Home ownership is not for everyone, and it sounds like you may fall into that category. I own a house, not primarily because of the tax breaks or investment potential, but for other reasons. I'll answer your question with more questions:
-You've explained what you don't like -- and those are valid views -- but what, if anything, do you enjoy about living in a home that's yours?
-Do you care about the qualities of the space you live in, and the ability to change or remodel it as you wish, or is it just a place to keep you warm and dry?
-Do you like to be outside and garden?
-Is it important to you to be part of a neigborhood community, and have longterm neighbors that you (ideally) like, know, and trust?
-Is being able to do whatever you want (within reason) on your own property important to you, or are you fine with the restrictions placed on you by renting or leasing?

There are no right answers...

Maybe I need to stop buying homes that "need some work"!

This time around, I bought a VERY modest house that is surrounded by much, much nicer homes... the location is the primary feature of this place, but the rest is a pain!

The restrictions of renting are a problem, but it only rarely came up as an issue.

I guess my original post focused on the anxiety, but the question is really "is it really financially wise to own a home given that I am willing to live in a lower-rent rental?".

Right now I am paying $650 in interest+property tax. The principal part of the payment isn't a concern because I am assuming I will, at least, get most of that back. My last rental was $620.

So, in essence, I am paying roughly the same "rent" in the interest/tax part of my payment...which, like rent, I won't get back. Further, this "rent" goes along with all kinds of upkeep costs...some of which can be HUGE!

This is why I am questioning the traditional wisdom of homeownership. Again, if the housing values in your area explodes, then the problem is solved.

I think much of it depends on how you view home ownership. If it is only a way of putting a roof over your head, then home ownership can be an unpleasant time- and money-consuming way to go.

Before I bought my current house, I lived in an efficiency apartment. The location was great (nicer than what I have now in some respects). I could deal with the small size. But I tired of living underneath klutzy tenants. I tired of cr@ppy plumbing and appliances ("it's only a rental"), maintained by whoever would work on it most cheaply. I tired of paying rent to cover the cost of the one apartment in the building that always was for rent.

My house payment (minus my down payment) is half-again what I was spending in rent. For that I have a three-bedroom home with a finished basement, lots of storage space, a two-car garage, and a city-lot yard. I choose what the place looks like. I choose to go top-of-the-line -- or cheap out -- on appliances, light fixtures, plumbing, and so on. I hire qualified people to fix things when necessary. I choose to live my values by using less-toxic cleaning and lawn-care products. I also have an asset that, around here, can be counted upon to reliably (if not excitingly) increase in value. Like your rent would never have gone up?

There definitely are costs to home ownership. But the financial costs can be reduced to some degree: for example, almost every garden tool I own was bought at a thrift store or garage/estate sales. You can scout sales for everything else.

The costs of being tied down to a house? They're harder to escape. I made sure I bought a house that was "move-in ready" -- I knew I would not have the skill, time, or money to deal with many repairs right away. I paid more for it up front, but I didn't have to live with worrying that windows would leak in the rain or that the furnace would quit some cold day.

You yourself identify that increases in the value of a house make the hassle worthwhile. The way I see it, I need to live somewhere. I would like to exert as much control as I can over my surroundings and I fail to see where I get ahead by paying someone a profit to let me live there. On a strict monetary basis, home ownership may not be the unbeatable deal some folks like to think it is. But there are compensations on which it is hard to put a price.

(sorry this ran so long)

I think all homes need some work. Just, some need more than others.

if you buy one that doesn't need much, and you don't DO much, pretty soon it'll need more than others.

We own a co-op apartment. My FIL can't stand that we don't own a house.

He kept bugging us about it, until I pointed out that any home I could afford (in terms of TIME--commute to the city) wouldn't have a lawn big enough for my kids to play on anyway. And, they'd never be home to play on the lawn, and us grownups couldn't just send them out to play by themselves anyway.

And, in addition to the 5 rooms + 2baths that I have trouble keepign up with now, I'd add gutters, sidewalks, taking out the garbage, etc.

Plus, in recent years I've invested more energy in trying to take good care of the interior of my home, and I've realized, it's a HUGE thing. It's like an entire, absorbing hobby all its own little self. Even if I don't do it myself, it's a big time and energy drain--finding a handyman, deciding what to do to fix a problem, etc.

