I can think of a few reasons why it would be great to buy a house. I can think of a dozen more why being a renter makes more sense for me. Being a homeowner would actually suck. And I'm not just saying that because there's a better chance of swine-flu pigs flying than of me ever having enough cash for a downpayment.
I exchange some (nay.. almost all *grr*) of my hard-earned money for a place to live. In a way this buys me peace of mind. Roof leaks? Not my problem. All your pipes bursting at once and there's a huge waterfall in the basement? That's nice. The most I have to do as a renter is pick up the phone. Not to mention I don't have to pay insurance, property taxes, strata fees or be locked into a near lifetime contract with the bank that actually owns my house. If I need a bigger, smaller or more centrally located place to live as a renter, I can move. I am not alone. There are people of every age and of all walks of life who are renters by choice.
Are you a renter by choice? A renter with plans to buy a house? A financial advisor or realtor that can shed some light on the situation? Tell me I'm out to lunch? What's going on out there in renting land?
Who am I?
- Get Real
- Victoria, BC, Canada
- I am fed up to here (yes, I am tapping my forehead). 1 Part social vigilante, equal part unsatisfied customer, 2 parts 'I wish I could punch you in the back of the head for being such an ass'. Toss in a dash of intolerance for stupidity and a generous helping of impatience. Stew for almost 40 years.
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We are former homeowners who moved here from eastern Ontario 4 years ago for a fresh start. We are tenants by choice here waiting to go back as soon as we can to get re-established in anticipation for our retirement in hopefully 25-30 yrs. There is no way we will spend the next 30-40 yrs throwing all our income into something that will be worth less than half what you paid for. (add all your mortgage costs with interests over 35-40 yrs and you pay more than double what the mortgage is for and I do not believe that the market will keep increasing like it has in the last 20 yrs). Yes, the same principle applies back east as well but at the end of the month you spend approx. 30-35% of your income into it instead of 80% leaving you with a lot more disposable income to take care of any issues that could arise with the house and/or life. Cost of living is also generally lower unless you are in the big centers(food, utilities etc). Despite what you see on the news, there are still lots of jobs and with the lower cost of living you can acutally still have a life outside of work to pay the rent/mortgage since income for most jobs is about the same as here. Rents are cheaper, most apartments are nicer (you get you own water heater, in suite washer and dryer connections and gasp!!! dogs are allowed!!!!) As soon as we have caught up with some bills, we will make our plans to go back. BC is beautiful but you have to be rich to plan on retiring here and we are not so we will be moving on to a place where we don't have to kill ourselves to make ends meet.
ReplyDeleteI agree with you Jamiebob, it's very expensive to live here. I came to BC years ago from the prairies where is was so cold the Husky Association was making emergency service calls to get the dog teams started! Six months of winter and six months of good dog sledding does not a good life make. I'm a renter that has no hope of ever owning my own home OR finding an affordable place to live. With 80 percent of my income going towards rent, I have no sympathy for landlords who own multiple properties that are being paid for with the blood, sweat and tears of their slaves.
ReplyDeleteI moved here from Ontario and am shocked at the prices here.I am in the process of moving .The prices here are so expensive.Victoria is a beautiful place but I have to work much more to maintain this life style.
ReplyDeleteMy question is what are you suppose to do when you move out May 31st and cant get in to your new place till June 1st. Am I suppose to get a room for the night???
You dont have to be out till noon on the first. Learn your renters rights, you sure have enough of them.
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