Renting is not better than buying

[cashman]

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to be constantly vigilant about what I do with the house, such as hanging pictures, window coverings, painting over outdated wallpaper (which is not allowed), etc.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.

[citydweller]

In my opinion, buying at the wrong time is much worse than renting at the wrong time.

If you’re going to buy, make sure it’s the right time!

[citydweller]

In my opinion, buying at the wrong time is much worse than renting at the wrong time.

If you’re going to buy, make sure it’s the right time!

[citydweller]

In my opinion, buying at the wrong time is much worse than renting at the wrong time.

If you’re going to buy, make sure it’s the right time!

[citydweller]

In my opinion, buying at the wrong time is much worse than renting at the wrong time.

If you’re going to buy, make sure it’s the right time!

[citydweller]

In my opinion, buying at the wrong time is much worse than renting at the wrong time.

If you’re going to buy, make sure it’s the right time!

[Fearful]

renting sucks … there’s more to life than money

Every time I think how I could eliminate one more variable from my life by owning, I remind myself that I could reduce my eviction risk by buying a longer lease. I could also prepay the rent.

You have complained bitterly in the past about the miseries of renting, and there were if I recall correctly some good discussions about your situation. Take some of that cash you have sitting in the bank and use it to rent a phat house with the awesome home theater installed … or install the home theater, and if you have to eat the installation cost in a couple of years, well, that’s what you have a pile of cash for, right?

Funny how our approaches are so different. I too am sitting on a large pile of cash, yet I would not dream of buying a house until I am confident it is not going to cost me dearly to do so.

You cite a $100K cumulative gap between renting and owning; I will bet that gap is widening, not narrowing, as property values decline. By the time all is said and done I will bet your gap will be half a million. Not bad for enduring the miseries of renting.

I feel sorry for the owner of the house I am renting. Poor bastard is losing $1,400 a month cash flow, not to mention depreciation of several thousand dollars a month.

I would love it if this whole mess were over and I could buy a house. But it ain’t, and this is the situation, and may as well make the best of it, eh?

[Fearful]

renting sucks … there’s more to life than money

Every time I think how I could eliminate one more variable from my life by owning, I remind myself that I could reduce my eviction risk by buying a longer lease. I could also prepay the rent.

You have complained bitterly in the past about the miseries of renting, and there were if I recall correctly some good discussions about your situation. Take some of that cash you have sitting in the bank and use it to rent a phat house with the awesome home theater installed … or install the home theater, and if you have to eat the installation cost in a couple of years, well, that’s what you have a pile of cash for, right?

Funny how our approaches are so different. I too am sitting on a large pile of cash, yet I would not dream of buying a house until I am confident it is not going to cost me dearly to do so.

You cite a $100K cumulative gap between renting and owning; I will bet that gap is widening, not narrowing, as property values decline. By the time all is said and done I will bet your gap will be half a million. Not bad for enduring the miseries of renting.

I feel sorry for the owner of the house I am renting. Poor bastard is losing $1,400 a month cash flow, not to mention depreciation of several thousand dollars a month.

I would love it if this whole mess were over and I could buy a house. But it ain’t, and this is the situation, and may as well make the best of it, eh?

[Fearful]

renting sucks … there’s more to life than money

Every time I think how I could eliminate one more variable from my life by owning, I remind myself that I could reduce my eviction risk by buying a longer lease. I could also prepay the rent.

You have complained bitterly in the past about the miseries of renting, and there were if I recall correctly some good discussions about your situation. Take some of that cash you have sitting in the bank and use it to rent a phat house with the awesome home theater installed … or install the home theater, and if you have to eat the installation cost in a couple of years, well, that’s what you have a pile of cash for, right?

Funny how our approaches are so different. I too am sitting on a large pile of cash, yet I would not dream of buying a house until I am confident it is not going to cost me dearly to do so.