There definitely are costs to home ownership. But the financial costs can be reduced to some degree: for example, almost every garden tool I own was bought at a thrift store or garage/estate sales. You can scout sales for everything else.

Which, as you wisely knowledge, has its OWN cost--the cost of TIME. Lots of time, w/ little guarantee of payoff. I refuse to buy things I need at thrift shops, yard sales, or even on eBay. If I need it, I need it, and I want to get started with it NOW. I don't have time to wander around hoping someone will have the thing I need, in decent enough condition, at their yard sale. Or cross my fingers that I'll win the eBay auction. My time is worth a LOT to me!

I think our original poster is wise to consider all the factors. I'm not sure I would ever want to live in a freestanding house. Maybe, I suppose; if I could be guaranteed that my 9-y-o could play outside without me, maybe. Otherwise, any "wish" I have could be satisfied in the proper townhome/condo/co-op situation (wishes such as: my own washer & dryer; a parking space of my own, and maybe even an attached garage; nobody walking over my head or living under me), without an increase in the LOGISTICAL costs (shoveling my own sidewalks, fixing my own roof, etc.)

But of course, I'll have the cost of trying to make sure the management takes proper care.

SteveO makes some good points, and summed up my idea nicely:
"home ownership may not be the unbeatable deal some folks like to think it is"
That's really my point. It's so common to hear, "why are you wasting your money on rent?". But that logic isn't necessarily so logical!

Granted, I am paying around $650 in interest, prop.tax and insurance. It is very unlikely that I will ever be paying much more than that...so I have basically "fixed" my rent at $650 by purchasing a home. Actually, this "rent" will likely drop as I pay additional principal monthly. There will be no mortgage at all in 10 yrs, but I don't know if I want to live here that long... doubtful.

You lose valuable freedom one way or the other. As a home owner, you are a slave to maintenance of all kinds (taking your free time and money). Also, you can't just "move"... you have to sell, and that takes time and effort.
As a renter, you can move on a dime and have no concerns about maintenance of any sort, but are not free to make changes to the property or choose who lives on the other side of your wall.

Thanks for the input!

I don't feel like we are a slave to maintenance. We try to hire most of it done, and really, a well built home shouldn't need "constant" repair.

Rentals in my city tend to be in high density housing. I want to live where there is a sense of community and not constant turnover of neighbors. I like to walk down the street and know people. I like for my kids to know their neighbors and we couldn't get that in rentals. I like to sit outside under the trees. I couldn't do that in a rental. There is nothing except parking lots surrounding them.

We don't view our home as an investment, just an expense. We put/do what we want to make our lives easier. If we lose some money on the sale, it's not that big of a deal. We will have spent much more on vehicles in our lifetime with nothing to show for the money, than we will on home sales. If you invest other money wisely, you aren't tied to the sale of the current home to move to a different one. We moved on a dime two years ago.

As we get older, I want to be able to build/remodel something for handicapped access. The DH just had his hip replaced last week and it's pretty apparent this house isn't going to be old age friendly. It would be hard to have handicapped housing in a rental.

And it can just be emotional. Our parents were the first generation to even own a home and vehicles. We grew up in single family homes, so it's the norm for us. I've spent a good chunk of my adult life in rentals and got really tired of white walls and brown carpet. No yard. But they served the purpose for that period of my life. This period needs a home.

Gloria

behaviorkelton:
Very Interesting!
Yes, I also question homeownership. Sold a home where I felt "tied down"! Always worked in the yard which I loved to do, but became more than I WANTED to do. Was total privacy & almost felt lonely. Had left a spacious condo because I wanted a yard....funny, eh?
In the meantime rented my first "under my means" apt(at 65yrs) & friends & others said I didn't look like I'd be living "there"! Well, have to say there IS something to be said about cheap rent!! It was very freeing for me & walked everywhere as it was close to the river, coffee shops & library. Terrific location, but tired of the mind-set of lazy neighbors & those who didn't take care of apts, including mgr. (Both the home & apt were in an area I love ).
Currently, in a 1 bed condo I purchased as an investment to either rent or sell after 2 yrs. There is a renter above & must say the apt did not have anyone above as I lived on top floor. Sooo, I think it's a trade-off. Yes, I also enjoy walking in a neighborhood or sitting out under a tree. There was a park a blk away at the apt & here across the street, but it's never like your own yard, is it? Hmm, is that why I kept my hand mower?
This is okay for now until I can decide where I want to live. Still have the first condo I lease to someone, but it's across town where I don't care to live.
For me, this has all been an exciting time of life & experiences to see where I might want to be. At least I've made the decision where I DO NOT want to live!

