Rent or Own?

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John

John

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Jun 24, 2006
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I was just wondering if you guys rent or own.

Right now I rent a house that is way too big for me. I have a yard a I never use but always have to mow the lawn, an empty garage, an empty basement, two empty bedrooms, and two bathrooms (one of which never gets used). It was good when I had my family living with me but I'm divorced now and my daughter lives with the ex, so I don't really need this much space anymore so I'm looking for a new place.

I'd love to get a sleek apartment on the top floor of a high rise in the middle of the city but I'm not sure if I want to keep renting. I'm looking at a few different apartments and the rent varies from 1500 - 2000 a month, the apartments are nice but I don't know if spending that much on an apartment is smart.
 


I rent. $2100/mo for a 1BR apt in NYC. It overlooks Central Park and Columbus Circle, so I like it. But rent is a pain in the ass here.
 
Bought our first house last November but had been renting before that. The property market here is just racing upwards so fast we had to make the jump then or we wouldn't have been able to afford to buy anything as first time buyers if we'd waited even six months.
 
I rent right now for a little over $1500 a month for a 1bd room apartment in one of the more desireable neighborhoods in town. Parking garage, Granite counter tops, tile, wood floors, spacious den that I use for my office, and it's bright and open. A good deal in my book. I can walk to everything, a grocery store is right across the road, as is a Starbucks, 3 bars (though I can't drink yet) and like 15 resturants. Living in the city is much more fun than living in the suburbs and I think it's worth every penny.
 
Jon said:
I rent. $2100/mo for a 1BR apt in NYC. It overlooks Central Park and Columbus Circle, so I like it. But rent is a pain in the ass here.
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I've always wanted to live in NYC, I thought rent was way more then that though if you wanted something decent.
 
John said:
I've always wanted to live in NYC, I thought rent was way more then that though if you wanted something decent.
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Well, I did get a deal on it, because it's one of my father's firm's buildings. I know that all of the other apts with my views and size run for $3500/mo minimum. With real estate going up and not stopping here, ever, regardless of a boom or not, rent goes up as well. I'm going to be moving to Bryant Park in the Fall though, so rent will drop for me, so will the scenery, but now I can watch Fashion Week from my office window. Thank god for models!
 
Heres a pic of the building I'm looking at moving into.

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It's brand new, doesn't even open until September. The apartment I'm looking at is on the 15th floor and the building is right in the middle of the downtown sector so it has a great view. The apartment is a 2 bedroom and goes for 1900/month.
 
I suggest buying a condo. I live in the suburbs and the value of my condo has doubled in the last 4 years.

So you get the convenience of a small place + a lower price tag.

Disclaimer: When I speak of "My" condo, I mean my dads;)
 
I pay $167 bi-weekly for my mortgage and taxes. I have a two bedroom house, nice detached garage, fenced yard, trees, a patio, and an outdoor fireplace.

The only draw back is the steel mill that is 2 blocks away ;-)
 
Elvie said:
I pay $167 bi-weekly for my mortgage and taxes. I have a two bedroom house, nice detached garage, fenced yard, trees, a patio, and an outdoor fireplace.

The only draw back is the steel mill that is 2 blocks away ;-)
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Wow, for less then $400 a month I wouldn't care if the steel mill was in my backyard.
 
Ha, I have it better than all of you. I live with my parents! No rent or mortgage!
 
I rent. $800 a month for half of a duplex that's probably worth $300k (in Columbus that's fairly expensive) so it's pretty nice. I don't really plan on even trying to buy anything for the next few years. I think the housing market is going to plummet around here soon and things will be cheaper in a few years. And if it doesn't then no big deal, prices won't ever get crazy here like they have in other places, because it's Ohio.
 
Renting has several advantages (this is from a German background, your mileage may vary)

  • You can move out easily. Offending neghbours? New train running right in front of your window? Move.
  • Major repairs are responsibility of the landlord. Heating gave up? Call the owner, if that owner is you, bad luck.
  • Owning is not as cheap as it is made out to be. There are taxes, repairs, etc...
I rent.
::emp::
 
Built a house & moved in last year. Nothing beats paying off your own house. I could never go back to renting after this. Renting just seems like dead money.
 
Right now? I "pwn" a 1-room appt. I hate houses, especially that green stuff that's on the ground, in front of some :D
 
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