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Discussion » Questions » Home and Garden » What exactly are the advantages of "owning" a home?

What exactly are the advantages of "owning" a home?

Yes, I know the bank owns it for most of your life.

The only one I'm seeing right now is that you don't have to put up with apartment neighbors walking around. That is a big advantage because that drives me crazy.

Other than that, I don't know anymore.

Is it really an "investment"? 

I'm done.

Posted - January 5, 2017

Responses


  • 46117
    It is cheaper than renting if you have the right one.   At least you have the damned house when you are done paying up the yin yang.
      January 5, 2017 10:28 AM MST
    2

  • 3907
    Hello Mr.

    A home SHOULDN'T be subjects of a volatile marketplace.  But, they are.  So, in terms of MY city, owning a house right now would make you MORE than your job would..  As a result of that boom, Seattle is gonna DOUBLE the amount of rental units in the next couple years, and rents are predicted to fall by HALF.  That wouldn't be a good time to own a home.. 

    When do you sell?  I dunno.

    excon
      January 5, 2017 10:31 AM MST
    1

  • The fact that any money you put into it is money you are using to improve your own goods and equity.   Renting is just lining pockets of someone else.
    often times rent is the same or higher than mortgage ( well you still have to pay "rent" to Uncle Sam and the State or they take it away but that's another issue), difference is that you are paying to own something instead of just being allowed to stay.
    The biggest advantage?   You have control of your living space.    You do with it what you want, what color you want, what wall you want.   With renting you are bound to what the owner wants.  Not to mention you get a yard and some land to call your own.  You have abilities to change it and you have privacy that no renting can ever match.
      January 5, 2017 10:39 AM MST
    5

  • 2960
    That's true. I know my mortgage is cheaper than new 1 bedroom apartments right down the road. Of course it is the maintenance that is the killer.

    AARRRRGGGHHHH!!!!!!

      January 5, 2017 12:47 PM MST
    3

  • Your life sounds like a Tom Hanks and Shelly Long movie.

      January 5, 2017 12:54 PM MST
    0

  • 17364
    That's true but when you move you sell it and leave with some cash.  Renting is better in some cases but unless you are going to live somewhere for less than two years, it's almost always smarter to buy something.   You have to save a lot to get a reserve for repairs and then things get easier.  Good luck.


      January 5, 2017 5:19 PM MST
    1

  • I think some sensible and good answers here.. all make sense.. rent tends to cost more, especially over a long period of time.. it IS an investment as usually property goes up rather than down... once you have paid off the mortgage it IS yours.. and if you choose to sell you can make a profit...

    That said yea, it's a responsibility.. a drain on time and resources keeping it in good repair....
      January 5, 2017 12:16 PM MST
    0

  • 2960
    So true. Always waiting for the next emergency or repair to happen.
      January 5, 2017 12:48 PM MST
    1

  • 7919
    The benefits really vary depending on a person's needs and region. Depending on the economy and area, sometimes renting is cheaper. I have kids, so finding an apartment that would hold us all and our pets would cost more than the house does. 

    The bank doesn't always own the home for most of your life either. It depends on how much home you buy and its location. Tiny homes are becoming popular. You could have a decent tiny home built for $20k. Get a nice plot of land, solar, a well... you're done. Those are the rates out here, anyway. I bet it would be less expensive elsewhere. 

    And, if you can do a shorter term than 30 years, it doesn't always increase the monthly fees drastically. 

    I would lose my mind in an apartment. We need our space or we'd kill each other. If I had to move and the choice was an apartment or a plot of land with a trailer that would depreciate, I'd still pick the trailer.

    If I was just looking for a place for me to live, I might find an apartment or garden home community appealing- no yardwork, maintenance covered, etc. But, for where I am in life right now, those options wouldn't work at all.
      January 5, 2017 1:06 PM MST
    3

  • 7919
    I forgot to address the investment part. My home's value has gone up 60k in the past 2-3 years alone. More than 100k since I bought it 15 years ago. I'd say the investment potential is still there, but it depends on the region. 
      January 5, 2017 1:08 PM MST
    2

  • 19942
    It would really depend on the size of the apartment.  I doubt you and your spouse would kill each other if you lived, let's say, in Donald Trump's penthouse.
      January 5, 2017 1:14 PM MST
    1

  • 7919
    lol I'm not married. I'm talking about me and my kids.

    You may be right, but I suspect a penthouse that size is well out of my range and my young 'uns would find me in one that fit into my affordability range, no matter how much I tried to stay hidden. What I really need to get my hands on is the Winchester Mystery House. I could just drop them off in one wing and run. I'd be kid-free for hours. ;)
      January 5, 2017 1:22 PM MST
    3

  • 19942
    My mistake. :)

    Don't feel bad - I couldn't afford that penthouse either.  :)
      January 5, 2017 6:42 PM MST
    0

  • 22891
    what you just described, i cant stand neighbors walking around either
      January 5, 2017 1:41 PM MST
    1

  • 1615
    No question about it, own a home, rent is nothing but a stationary boat in which you pour money into it and get nothing out of it. My home has equity and it increases each year, with rent after years of paying you have Zero. 
      January 5, 2017 1:42 PM MST
    1

  • 3523
    The house I'm in now has gone up more than 50% since I bought it four years ago and it only cost me 30,000 to get in.  So my investment has netted me 200%.  In this Florida market it had definitely been a good investment and they it will keep going up as the baby boomers retire.
      January 5, 2017 6:28 PM MST
    0

  • 9777
    Control; you decide when and how maintenance and upgrades are done. A landlord might not agree that drafty windows or ragged carpeting need replacing or may decide to use inferior materials when making repairs.
      January 6, 2017 6:03 AM MST
    0