You cite a $100K cumulative gap between renting and owning; I will bet that gap is widening, not narrowing, as property values decline. By the time all is said and done I will bet your gap will be half a million. Not bad for enduring the miseries of renting.

I feel sorry for the owner of the house I am renting. Poor bastard is losing $1,400 a month cash flow, not to mention depreciation of several thousand dollars a month.

I would love it if this whole mess were over and I could buy a house. But it ain’t, and this is the situation, and may as well make the best of it, eh?

[Fearful]

renting sucks … there’s more to life than money

Every time I think how I could eliminate one more variable from my life by owning, I remind myself that I could reduce my eviction risk by buying a longer lease. I could also prepay the rent.

You have complained bitterly in the past about the miseries of renting, and there were if I recall correctly some good discussions about your situation. Take some of that cash you have sitting in the bank and use it to rent a phat house with the awesome home theater installed … or install the home theater, and if you have to eat the installation cost in a couple of years, well, that’s what you have a pile of cash for, right?

Funny how our approaches are so different. I too am sitting on a large pile of cash, yet I would not dream of buying a house until I am confident it is not going to cost me dearly to do so.

You cite a $100K cumulative gap between renting and owning; I will bet that gap is widening, not narrowing, as property values decline. By the time all is said and done I will bet your gap will be half a million. Not bad for enduring the miseries of renting.

I feel sorry for the owner of the house I am renting. Poor bastard is losing $1,400 a month cash flow, not to mention depreciation of several thousand dollars a month.

I would love it if this whole mess were over and I could buy a house. But it ain’t, and this is the situation, and may as well make the best of it, eh?

[Fearful]

renting sucks … there’s more to life than money

Every time I think how I could eliminate one more variable from my life by owning, I remind myself that I could reduce my eviction risk by buying a longer lease. I could also prepay the rent.

You have complained bitterly in the past about the miseries of renting, and there were if I recall correctly some good discussions about your situation. Take some of that cash you have sitting in the bank and use it to rent a phat house with the awesome home theater installed … or install the home theater, and if you have to eat the installation cost in a couple of years, well, that’s what you have a pile of cash for, right?

Funny how our approaches are so different. I too am sitting on a large pile of cash, yet I would not dream of buying a house until I am confident it is not going to cost me dearly to do so.

You cite a $100K cumulative gap between renting and owning; I will bet that gap is widening, not narrowing, as property values decline. By the time all is said and done I will bet your gap will be half a million. Not bad for enduring the miseries of renting.

I feel sorry for the owner of the house I am renting. Poor bastard is losing $1,400 a month cash flow, not to mention depreciation of several thousand dollars a month.

I would love it if this whole mess were over and I could buy a house. But it ain’t, and this is the situation, and may as well make the best of it, eh?

[sdcellar]

You know, I never get the can’t hang pictures, paint, plant things, put up curtains, or do anything to my rental comments.

Maybe it’s just me, but I just got done drilling 6 huge holes and 4 small ones in my (landlord’s) wall so I could install a swell LCD TV. I hang pictures of my family and art that I like.

Own it or rent it, I’m probably going to end up cleaning up the “damage” after I leave. At least I always have so far. On the house I sold, I had a couple of days of work based on what the buyers requested and I wouldn’t leave to the next owner even if they didn’t ask.

On the house I rented, it was a couple of hours, tops. Spackle and paint just ain’t that hard. Heck, I’d even painted a room and asked the owner if he wanted me to put it back to white. Instead, he said his wife liked the color and wondered if I could paint a few other rooms too–I told him the paint color.

Don’t get me wrong, I love the idea of owning my own place again so I can truly do whatever I want. Tear out bathrooms and kitchens; piss away thousands and thousands of dollars–and love every minute of it. But it’s going to be a place that I love and I’m not going to get ripped off for it.

Million dollar tract homes, $700K fixers, give me a frickin’ break. I’ll continue to live in “terror” of my landlord for just a bit longer… and, oh yeah, in the best area I have ever lived since moving to San Diego.