Sharlee

I so agree that home ownership is just not for everyone.

A friend once said, "You know, you can sure be a slave to the the things you own." He lives in a small house that is picture perfect, with so many shrubs, flowers, and a small veggie garden. While I thrive on 'playing outside' with such things he seems to now be 'over it' and just sees it all as a lot of necessary 'work'.

I have a friend who has lived quite contentedly (and economically) in an nice sized downstairs apartment, complete with 2 outside entrances, patio, private parking, and a back yard complete with a few flowers and shrubs.

Another friend just 'lost' her big home in the country. When she bought it she was barely able to make ends meet with mortgage, taxes, insurance, upkeep which she could not keep up with, high utility bills, and a big yard which she hated to mow, and could not keep her mower on the road. I was pretty sure that she would never be able to keep it, and doubted if she really wanted to be 'home poor' for 30 years when it would be paid off at the age of 72.

She is now in a maintenance free one bedroom apt, with no taxes, yard to care for, and has much lower utilities and insurance. It works for her, at least at the moment.

Someday she may care to try and find a small house to rent, but I really doubt if she will ever want to be 'married' to a 30 year mortgage and all the responsibilities of ownership (with no savings whatsoever right now). She would be paying for it by herself until she was 75.

Of course there is always a chance that a 'Mr Right' could walk into her life 'again'.

Sue

I don't feel like I'm a slave to maintenance, either (though I do feel more that way when I have to mow the lawn every week in spring or it gets too long :-) ).

People who are wise know what they want. Talley_Sue is doing what is best for her family, time, energy, and finances. Gloria is, too. I'm in a somewhat uncertain place as I do not know whether this is my "forever" house. I may remarry and choose to move to another house. I do know that, even though this median-priced 3-bedroom single-family house is way more than I need, the time and money I "invest" in it is not wasted. So, for me, the time and being tied down are worth it. For others, they may not be. It's all in what we value. No one should cast an eye on anyone who chooses to rent rather than buy, any more than we would look askance at someone who has lived many places or just one or two places. Each has its merits and disadvantages.

I am a homeowner and have lived alone for 35 years. I chose to build what was right for me... a modest 2 bedroom, 2 bath home (full unfinished basement) in the country.
When I had it built I was told that building a 3 bedroom would be of much greater value when it comes to resale. I saw it as a bigger mortgage, longer term, higher taxes, more to heat, clean(yuck), insure, maintain...yada, yada, yada. My home has never been my only investment, as I was able to save as well, and retire early...a really good thing to me.

I think a lot of folks (not all) try to get all the house they can possibly afford (if their income stays as it is or hopefully goes up), when they should be buying less perhaps, and being more secure.

They say a home is a big investment, but if it is the 'only' investment, that is not a good thing.

Sue...who is 'on vacation' everyday being retired

I suppose I miss certain aspects of rental life and buying this house has simply brought to light what I have sacrificed.

Paying a simple (and small) monthly fee to live in a place. Watching severe storms come and go with glee and interest instead of fretting over falling trees and home damage.

And being non-committed is liberating.

I also miss single life... which is probably a related issue!

I also miss single life... which is probably a related issue!.

If that is the case, do you know why you miss it? Do you not have any or enough 'alone' time maybe? Hopefully you can discuss and work out with your spouse just what is bothering you.

So now I own another house. Once again, all I see are money-pit & time-pit types of problems. Now my "rent" (the mortgage) is only a part of the picture. Now, lawn maintenance work, the equipment needed to maintain the lawn and house, the equipment needed to maintain the equipment!, and the home repair expenses all work together to create another layer of undesirable stuff that just doesn't exist to a renter.

Additionally sharlee above said, "Sold a home where I felt "tied down"!

Maybe a mortgage just isn't something you want or need right now, along with the work and responsibilities of being a homeowner.

I wish you well.

Sue

behaviorkelton:
Ah ha! Now, I understand you a little more...you miss some of the single life. Yes, it is a related issue as it was one of my experiences, also. After being a widow for 5yrs I remarried & could not adjust to my new life. The being "tied down" to a house was one thing I had said I didn't want & yet did so anyway to please someone else.

