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Why I bought instead of rented

Last Updated: October 28, 2014 BY Michelle Schroeder-Gardner - 22 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

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As most of you know, I bought a house with the BF in 2009. We have never regretted our decision. Moving into an apartment was never in the picture for us. There are so many reasons for this.

Where I live, it’s either the same price to rent a place as it is to own, or it’s even more. We have dogs also, so we need a house with a yard. Yes we could just rent a house, but we would rather own our place. Renting a house is also the same amount or more as owning where I live.  I’ve actually looked at houses to rent, and they were usually a couple hundred more than my mortgage.

We don’t plan on living in our current house forever (maybe 5-7 years altogether), but our next house we plan on living in for awhile. So the costs of not living in our first house for a long time are a little higher, but it still won’t  be that bad.

There also aren’t very many good apartments where I live. A lot of my friends live in apartments, and they’re either not safe or they’re just disgusting. Of course there are nicer apartments, but they cost way more than what a house would cost. The only thing nice that would be about living in an apartment is all of the amenities that they offer. Spa, gyms, pools, and so on sound very nice.

One thing that people say sways them from owning is that they’re afraid of maintenance costs. I don’t think anything has broke in our house yet. If something did, we have a lot of people in the BF’s family who would be able help us fix stuff. Maintenance costs don’t really scare me though, and definitely wouldn’t sway me from owning.

We also have really good neighbors. No one is loud and crazy. When you buy a house, I would say that you should check out the house and neighborhood during the day and also at night time. This will help you figure out how the neighborhood actually is.

The only thing that I regret about my decision is that I feel somewhat stuck since I bought a house at such an early age. Right now I’m not in the position to just pick up and leave and travel for an extensive time, mainly because I have a mortgage (and I like my job, and I know that I wouldn’t be able to find something similar). If I didn’t have a mortgage, then I would feel better about picking up and leaving because I wouldn’t have such crazy fixed housing costs.

I also honestly just like having something that’s mine (ok well it belongs to the bank since I have a mortgage), but it’s nice to think that one day I will own it completely and will have significantly lowered my housing costs since all I will really have left is property taxes every month.

Here are some interesting articles that I found also, here (a buying vs. owning calculator) and here (another buying calculator), that you might want to check out. These can really help you decide what’s right for you, because buying isn’t for everyone of course.

Your turn: Buy or Rent?

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22 Comments
Filed Under: House, Real Estate Tagged With: Home, Life

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Domesticable says

    December 30, 2011 at 5:37 am

    I feel the same way! I am 23 and bought a house this year with my husband. He works in the oil industry which has the possibility to move us anywhere and at times when we get offers to awesome places like Paris, Scotland, Cali, and Australia…we feel stuck. 🙁 Plus we have a dog now and to get him over would be REALLY expensive and timely. Lurax

    Reply
  2. Holly says

    December 30, 2011 at 5:51 am

    This is a tough one! I moved into my first apartment right out of college and I loved it. The rent was cheap, I was allowed to have my dog with me and it was close to work. But then a few years later we found out my landlord was selling and at that time my then fiance got a job about an hour away. We made the decision to purchase a home that was still in the area but that would shorten his drive to work 6 days a week. I love having a house that is ours. That we can paint and renovate the way we want. And it's also made us incredibly responsible very quickly. On the downside, I wish we would have looked a little longer and took our time a little more before purchasing. But it sure is nice to share a home with my husband and doggies!Great post, Michelle! Have a happy new year 🙂

    Reply
  3. Jamie says

    December 30, 2011 at 5:55 am

    I really appreciated this post! My husband and I rent a condo right now but are planning to buy a house in a year. It's not only a great investment but it's yours!

    Reply
  4. Liquid Independence says

    December 30, 2011 at 5:59 am

    I bought in 2009 too, for the same reason you guys did. However, our housing situation is a bit different up here.

    Reply
  5. Live Simply- Live We says

    December 30, 2011 at 6:55 am

    We are so ready to buy a house….but unfortunately, that is not the case with our finances.

    Reply
  6. Leigh says

    December 30, 2011 at 7:13 am

    Sounds like buying a house was a great idea for you guys! Where I am, buying a condo is cheaper or about the same cost monthly as renting an apartment. I'm looking forward to it being mine and not worrying about putting hooks up to hang up paintings and all that!

    Reply
  7. Tanner says

    December 30, 2011 at 7:17 am

    Very timely. I think about this very often. I know that once I move, I will rent for a year to get to know the area (since I'll be going out of state and away), and then I have plans of looking into a house/non-apartment living arrangement. I would love to get a house, but being single/no dependents/no dogs may sway me into staying in an apartment, just because it makes sense.

    Reply
  8. working.for.money says

    December 30, 2011 at 7:33 am

    We have been in our house for over 6 years. But every so often I wish we just rented… usually when things break. Fix a roof leak = $900. Garage door broke = $600. Water pipes froze = day off work replacing water line in the attic. Plumbing blockage = day off work under house clearing pipes. Would be much nicer to just call a landlord and have them deal with it. Most people forget that the house depreciates over time, so costs money to upkeep. It's the land that appreciates.

