Do you own or rent your home?

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    Jul 28, 2008 2:30 AM GMT
    If you rent, do you intend to buy, or would you rather continue to rent? Are you home owners happy with your home, or are you using it as a stepping stone to something better? Did you, or do you do a lot of your own work on your home? I'm from a family of single family home builders, and I'm on my 13th building project, so this has always been an interesting subject to me.
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    Jul 28, 2008 1:17 PM GMT
    The last two homes I have owned outright, no mortgage. This is the way to go but it takes a while to build up to it. I always remodeled my homes and did most of the work myself or with a partner. My most extensive remodel was in San Francisco. I ripped the whole inside of the house out (which was a lot of fun, how I do love to tear things down and finish looking like a plaster dust fairy) and put in everything new. I only hired out some of the electrical work. Oh, btw, I did this in the evenings and weekends while working a full time job. It played havoc with my love life.
  • UncleverName

    Posts: 741

    Jul 28, 2008 1:35 PM GMT
    We still rent, but that's mainly because the cost to buy here in Vancouver is so astronomically high. With a 40 year mortgage, and nothing down, we could buy, but we'd still be paying an extra 1000 a month. We put that money towards saving instead. I'm pretty sure the market isn't going any higher for awhile here, so we might buy if it cools down a lot.
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    Jul 28, 2008 1:51 PM GMT
    If you rent, do you intend to buy, or would you rather continue to rent?
    Bought my home (540 sq.ft. beach cottage) four years out of graduate school. Made accelerated payments over 9 years to hasten owning it free and clear. Then remodeled it to 2.5 stories (TRW: 1700 sq.ft). Part of original footings retained, part of floor retained, studing for one wall retained (to qualify as a remodel); remainder is all new.

    Are you home owners happy with your home, or are you using it as a stepping stone to something better?
    Yes, I'm happy with it (although the 34' height makes cleaning, restaining, reroofing etc. a bit of a pain).

    Did you, or do you do a lot of your own work on your home?
    I did the design, assisted in pouring the foundation, framing, dry wall, and siding. Did the insulation, staining the exterior, roofing, and low voltage wiring (set up for computer control). Hired out plumbing and high voltage portion of the electrical. Have done all the maintenance (reroof, restain, etc.) except for a critical plumbing leak.

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    Jul 28, 2008 2:00 PM GMT
    i bought my condo back in december 2003... 30 yr fixed and i put in a small amount extra every month to help wittle down that mortgage principal. My unit was pretty much move-in ready ('cept for some painting) and i have no intention on moving out but i do plan on updating the kitchen soon.
  • HndsmKansan

    Posts: 16311

    Jul 28, 2008 3:04 PM GMT
    I own my own home... and its an absolute requirement from the standpoint of a tax shelter (I'm self employed).

    If you can buy a home, a single individual really should, because of the tax implications, if nothing else. I had a home built 3.5 years ago. I really love it.

    icon_biggrin.gif
  • DiverScience

    Posts: 1426

    Jul 28, 2008 3:08 PM GMT
    I rent.

    I will own someday, when I have a real job. I want a place that's mine, that I can modify and decorate, a place I can have a garden, a dog, and someday a kid. Maybe some ducks.
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    Jul 28, 2008 3:22 PM GMT
    I own my own place. Small, but comfortable. Cheap, since it is public housing, rather than a private condo. Still, at least it is a roof over my head, and I have paid up for it. icon_smile.gif
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    Jul 28, 2008 3:26 PM GMT
    I rent and intend to buy wherever I do residency in 2010. Hopefully this house market mess clears up by then.
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    Jul 28, 2008 3:28 PM GMT
    I totally believe in home ownership. What better tax shelter / equity builder? I'm on house six. I'm very happy with it, but I can't imagine this being my last home.



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    Jul 28, 2008 3:36 PM GMT
    Bought my first apt in 2001. Total fixer upper 1 bed/1 bath in great nyc neighborhood. Gutted it completely and redid from scratch. Sold it in Nov 2007. Renting at the moment and waiting to see how things unfold. I would like a 2 bed / 2 bath for my next apt. Besides it being a tax shelter, its one of the few investments that you can leverage.
  • Regina_Guy

    Posts: 406

    Jul 28, 2008 3:37 PM GMT
    We've owned our own home 6 years ago, and recently bought a revenue property. We plan to buy another couple revenue properties in the upcoming years. Great way to build up retirement fund!
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    Jul 28, 2008 4:31 PM GMT
    My parents own our home.
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    Jul 28, 2008 4:33 PM GMT
    I bought my place in 1986, a 1917 Arts and Crafts Bungalow that was a mess, and have fixed it up. It's my home, so my goal is not to turn it over, obviously.

