Did you rent or buy your home?

That is my question for the day- do you rent or did you buy your house? For me, I did both in my days and I have to say, both has had its advantages. Currently, we live in a house that we bought back in July 2008 and we have never been happier. However, prior to buying a house in 2008, we bought another house and had a heck of a time selling it. When we put it on the market, it stayed stagnant for months at a time. When some of the offers came in, it was at least 50K less than what we asked for the house. We just could not afford to take a huge price cut with looking on to buying a new house. So,we decided to rent out the old house, so we would have enough money to buy our current house.

Having rented a house back in 2000, I knew it was important to make sure I had good renters. If I took on renters that were deficient on their monthly payments or didn’t keep up with making sure the house was livable what was the point in renting. I also wanted to make sure both parties had the important facts in regards to the lease at hand. So, I decided to go with a rental management company. I wanted to also make sure that I maximized my profits while making sure that my new tenants were thoroughly screened. I had to know that my investment property was in the right hands. It truly was the best decision I have ever made!

The only other facet that I worried about when I put my house up for lease, is getting called at all hours of the night for property maintenance. You know what I am talking about- some tenants have no regards and will call you at all hours of the night for that ever so important repair that needs to get done, that can not possibly wait another minute. Thankfully, our tenants has never been like this but I most certainly heard horror stories about this happening. I rather have a company take care of all of this to avoid situations like this.

Today, I have two properties- two that I own, with one that I currently lease for the past 4 years. I am hoping one day to sell my old home but there is no way I am going to take a hit in this market. So for the time being I will keep renting and hopefully these renters will continue to be as awesome as they have always been!

 

 

*This is a partnered post. All my opinions are my own and not swayed by outside sources

 

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Comments

  1. says

    We are buyers. We just hate the thought of putting all that money in every month without an end in sight! But I know people who rent who absolutely wouldn’t have it any other way.

  2. says

    We rent our house now, and are so glad we found an individual instead of a company to rent from! Keep that in mind coming from the other side too ;) I’m sure you are very much appreciated!

  3. says

    We rent a townhouse and love it. We would like to own something one day, but we can’t afford the downpayment plus we dont have to wory about any repairs. We recently chipped a tile in the kitchen and they are fixing it free of charge! They also come clean your rugs for you if you have a stain! Can’t beat that!

  4. says

    We bought our home but will probably move in a few years and then buy a different one somewhere else while this is being rented out. Unless we can sell it and make profit.

  5. says

    My husband and I are renters and we love it! Whenever something breaks I just email my land lady and she arranges it to be fixed. I don’t have to worry about unexpected housing costs as a renter. The two main reasons we are renters is because I have a fear of committment which is why we haven’t bought our own house and because the down payment and other costs associated with buying home is way beyond our reash :( We aren’t sure if we want to stay in the state of California forever, I like the flexibility of renting I can leave when I want (of course after my lease is up) without worrying about trying to sell or rent out my home in order to move on. But maybe one day I’ll take the plunge into home ownership :)

  6. Melodic Mom says

    We bought our current home (our 1st home) 7 years ago. Unfortunately, the market was high then, and we tried to sell our house last year, unsuccessfully. Our listed price was over $50,000 less than what we bought for it, and the offers came in even lower. Right now it’s off the market, but IF we find another house we want to buy (we’re SUPER picky buyers and haven’t found a thing in 2 years), then we’ll list it again. If we get no bites, than we’ll try to rent it out, but I’d like to avoid that since it’s an older house and I don’t want to take care of it forever.

  7. says

    We own our own home. We did rent for years before we were able to buy. I really don’t want it any other way. I love being able to hang pictures where I want without having to worry about the landlords objecting. Yes, we must do our own maintenance, but we don’t have to wait months for the landlord to bring someone in to fix something. We can get it done the moment it needs being done. I have pride in owning my own home. It is still, and should always be, the American dream!