    Reply
  9. shoppingtosaving says

    December 30, 2011 at 7:33 am

    Definitely BUY! We didn't get the condo we put an offer on a few days ago but we will keep trying. My reasons are the same as you. It is actually more expensive to rent in San Diego. Why the heck would I want to do that!!! Good point about checking neighborhoods at night and meeting neighbors. We will try to do that more often. Thanks for the post!

    Reply
  10. talesofablendedfamil says

    December 30, 2011 at 7:39 am

    Yes, we bought too. We were living in a rental that was very inexpensive, but the owners were selling and we weren't willing to buy it (too many issues with the house). So we looked at places for our large family (10 people) and crunched the numbers. Buying, plus property tax and utilities would cost the same as rent, so for us it was a no brainer. You have to weigh the pros and cons, crunch the numbers and make the decision that is best for you.

    Reply
  11. Dwell in possibility says

    December 30, 2011 at 7:52 am

    I'm on the opposite end of this argument. We tend to move every three years – like across the country. We've bought and sold two houses in two states. We never intended to leave the second house. The first time we made a few thousand in the sell; the second time we lost multiple thousands. Not even close to a wash. This last move we elected to sign a two year lease even though renting is more expensive than a mortgage. By the time taxes, upkeep, and upgrades are factored in, for us, renting is cheaper. In addition, renting allows us to pick up stakes and move anytime without the hassle of selling. I've never regretted renting a place, but, boy, have I regretted buying!-Rhonda

    Reply
  12. Hannah says

    December 30, 2011 at 9:14 am

    I feel you on the fact that some rent prices are as high as a mortgage! We decided to rent just because we aren't positive of what city or county we want to live in long term! So renting works best for us even though I'm sure at the end of the year it will seem like a lot of money thrown away but it's the only option :/. Seems like buying was definitely the right choice for you!

    Reply
  13. The Happy Homeowner says

    December 30, 2011 at 9:20 am

    It's been almost 2 years since I bought my place, and I'm still happier than ever about making the decision to do so! I still sometimes find myself simply looking around and smiling when I realize that I've made my house my home all on my own. I definitely recommend buying, but only if you're financially able to do AND you do your research.

    Reply
  14. Married...with a Pup says

    December 30, 2011 at 11:04 am

    We are pretty similar in this situation because we don't plan on staying out our house for that long either. Maybe 5-7 years as well. I'm so glad to be living in our house! Love decorating with the feeling that we won't be moving in year!

    Reply
  15. Cash Only Living says

    December 30, 2011 at 11:55 am

    As long as you didn't buy at the top of the market and your house is building equity, you are probably in good shape. I bought my first house when I was 19 (I had just moved to be closer to the BF–now hubby–and I had moved about a dozen times in the few years previous so I wanted ROOTS somewhere). Anyway, I got the house on a 15 year contract and paid it off when I was 34 then used it as a rental for a few years after that. Even though it was an old house and things were breaking down like constantly it was a really good learning opportunity for us and the kids because we couldn't afford to pay for someone to do the repairs so we learned how to do the repairs ourselves. Good for your on amaking a good investment in your future!

    Reply
  16. femmefrugality says

    December 30, 2011 at 12:54 pm

    Would love to buy! It's actually cheaper where I live. From everything I hear it's really hard to get a loan right now in the US, though, so I don't think we'll put ourselves through the headache till I'm out of school.

    Reply
  17. Serendipity says

    December 30, 2011 at 2:05 pm

    I feel like this post was meant for me. =) Although I'm a worry wort by nature, I feel like Rambo's decision to look into buying is coming for us at a good time. We're now both making a decent income and we're excited to start making something into a home together with new memories. Also, our mortgage will probably be cheaper and although our utilities will go up, we should still break even. Hopefully. Fingers crossed.

    Reply
  18. Judy says

    December 30, 2011 at 3:17 pm

    I have never regretted buying my house!

    Reply
  19. jpkittie says

    December 31, 2011 at 4:05 am

    we bought – but due to the current events of DH being relocated, we will rent after we sell the house – it is tough because we don't know much about the area & we want the ability to move to a different school district if we need to

    Reply
  20. The Borrower says

    December 31, 2011 at 4:54 am

    I have been a home owner since 1990. There have been times I wished I could call a landlord to take care of things. I don't believe home ownership is ever cheaper then renting; after you calculate in incidentals that will happen (roof, water heater, a/c, heat, etc). Then again, I doubt I could ever rent. For me it is the comfort of knowing the roof over my head is mine and I decide when to come and go. No lease renewals or squabbles over renovations and upkeep. I'm very territorial and can make things the way I want them. It just works!

    Reply
  21. Rafiki says

    January 1, 2012 at 3:16 pm

    Where I live renting can be much cheaper but it won't be my decision alone. When the time comes, me and the GF will make the decision depending on our financial situation and other variables.

    Reply
  22. ERIKA says

    May 4, 2012 at 2:07 pm

    Hahah I didn't realize this was an old post. I just tweeted it =)

    Reply

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

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