[sdcellar]

You know, I never get the can’t hang pictures, paint, plant things, put up curtains, or do anything to my rental comments.

Maybe it’s just me, but I just got done drilling 6 huge holes and 4 small ones in my (landlord’s) wall so I could install a swell LCD TV. I hang pictures of my family and art that I like.

Own it or rent it, I’m probably going to end up cleaning up the “damage” after I leave. At least I always have so far. On the house I sold, I had a couple of days of work based on what the buyers requested and I wouldn’t leave to the next owner even if they didn’t ask.

On the house I rented, it was a couple of hours, tops. Spackle and paint just ain’t that hard. Heck, I’d even painted a room and asked the owner if he wanted me to put it back to white. Instead, he said his wife liked the color and wondered if I could paint a few other rooms too–I told him the paint color.

Don’t get me wrong, I love the idea of owning my own place again so I can truly do whatever I want. Tear out bathrooms and kitchens; piss away thousands and thousands of dollars–and love every minute of it. But it’s going to be a place that I love and I’m not going to get ripped off for it.

Million dollar tract homes, $700K fixers, give me a frickin’ break. I’ll continue to live in “terror” of my landlord for just a bit longer… and, oh yeah, in the best area I have ever lived since moving to San Diego.

[sdcellar]

You know, I never get the can’t hang pictures, paint, plant things, put up curtains, or do anything to my rental comments.

Maybe it’s just me, but I just got done drilling 6 huge holes and 4 small ones in my (landlord’s) wall so I could install a swell LCD TV. I hang pictures of my family and art that I like.

Own it or rent it, I’m probably going to end up cleaning up the “damage” after I leave. At least I always have so far. On the house I sold, I had a couple of days of work based on what the buyers requested and I wouldn’t leave to the next owner even if they didn’t ask.

On the house I rented, it was a couple of hours, tops. Spackle and paint just ain’t that hard. Heck, I’d even painted a room and asked the owner if he wanted me to put it back to white. Instead, he said his wife liked the color and wondered if I could paint a few other rooms too–I told him the paint color.

Don’t get me wrong, I love the idea of owning my own place again so I can truly do whatever I want. Tear out bathrooms and kitchens; piss away thousands and thousands of dollars–and love every minute of it. But it’s going to be a place that I love and I’m not going to get ripped off for it.

Million dollar tract homes, $700K fixers, give me a frickin’ break. I’ll continue to live in “terror” of my landlord for just a bit longer… and, oh yeah, in the best area I have ever lived since moving to San Diego.

[sdcellar]

You know, I never get the can’t hang pictures, paint, plant things, put up curtains, or do anything to my rental comments.

Maybe it’s just me, but I just got done drilling 6 huge holes and 4 small ones in my (landlord’s) wall so I could install a swell LCD TV. I hang pictures of my family and art that I like.

Own it or rent it, I’m probably going to end up cleaning up the “damage” after I leave. At least I always have so far. On the house I sold, I had a couple of days of work based on what the buyers requested and I wouldn’t leave to the next owner even if they didn’t ask.

On the house I rented, it was a couple of hours, tops. Spackle and paint just ain’t that hard. Heck, I’d even painted a room and asked the owner if he wanted me to put it back to white. Instead, he said his wife liked the color and wondered if I could paint a few other rooms too–I told him the paint color.

Don’t get me wrong, I love the idea of owning my own place again so I can truly do whatever I want. Tear out bathrooms and kitchens; piss away thousands and thousands of dollars–and love every minute of it. But it’s going to be a place that I love and I’m not going to get ripped off for it.

Million dollar tract homes, $700K fixers, give me a frickin’ break. I’ll continue to live in “terror” of my landlord for just a bit longer… and, oh yeah, in the best area I have ever lived since moving to San Diego.

[Author]

Posts