    I did a lot with my own sweat, but a massive redesign of the kitchen and bathrooms, plus some of the landscape work was done by designers/contractors.

    I'd do it again in a second.

    http://www.hewnandhammered.com/hewn_and_hammered/2006/06/the_east_bay_bu.html


    http://www.rejuvenation.com/catalog/customers/settingdisplay.html?setting_id=214&category=dining
  • ShawnTX

    Posts: 2484

    Jul 28, 2008 4:46 PM GMT
    Very nice fastprof.

    I rent, and I have no intentions of buying a house anytime soon, although the market here in Houston makes it very tempting.
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    Jul 28, 2008 4:55 PM GMT
    don't own my home yet, but am considering buying my brother's from him which he built a few years ago. Very nice..on 100 acres of rolling treed hills and pond.
    4 bed/3.75 bath, all brick, walk out basement with 10 ft. ceilings in basement, huge deck and big front porch, 10-14 ft.ceilings throughout the rest of the house, large open spaces, 2 very large oversized fireplaces (up and down) with one of them a very large 3 sided fireplace, lots of windows and large-windowed walls, a few miles from a nice big lake, huge island kitchen, big rooms, several bay windows, large bathrooms,..awesome master suite with mamouth jaccuzzi tub in M.bath, separate office off entry with french doors, 2 wide staircases to downstairs - one formal from entry and one from garage/kitchen, inground sprinklers, all fescue grass, swimming pool, new heated horse barn with stalls...The list goes on...
    I probably should buy it, but then i think, "Do I really need allll this?"
    Just need to make up my mind I guess.
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    Jul 28, 2008 4:57 PM GMT
    If you rent, do you intend to buy, or would you rather continue to rent?
    I am in the 3rd house I've owned. I purchased it 5 years ago.

    Are you home owners happy with your home, or are you using it as a stepping stone to something better?
    I am happy with my home for many reasons: size, cost, and location. However, my partner and I have been talking about moving in together. But we would have to (a) decide on the city, and (b) buy a bigger house.

    Did you, or do you do a lot of your own work on your home?
    I've done very little to the house, other than some updating. I've put new blinds in the house, added french doors to the master bedroom, added new landscaping (including 30 tons of stone!), and updated the applicances. I only have a few odd jobs left to do, but I have to wait until the weather cools down.
  • CuriousJockAZ

    Posts: 19138

    Jul 28, 2008 5:03 PM GMT
    I bought a 3bed.2.5 bath 1700 sq ft condo and completely gutted it from floor to ceiling. I bought in 2004 just before the market soared and I am glad I did because that was a time when it was easy to buy, and I may not have been able to make the same purchase now.
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    Jul 28, 2008 5:03 PM GMT
    If you rent, do you intend to buy, or would you rather continue to rent?

    I do rent and want to own HOWEVER because I don't want to make SF my "home" as soon as I decide on where I want to settle THEN I will begin that buying process.

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    Jul 28, 2008 5:48 PM GMT
    I own my home. 3 bed, two bath sngle story on a big lot at the end of a cul de sac. I have remodeled most of the house myself. Currently trying to get bids for sod.
  • swimbikerun

    Posts: 2835

    Jul 28, 2008 6:10 PM GMT
    I currently rent.

    When people say they "own" their homes, I think most actually are still making payments, so in fact, these folks are not owners.
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    Jul 28, 2008 6:16 PM GMT
    Rent...SF is too costly to own. Once I get to a stable place in my life I'll own.
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    Jul 28, 2008 6:19 PM GMT
    Had a home until I turned gay and moved out! LOL The home formally assigned to me (well, according to the lending institution, it's still partly mine) was a real nice home purchased at the low and now worth much more in the great state of California. I however, now live in a very humble 2 bedroom apartment with no furniture. But I'm getting there, bought some pots and pans and I do have ONE chair in the living room. And all those tables, dining table, coffee table, end table.. they're all over rated, have a laptop and a lap, who needs more..... oh I am pitiful aren't I. Someday I'll be back in the big leagues, but for now.... I'm gay! LOL just kidding, damn don't come down on me for that one icon_smile.gif
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    Jul 28, 2008 6:21 PM GMT
    HighVoltageGuy saidRent...SF is too costly to own. Once I get to a stable place in my life I'll own.

    Man you have that right HVG, I don't think I could ever afford to buy in the City. Even rent there is really high. In the east bay it's not as bad.
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    Jul 28, 2008 7:15 PM GMT
    swimbikerun saidI currently rent.

    When people say they "own" their homes, I think most actually are still making payments, so in fact, these folks are not owners.


    If i buy my brothers house ( mentioned above ) I won't be making payments. Will just buy it outright/cash.