I'm glad I experienced the rental situation as it was the most freeing I had ever felt. Once I sell one of my condos & possibly the other I could go anywhere. Wow! Just the thought!

As Sue said perhaps a mortgage is not what you need right now...sometimes we don't realize that until we're in the middle of it. Also, Sue hit it perfectly for me in regards to not enough "alone time" in my marriage. I had felt I lost my identity...doing something that I had already been through & glad to not have a house with all that goes with it.

This certainly calls for much needed communication with one's spouse. Being resentful can appear if not careful.

My very best to you & please keep in touch.

Sincerely, Sharlee

I have a girlfriend and we live together. As far as I'm concerned, though, we're married without all of the formalities.

There is a cost benefit analysis to everything: an upside and a downside. Unfortunately, the only way I was going to realize this particular home-ownership "downside" was to actually buy a house! For a thrifty guy like myself, this is a very expensive lesson. There is almost no way I can even break even if I sell this house soon. So it will probably be a $5,000 mistake (at least) if I bail out within the next year or so.

I'm thinking about placing an add that basically says I'm setting my price just below my "break even" point, and it's "as is". Oh well. Still thinking on it.

As for the girlfriend. She's great. Never complains, doesn't talk behind people's backs, very quiet, gentle and tolerant and works very hard. A real weirdo, right?

We have very little in common, but I am a great admirer of her. She's not as bad as home ownership... not at all.

Hi again,
So glad to hear that you appreciate your girlfriend as you do. She in turn is fortunate to have you to recognize her qualities.

As you decide your home ownership dilemma how great to be able to talk it out with someone who will undoubtedly support you through this decision.

As I mentioned previously sometimes we don't realize things until we're in the middle of situations. My current condo was completely remodeled before I moved in &, believe me, it makes a world of difference! I don't have that stress that can prevail. Now, can paint or do whatever I want....so far, have chosen to simply enjoy life & what I have.

Sincerely,
Sharlee

My son bought a home with his (then) fiancee. It didn't take long for him to realize that homeownership wasn't for him. He has a very stressful job and the last thing he wanted was to come home to a lawn that needed mowing or a dishwasher that needed to be fixed. When he ended his relationship with his fiancee (unrelated to the house), he was relieved at the thought of moving back to an apartment. He just has no interest in what's involved in home maintenence. He's a bit compulsive about doing the things that should be done. He'd either end up doing it (and hating every minute of it) or letting it slide and feeling like he had a large burden hanging over his head. So it's okay not to own or want to own a house. But relationships involve compromise:) If it's important for your significant other to won a home, that is obviously something to take into consideration.

I found your post about your gf very touching. My husband and I have been together for 22 years. I'm sure that if we were judged strictly by compatibility, our relationship would have been doomed to fail:) But I have found that the key to our relationship is that he loves and accepts me for who I am. And I, him. There is no substitute....

Fascinating thread with some great points. However, there is one aspect that I did not find mentioned. (I'm speaking as a long term homeowner - could never go back to renting...)

You need a roof over your head. If you rent that roof, you will always pay rent. And it can (and probably will) be raised periodically. If you own, eventually you will own that roof - yes, there will still be taxes, insurance and maintenance. But you will OWN that roof over your head.

DH owns (no mortgage) a sgf in a great location in a major city which is rented out. The tenant's rent is close to what we are paying for our mortgage. The rental house ia 1600 sq ft. Our home (about 60 miles away) is 3200 sqft. The rental house is over 50 years old. Our home is brand new. (A property manager deals with the maintenance issues for the rental). That house has been a rental for about 25 years. The last tenants were there nearly 20 years! They paid for the house through their rent and they have nothing to show for it.

The last tenants were there nearly 20 years! They paid for the house through their rent and they have nothing to show for it.

The point Kelton and Sue were making, if I'm interpreting it correctly, is that there are many costs associated with home ownership that renters don't have to deal with.

Unless some special arrangement has been made, renters are not responsible for maintenance of the property. When the carpet wears out or the roof needs replacement or the snow falls and needs to be removed, renters already are paying for someone to do that. They don't have to dig into some capital fund or take out a home-equity loan to take care of it. And the renters don't have to climb up on the roof or spend time researching gas range choices or shovel snow at 5:30 a.m.

