Although I am not defending Alex’s credentials, I would like to offer my two cents about renting. I sold my home in Nov. 2005 and profited nicely. I’ve been renting a substantially more modest home since, currently paying $2850 per month. Putting the financial aspects of today’s housing market aside, I have to say “renting sucks”. I have to be constantly vigilant about what I do with the house, such as hanging pictures, window coverings, painting over outdated wallpaper (which is not allowed), etc. I don’t dare install my wonderful home theater system which would require major drywall magic. There’s always the priorities of the owner lurking in the shadows, which could force me to move whenever he so desires. So to sum it up, as a renter, I’ve had to make many sacrifices and compromises which sometimes makes me wonder if the financial benefits are really worth it considering how short life is at my age (over 50). This much I can sympathize with Alex. I calculate I have spent approximately $73000 in my tenure as a renter, with no end in sight. True, I would have lost more than that had I kept my home, probably by more than $100K, but that number should stabilize and narrow the more years that I am a renter and as housing itself finds a bottom. In the end I’m sure I’ll have saved money, but not without sacrifice, no opportunity for that personal pride of ownership for all those years, and without question a diminished quality of life. The only thing that will be improved is the size of my bank account. Some wise person told me that there’s more to life than money. The older I get, and as the clock of life counts down, I’m inclined to give that idea more serious thought.
