then there will be the lawn mowing this summer…. :-)