Us homeowners are shelling out for those expenses. What would be the value of the thousands of dollars I dropped on a new roof for my house if I could have put it in an interest-bearing investment for 20-30 years (the life of a roof)? What fun would I have had if I didn't spend a summer with paint and carpet and wood stain and new light fixtures in my house? What about the many tools that I likely would not need if I lived in an apartment or townhouse -- that really don't have much of a use outside of a house? We tend to forget about what we've sunk into those items.

As I mentioned earlier, I chose home ownership for a variety of reasons -- not all financial. But there definitely are costs to home ownership (financial and chronological) that likely never will get paid back at resale time. That's what I think Kelton and Sue are getting at.

The point Kelton and Sue were making, if I'm interpreting it correctly, is that there are many costs associated with home ownership that renters don't have to deal with.

I'm not disputing that point at all. But I am pointing out that 30 years from now, they will not own anything either.

Unless some special arrangement has been made, renters are not responsible for maintenance of the property. When the carpet wears out or the roof needs replacement or the snow falls and needs to be removed, renters already are paying for someone to do that. They don't have to dig into some capital fund or take out a home-equity loan to take care of it. And the renters don't have to climb up on the roof or spend time researching gas range choices or shovel snow at 5:30 a.m.

Actually the renters are paying for those costs, just not directly. Those costs are built into the rent. The rent that our tenant pays more than covers the property manager's fee (he's the one who deals with the leaky pipe, or cleaning gutters), maintenance (we maintain a fund for a new furnace, etc), taxes, insurance, and there's still enough left for a nice supplemental income.

Us homeowners are shelling out for those expenses For the home we live in, yes. For the rental house, no -those expenses are covered by the rental income.
But there definitely are costs to home ownership (financial and chronological) that likely never will get paid back at resale time

Possibly - that depends. We lived in our last home 14 years. DH maintained it meticulously. We sold it for twice what we paid for (in 11 days). In a few years we will own the home we live in with no mortgage.

I'm not arguing that the OP should own his/her home. Home ownership is not for everyone for all of the reasons cited in previous posts. I am stating that a renter pays for the costs of homeownership indirectly.

Forgot to add in my previous post

As a renter, you can move on a dime and have no concerns about maintenance of any sort

This is true, but unless you have a lease, your landlord is free to sell out from under you. Our current tenant lived in her last home for 5 years. Her landlord sold the house and gave her just 6 weeks to move out. She had kids in school and was trying to stay in the same school district.

behaving (I hope) kelton,

You mentioned that your friends blow about how much they've made by owning a home, etc.

And if they lost money when they sold, as many have, with deteriorating house prices these days ...

... whadda ya think they'd spend much talking time telling you about it?

Are you handy?

Do you like doing things with your hands - and learning how?

Go to the library and learn about home maintenance, then upgrade your place (as you say that your neighbours have finer homes than yours) and quite likely, down the road a piece, you'll be able to sell for a substantial increase in value.

If your beloved is interested in investing work time to upgrade your home, as well - think how much that would increase your bonding to each other.

You'd learn a lot more about each other while doing it, as well.

I'll bet that'll (that'd) put a smile on your face.

Learn how money works - an interesting hobby.

And - it pays well.

Whether you own or rent.

I rent for $460. month, great, considerate landlord. 2 br. detached home in country, with stuff stashed in garage and shed (plus basement). Old Uncle, former owner till his recent death, kept cattle, and the well's too close to what used to be the barnyard, so well carries a load of e coli, meaning that I have to haul water for drinking and most cooking - but I've done that before, and to me it's no big deal.

Used to rent 2-br. townhome, 6 side-by-side units/bldg, 6 bldgs., in the city, costing $770./mo., 3 years ago. I'd been there for about 15 years.

Have lived in about 22 places in 77 years - so I sort of figure that wherever I hang my hat is home.

Some clergy used to figure that they, like many other professioals, would like to own their own homes - some of them having visions of those dollar signs of increased value dancing in their heads, possibly.

I said that they'd end up with less extra dollars in their pocket on final sale than they thought.

For most clergy move every five - seven years or so.

Which would mean that the real estate people, inspectors, lawyers, et. al. would end up with a lot of those dollars that they'd thought should be in their pockets.

Buying/owning a home should be a long-term issue, it seems to me.

Hope you evaluate carefully what you want to do - and are happy over a long term with what you choose.

ole joyful

Thanks.

