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Renting is also when you pay for someone else to take on basically all of the responsibilities of property ownership - taxes, maintenance, insurance,etc.
It's a trade off.
Yep, I own a house. When it needed to be painted last year, I wrote a check for $5000 for it to be painted. When we built a fence, we wrote a check for $3600. When the AC went out, we wrote a check for the repairs. When we replaced the flooring, we wrote a check for $17,000. When the dishwasher died, we wrote a check for $900 for a new one (our latest fun). When the property taxes went up, our mortgage went up.
When I was renting - need a new dishwasher? Call the landlord. Fence needs replacing? Call the landlord. House needs to be painted? That's up to the landlord. AC out? Call the landlord. Flooring needs to be replaced? Not my problem.
Renting is also when you pay for someone else to take on basically all of the responsibilities of property ownership - taxes, maintenance, insurance,etc.
It's a trade off.
Yep, I own a house. When it needed to be painted last year, I wrote a check for $5000 for it to be painted. When we built a fence, we wrote a check for $3600. When the AC went out, we wrote a check for the repairs. When we replaced the flooring, we wrote a check for $17,000. When the dishwasher died, we wrote a check for $900 for a new one (our latest fun). When the property taxes went up, our mortgage went up.
When I was renting - need a new dishwasher? Call the landlord. Fence needs replacing? Call the landlord. House needs to be painted? That's up to the landlord. AC out? Call the landlord. Flooring needs to be replaced? Not my problem.
There is nothing wrong with renting - or with owning - when it is a valid option. It's arguably not an option for most renters.
As for dishwashers, the only dishwasher I've ever seen in a rental was at my aunt's apartment after she sold her house and moved to Portland. It was, of course, an upscale rental (and owned by a major REIT) and she bought hers when it went condo.
There is nothing wrong with renting - or with owning - when it is a valid option. It's arguably not an option for most renters.
Depends on what you mean by "not an option". With enough time and enough other sacrifices/trade-offs, I'd say most renters can own if they want to. It's just a matter of how much time, and how much sacrificing.
You know what - I really like Metairie, just outside of New Orleans. My husband and I considered moving there - took a trip down there, looking around at real estate. Guess what - though the bankers think we can afford to live there, and though we could buy SOMETHING down there, there's no way I'd buy one of those overpriced properties. Tiny little, old, moisture-ravaged "historic" homes in a flood zone - no way. And the rental prices are off the chain too. Of course, the tonier and more Nawlins the property is, the higher the rent is. The rents in the French Quarter are unbelievable.
So - I can't live there. I mean I guess I could but I'd really be compromising on a lot of other things that are more important to me. But my cousin LOVES New Orleans. It's her heart, it's in her blood, she adores the city - so she lives there, paying unbelievable rent, because by golly that's where she wants to live. And more power to her - it's her choice.
HER CHOICE. Rental prices are simply the result of supply and demand. The real estate market is all about location and supply and demand. If you owned a rental property in a highly popular area and all your neighbors were charging $2500 a month rent, why would you charge less if you had more applicants than you could possibly fill your units with?
By the way, I can buy a house that's basically identical to most of those adorable Metairie homes - right here in my town - for a third off the Nawlins price. In the historic district. It's a charming neighborhood, but it's not New Orleans and never will be. If I want New Orleans, I have to pay New Orleans prices. It is what it is.
The biggest obstacle to supply is government.
Which is a Good Thing for incumbent homeowners, who wield the levers of local government power.
Which is a Good Thing for incumbent homeowners, who wield the levers of local government power.
Funny how that works.
What Would John Locke Do?
Is the biggest obstacle(s) for your personal housing situations lack of income and good credit history? You could argue supply constraints but that would fall well below your two largest issues imo
Renting is also when you pay for someone else to take on basically all of the responsibilities of property ownership - taxes, maintenance, insurance,etc.
It's a trade off.
Yep, I own a house. When it needed to be painted last year, I wrote a check for $5000 for it to be painted. When we built a fence, we wrote a check for $3600. When the AC went out, we wrote a check for the repairs. When we replaced the flooring, we wrote a check for $17,000. When the dishwasher died, we wrote a check for $900 for a new one (our latest fun). When the property taxes went up, our mortgage went up.
When I was renting - need a new dishwasher? Call the landlord. Fence needs replacing? Call the landlord. House needs to be painted? That's up to the landlord. AC out? Call the landlord. Flooring needs to be replaced? Not my problem.
I agree Kathryn
Some people are renting cause of all these things.
That's why when buying a home it's best to buy new or couple of years old homes.
Is the biggest obstacle(s) for your personal housing situations lack of income and good credit history? You could argue supply constraints but that would fall well below your two largest issues imo
I view my biggest current obstacle the insufficient supply of 400-sf units I can afford to rent. Once I had such a unit I could ditch my storage unit and work from home and thereby earn more money.
I view my biggest current obstacle the insufficient supply of 400-sf units I can afford to rent. Once I had such a unit I could ditch my storage unit and work from home and thereby earn more money.
Of course you don't view your lack of income, savings or good credit as your largest obstacles
For almost all of us, our ancestors left their homelands to come to America in search of a better life for themselves and their children & grandchildren.
Harhar, just how (relatively) bad would your LA life need to get for you to consider moving, as your ancestors most likely did, in search of a better life for yourselves & future children/grandchildren?
Interesting question.
There's a couple ways of answering it:
1. I'm not totally sure the ancestor motif fits with my situation. As I'm not really being oppressed in anyway, nor are my wife and I financially struggling (in the classic sense).
2. The only thing we don't have currently is a home with a mortgage. That's it. It's just a want. But its a want stemmed from what our generation was taught and told to over the years. I wish more laws and programs were put in place to curb investing, to stop bubbles like we're approaching now in our areas, and it's just frustrating to see these mistakes happening again.
3. To really answer your question though, it would take us not having jobs here that paid so well, and if my parents and other family weren't here. Regardless if we own or not, (we will, it's just taking a bit longer) then our future children and grandchildren will have an awesome life. And that comes from a bit more planning and saving than say, our parents or previous generations had to do.
California is our home and is our frontier, investors and bubbles be damned.
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