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Confused - Own Home or Rent?

Wednesday, May 16, 2012



Hi my friends. Maybe some of you have some thoughts on this subject or have gone through the process before. I am having a difficult time deciding whether to keep my home or whether to sell it and rent an apartment.

I have lived in my home a long time with virtually the same great neighbors. It is a nice peaceful street in a nice section of the city. I have lots of room in the house with a deck and an enclosed back yard. I really like the house although it does need some "sprucing up" (inside paint, hardwood floors refinished, etc). But within the past ten years it has had a complete remodel with new kitchen, bath, all new woodwork, new heating/AC system, etc).

My problem is that I may want to travel a bit now that my Mom has passed on and I don't like leaving the house in the winter especially. I know I could get a neighbor to check on it daily for me but I think I would still worry a bit about it. The snow would still have to be removed in the winter also even if I'm not there. I thought that maybe by selling and getting an apartment that I would have no headaches and could just lock the door and leave for awhile.

I did all the finances and although I do save on the expense of owning a home, rents here are very expensive and I wouldn't come out much further ahead by selling even after I invested the proceeds of the sale of the house.

Also, apartment living has its drawbacks in the restrictions the landlord places on the tenants. I can't rap on at 3 am, I can't play my guitar when I want, I can't grill on my deck like I can now. Yet I don't have to worry about snow removal or cutting the grass.

The other thing that factors into the equation is that most of my wonderful neighbors are getting up there in age and will be selling their homes within the next few years. The people that buy the homes in my area now are mostly landlords who fix up the houses to rent to our local university students. So, if I keep the house who will I get as neighbors?

I change my mind every five minutes on this. So, if you have any suggestions or maybe have thought of something that I haven't would you please leave a comment. I'd love your take on this. I guess it all comes down to personal preference. Since university I have never lived in an apartment and I don't really know if I would like it.

Thanks a bunch!

Bob.
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  Member Comments About This Blog Post:

NANCYANNE55 7/22/2012 6:54PM

    Question: Will you lose money selling, or just break even? If so, staying put is probably the wisest choice financially.

Renting is good because there is no maintenance. It is bad because they can raise your rent. In a home, you know what the expenses are, period. However, you have to manage your own upkeep.

I wouldn't keep the house because of the neighbors, though. They can change so fast it'll make your head spin. Make you decision based on you and you alone.

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RITEEBEE 5/22/2012 11:42AM

    I'd keep your house, but that's just me. You could always rent it out if you are unsure, that way you don't have to sell it. You could rent it to someone for a year, just make the rent what the mortgage is, and then decide if you like living in an apartment?

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SUGARSMOM2 5/18/2012 9:48AM

  nothing is craved in stone . people move and life takes some of us in many directions . some we never even think we will be doing . the scales of do i want to sell or not are hard to weigh . we built our own home in 1962 . we had family here .father mother sisters brothers . the journey has changed and the face of the our neighborhood has changed with the deaths of many . so many memories are here the first steps of the grandchildren and the children . birthdays of all . Sadly the deaths of many . I think i want to die here but the thoughts of how to keep up our home if something happens to my mate . I can not say what i would choice . think long and hard about your choice once made you can not go back . emoticon emoticon

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MORTICIAADDAMS 5/16/2012 10:46PM

    I hated apartment living - never again.

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NATPLUMMER 5/16/2012 10:23PM

    emoticon I agree with the others. I think it would be wise to wait a bit. I'm sure you can get somebody to look after the house for you if you are gone in the winter.
I only moved into a house of my own a few years ago but I really am happy that I don't have to worry about the neighbors like I did at the apartment. And I have my own washer and dryer..now I don't have to save all my quarters for when it's time to do laundry.

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1CRAZYDOG 5/16/2012 9:13PM

    I totally agree with STEVENGO2 's advice. I think if you can solve having the snow removed and grass cut when you travel, I think that would be good.

I have to agree that you need some time to pass before making a major change.


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STEVENGO2 5/16/2012 8:59PM

    Bob,

I have always rented. I have lived in the same apartment the past 8 years. I like it. We have good maintenance. If I have a problem I just call and they come and fix it the first day. But I have to be aware of other tenants like you said ~ not too much noise at any hours when I want. I am very lucky that I have had decent neighbors who have respected my privacy.

If you could hire someone to manage your snow removal and lawn cutting that might be a good option. Also moving all that you have from your home to an apartment would be a hassle. If I could I would own my home ~ you have more freedom to do what you want. I have to be very aware of my neighbors and not make too much noise. I am a night person but most of my neighbors have jobs that require them to get up early, so I have to respectful.

I would question the timing of this decision. You just had one major change in your life and another change would be added stress. I would wait six months to a year before making a new change. You have time and need not rush into another change so quickly. Enjoy your home for now.

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