I expect that I will sell in a year (spring '08) based upon my feelings and anxiety level now.

Beyond the questions I have about home ownership in general, I have mis-selected the location and would be happier in a more urban downtown area. Right now, I am in a vintage country club neighborhood 6miles from downtown. Lots of big trees, big lots, and very pleasant people, but I'm more of a downtown kinda guy. In a rash moment, I was so seduced by the quiet beauty and the idea that I wouldn't have to deal with downtown stragglers and pan handlers, I just made a quick offer on this house.

I feel too young to be living here. I'm into skateboards, dog frisbee, and such.... so there you have it. This place is nice, but I'd rather rent a dump downtown and be in the mix.

Aw heck, so I lose some money. At least it's not as dumb as buying a new car every few years! (trying to console myself)

BTW... "behaviorkelton" is an e-mail moniker that I used to make it easy for clients to remember my email address. I'm a behavior analyst.

Thanks for the conversation, interesting views!

The point Kelton and Sue were making, if I'm interpreting it correctly, is that there are many costs associated with home ownership that renters don't have to deal with.

and

I'm not disputing that point at all. But I am pointing out that 30 years from now, they will not own anything either.

I 'am' a home owner...wouldn't want it any other way...have my little piece of heaven right here on earth...House I had built...on 40 acres...private...quiet...nice area, State Park and Lake in the immediate area, wonderful neighbors, can watch wildlife from my easy chair or from the kitchen window. Although it is an investment, I don't really see it as such, but rather a place I hope to call home for the rest of my life. I'm sure the quiet lifestyle I enjoy so much would bore others stiff....Kelton for one.

I bought land and built because it was the one way to have nearly exactly what I wanted, and at an affordable price. It's been paid off for several years but I think I had it paid off in less than 15 years.

Kelton,

Why not put it up for sale now? Someone may be interested in it for the price you paid, just as you were. It wouldn't hurt to do it now, would it? that way you could better hold out for what you wanted/needed out of it, without just settling for a loss to get it sold quickly.

Sue

OJ,

Have lived in about 22 places in 77 years - so I sort of figure that wherever I hang my hat is home.

Did you ever feel like a gypsy?

Sue,
Why don't I sell now? Well, I don't know. Intuitively, it just "feels" like the mistake won't be so expensive if I wait a year.
I just moved out of an apartment, paid the movers, paid the closing costs for the house, and bought many of the trappings of home ownership (lawn equipment, tools).

The national news is suggesting the housing market is looking "iffy" as well. I don't think my area (Knoxville, Tn) is suffering from the overall problem in home selling, but I'm not sure.

Finally, I'd have to learn how to sell a house! Buy owner? just put an ad in the paper? Take the pinch from using a realtor?

Kelton

Your original post indicated you owned and sold a home in the mid-90's. How did you go about selling that one? FSBO? ad in the paper? on Ebay?

My home had stairs and my knees were going bad, so I needed to move. At first I looked for a used home until my neighbor said, "you are just trading one set of problems for another". Fortunately I was able to buy a new home, which doesn't usually need any work for a few years. We bought a patio home, so there is no outside work. It was the best decision I ever made. Several younger people have bought in the neighborhood because it's maintenance free. Maybe you should check out Patio Homes. You have to have a very good retirement to be able to maintain your standard of living if you don't have a home paid for.

Kelton, your house sounds like a good investment. You may be right about waiting a year unless you are really unhappy where you are.

Best thing we ever did was buy our house. And the very best thing we did was sell it. We worked hard as it needed lots of work and we enjoyed it.

14 years later (and 14 years older), the roof had to be replaced, thanks to a hurricane. The year before that it was the heat/air handler. It was something every darned summer. Plus, DH's health is not that good so he wasn't able to do the yard work and it just got overwhelming for us. So we put it up for sale and decided to rent for a year in a town about 50 miles away (where DH's doctors are). We sold it pretty quick but before we closed the well went dry and the water pump had to be replaced. Just couldn't go a summer without a problem!!!!

So for us, we're very happy renting. If we bought a house or condo, we wouldn't be around in 30 years to appreciate it anyway. We have everything we need very close and love our apartment.

Good luck with which ever decision you make. Let us all know, okay?

We lived in our last home 14 years. DH maintained it meticulously. We sold it for twice what we paid for (in 11 days).

