1. AvatarMatt @ RamblingFever Money says

    I don’t think of rent as “throwing your money away.” Home ownership advocates will often argue that you can get a decent house for the exact same monthly payment as your rent. What they don’t factor into that payment is taxes, insurance, ALL utility bills (water/sewer, gas, electric, cable, phone, trash) and of course home improvements and repairs. After you factor in ALL of that, I would dare say that owning a home costs nearly double that of typical rent in the same area. Oh yeah, and as you mentioned, you have to factor in TIME as well. It takes a lot of time to properly upkeep a house, and time is money!

    • Avataradmin says

      Owning a home does cost a lot compared to rent. At least some of it does go into a “forced savings” situation. I am sure that there are some individuals who would do just find renting and investing the difference.

  2. AvatarTeresa @ A Game of Balance says

    I’m so glad to hear someone else say this out loud. I’m a single mom, a grad student and a part time teacher, and have absolutely zero desire to take on the responsibilities you mentioned that go with ownership. More specifically though, not only do I not want to fix things but I also don’t want to mow a lawn and shovel show. I am in the process of moving and am looking for an apartment this time because I simply don’t think a yard and snow are important enough to take time away from the other things in my life. Maybe someday when I find a husband if he wants to shovel and mow enough to promise that I will never have to do it then I could be talked back into a house, but until then I’m happy with a small apartment, taking my son to the park, and not needing to worry about getting stuck in my driveway at 6 a.m. on my way to work during Ohio winters.

    • Avataradmin says

      I rented for a long time myself when I was busy and in school. It sounds like renting is the answer for you.

  3. AvatarCrystal says

    If you have a mortgage, you don’t own your home, it owns you. And as Matt points out in his comment, costs other than the mortgage coupled with time for upkeep can make renting pretty attractive.

  4. Avatar[email protected] says

    Well, lets say that mortgage means co-ownership. After that all depends on who owns the bigger share – if it is you fine; if it is the bank not good. Houses are one of the relatively acceptable ways at the moment to ‘store labour’ though.

  5. Avatar[email protected] says

    I’ve got the opposite view – to rent my house would cost three times the mortgage amount (and I plan on clearing down the mortgage PDQ)

    But then I am pretty handy and do maintenance and so on for myself.

    My garden is for veggies and my front door is MINE – priceless security for me and two little boys.

    Horses for courses you see

  6. AvatarCentsableOne says

    I rented for a long time, but when it was right for me, I bought. Whether you rent of buy will depend on the cost of living in your location and your personal circumstances.

    I’ve heard the rent is throwing your money away argument so many times. But really paying interest on a mortgage is exactly the same thing. And these days you aren’t guaranteed that your house will go up in value…

  7. AvatarMoneySmartGuides says

    Glad to hear your reasons for not buying a house. When you are ready, you will, but you realize that right not, it isn’t in the cards for you and that is perfectly fine.

  8. AvatarDrew @ says

    Being a 25 year old homeowner (that received $8,000 to purchase a home), I can completely relate to why you may want to avoid a home.

    It is a lot of work, but if you are smart, you can usually come out slightly ahead.

    That being said, you do lose your mobility for jobs (which is worth a lot of money to most).

    Honestly don’t rush into buying a home… with interest rates poise to rise, it could get ugly.