Discussions
Is Buying a House Neccesary?
Posted by lotusb • 8/03/09 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: realty/reality
Perhaps this is my youthful ignorance...or maybe my non-commital tendencies...
Living in Houston, I've met A LOT of people about my age who have bought houses. They now have a 30 year mortgage and most of them aren't even married. I on the other hand love to rent. I love being able to leave when I want and move on to the next city. I anticipate teaching abraod until it's time to have babies and marrying a man who wants to have an international life with me. Why buy a house??
I just got the strangest look from a woman at my job (about 32) when I told her I didn't ever want to buy a home unless it was a summer home, or a vacation home. Am I alone in this?
User Comments
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I dont see anything wrong with not being a houseowner. It all depends on what your plans are and where u are in life at the moment. people tend to think that the same neat life plans works for everybody.-
Thank you!! I mean I know I'm not crazy here, right? There is a whole culture of people in big cities who never buy homes and they aren't broke or have bad credit they just don't want to commit like that to an ever changing neighborhood or city.
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the other day one of my co-workers was suggesting i look into buying a property as an investment...and I told her I didnt want to tie down my money into a mortgage and she gave me the LOOK hehehe.Im young and like you I want to keep my options open, perhaps study abroad..move..so on.
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Right there with ya on that. I want to travel and not just travel-travel but live in other places. Why buy a house when you can buy a plane ticket and have a new life experiance?
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The thing with investing in real estate is that you don't have to flip and sell right away. You can rent it out to cover your mortgage costs and still live elsewhere until you decide to sell or move in. It really is a great investment. And, owning multiple homes is a great security because you can always sell one, or refi, if times get tough and you've accumulated enough equity.
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There's nothing wrong with it. It just depends on what you like. -
Houses are a definite headache. The problems are never ending. But real estate is still the best investment for your money. Nothing has increased in value as much over the last 5 decades. Even with the housing problems.-
Thats what I hear. My father tells me the same thing...so do friends. I prefer not to be invested in anything that much. I can't stand money or commiting to it's service in anyway other than whats totally neccesary. Maybe I'll change later, but as of now, I have no intrest in signing on to pay $2000 until I'm 55.
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You're really young still so I think you should have fun. Houses are headaches. We have too many houses and there's always something going wrong with one of them. I'm serious.
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Yea...that's what I see from my mom, dad and sister. They have issues with thier homes and its all a big headache for them. I don't see how the benefit out weights the energy you spend worrying.
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When you rent you walk away with nothing when you leave.
When you buy you hopefully have made money when you sell.
I think of buying as renting with a kickback at the end.
Just because you have a 30yr mortgage does not mean you stay in that house for 30yrs.
Sell whenever you want and make money (just remember you pay a penalty for breaking mortgage early)-
Lol...no thanks on a penalty...or the process of selling/buying.
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yes having your own house is good because you can do whatever you do with it...and oh the older and bigger the better.-
Nope and nope. Not applealing to someone like me. Having sht dosen't appease me in anyway...I'd rather know/do/experiance things than own things.
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good to know you made up your mind then!
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I guess it's not absolutely necessary. I had an aunt who lived in an apartment most of my life that I knew her. Plus, there were some neighbors who traveled the country in a motor-home. -
Definitely not an investment I would make. The housing bubble still needs to deflate. During the great depression, people in the US would spend over 80 per cent of their money on food and only .5 per cent on rent. Not sure how that would go with (hyper)inflation.
Also even if you have paid your house off, you still have to pay taxes on it, so there is a risk you will not own it in the end.-
Case and point.
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Nothing is "necessary." What matters is what fits your lifestyle and makes you happy.-
exactly.
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I will echo what nothingprofound stated, it isn't a necessity, it's a choice that is based on what your current needs and future goals are. -
There are better ways to spend your money that owning a house, even if you can afford it. Personally, I find the idea of owning my own place a bit too binding, and the notion of having the possibility of just packing my stuff and going wherever I feel like sounds far more appealing.
Mind you, I'm barely into my twenties, and the thoughts of marriage and family haven't even crossed my mind, and I kind of hope they won't for a long time. -
There's no reason to have a house. I figured up what it would cost me to buy a house and maintain it vs. rent and invest the difference. In every scenario except "Nothing EVER goes wrong with the house" I made money renting and investing. -
Sometimes buying a house is a mistake. It overextends many people who are not ready for it. Some people because of poor financial skills or sudden extended job less end in worse shape than when they started.
Plus you have to be handy and willing to maintain a property. I don't pretend to understand plumbing, want to mow lawms, or have an interest in having renters to help pay a mortgage. -
While I can see the benefits to renting, on the other hand we are dealing with the backlash of renting. There are plenty of arguments about investments and penalties and 30 yr mortgages etc...however one of the main reasons we want to own a home is because when you don't, you are at the whim of someone else.
Like in our situation - we are responsible tenants, pay the rent on time, and take care of the property - but our landlord is not responsible, and we are the ones paying for her indiscretions. We're being punished because she can't control herself. There are slum lords and absentee landlords that neglect the property and then try to sue you, the tenant for their problems.
Owning protects you from that.
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