It's really none of my business, but when you say the house sold for twice what you paid for, you mean twice what you paid for the house originally, right? Not twice the cost of the house itself plus your real-estate agent's commissions plus the furnace you put in and the paint and carpeting and appliances you replaced and the new lawnmower you needed because the one you had died of old age?

I understand the point you're making that renters are paying for the maintenance of wherever they live. I'm mostly playing devil's advocate at this point in suggesting that a full financial accounting of all costs is the only way to really compare the costs of living in an apartment versus living in your own home, especially when the house is considered an investment.

live in a codominium is the best way to save money!

here is why, i pay $850 monthly payment for the house i live in now. there is 250 interest and insurance +200 taxes$400 principle. i bought this house for $67,000 back in 2000 but if i sell it right now i would be very lucky to get $70,000 for it,( but GOV appraised at $95,000!) Here is the catch, if i sale the house and pocked $3,000 i will have to pay income taxes again!
But if i was lived in and apartment, my payment around $400-$600 per month, any money that i save is mine and is non taxable.
The Goverment is ever growing and expanding so it need to taxes people who can pay and that is (middle class)homeowners.

The house takes a full lot for itself so the taxes is alway higher than Apartment , but live in apartment one don't get much freedom at all. Condominium is pay less tax than the house but more tax than Appartment, but you can still have some what more freedom than live in appartment.

Money wise , in my opinion is to live in a condo is the best way to save money.

The way that I sold the house before was to simply place a generic "home for sale" sign in the front yard with a tube of fliers.

I had an offer in a week. I sold at the break even point there as well after living there for four years.

That was before the internet revolution had really taken hold.

With the first house I sold, I decided to put a sign up for one month every spring. If it didn't sell, then I would just take the sign down. I suppose that's the benefit of not being in any sort of rush. Anyway, the thing sold so fast that it wasn't an issue. I priced it too low.

So here I am with, at least, having the luxury of time...and not having to sell.

This is a question for a different forum I suppose.

behaviorkelton-"Right now, I am in a vintage country club neighborhood 6miles from downtown. Lots of big trees, big lots, and very pleasant people"

This house sounds nice. If you can't sell it for at least what you paid for it, I'd be tempted to rent it until the market picks up again.

You never know. In 10 years, this neighborhood might suit you more than it does now.

Intuitively, it just "feels" like the mistake won't be so expensive if I wait a year. .

Well then why not put it up for sale it now, and price it so that you will realize a profit. That would give you an extra year for someone to come along who would be willing to pay the asking price, or maybe close to it.

Why not use the addition of a whole year as the luxury of time?

This is a question for a different forum I suppose..

nah...home ownership and all the associated expenses are most appropriate...besides, we are interested in your saga.

With the first house I sold, I decided to put a sign up for one month every spring.
Why not just go ahead and put the sign up for a year at a good (to you) price. At the end of the year, you might come down some (if you still haven't sold it), depending upon just how intent you are to sell quickly....maybe consider a realtor then too, but not now.

Sue

It's really none of my business, but when you say the house sold for twice what you paid for, you mean twice what you paid for the house originally, right? Not twice the cost of the house itself plus your real-estate agent's commissions plus the furnace you put in and the paint and carpeting and appliances you replaced and the new lawnmower you needed because the one you had died of old age?

That's correct. The price we got was more than twice the original price we paid. But even after subracting the realtor's commission, the hot tub and the fenced yard we added, (and enjoyed over the years), the lawmmower we bought,etc., we still cleared a sizeable amount of money. Which we would not have had we rented for those 14 years. In addition, every year we had a tax deduction for the interest and property taxes. And we would have had to live somewhere.
Because the home was new when we purchased it and because DH is very,very good about maintenance, the roof was in great shape, the appliances in excellent working condition (we took the washer/dryer with us and still have them).
We busted our chops designing and landscaping it ourselves, but we enjoy gardening, so it was not considered a hardship. We enjoy owning.

It's very hard to make an accurate $$ to $$ comparison on the own vs rent question. There are so many variables. And not everyone is cut out for the maintenance that home ownership demands. When I was single, I knew I could not/would not maintain a sgf, so chose to purchase a condo (before marrying DH). I enjoyed many of the aspects of home ownership, but there were also some downsides. There is no "one size fits all" answer. (Thank goodness - as a landlord, I LOVE folks who prefer to rent)