Rent or Own?

Yesterday, it happened. The lease renewal to our apartment appeared under our door. But we’ve decided, after 3 years, that our space – our perfect space, third floor, across from Jewel, overlooking Broadway – just isn’t big enough anymore. Luckily though, after only 1 night of searching, we think we’ve found the new perfect place, so it’s all happy happy joy joy. But then someone had to say it: “Why don’t you buy instead of throwing your money away every month?”

Argh. I know, I know. If you can do it, it’s always better to invest than to rent. The money comes back to you, the value appreciates, you own your property instead of living in someone else’s, yada yada. But it’s a huge step to take. How much is the down payment? Do we have enough? Can we afford a mortgage? And even before all of that, how can you find someone trustworthy enough to step you along the process? We will be renting for at least one more year, as we pay off some bills, etc. But this time next year, the same questions roll around. Hopefully we’ll be better prepared to take that next step.

Right now though, I’m curious to hear other renter’s stories on how they made the leap. Who did you turn to for advice? How did it go? Was it everything you’d ever hoped and dreamed???

1 Comment so far

  1. Alana (unregistered) on March 7th, 2006 @ 9:36 pm

    I basically decided to continue renting when I realized that, where I’d move to anyway, property taxes would make any equity earned a wash. And I don’t have to pay for hairball removal and exploding furnaces and whatnot.

    I’ve owned two houses and I’ve rented a butt-ton of places. I think it comes down to this: Live wherever it makes you happy. If you can buy, then do it. If you can’t, then be happy in your surroundings and rent. I rent now, but I love my neighborhood. Life’s too short and all that bla-bla.

    Besides, real estate sucks and is entirely stupid and evil.

    And I’m not saying that just because my ex-husband was a real estate broker.



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