Rent or buy? Which do you think is the better way to go for your home? I used to think that renting was the way to go, because of repairs that homes always seem to need. However I am starting to think a bit differently now. Let’s look at these two subjects in depth a moment, and see if you don’t agree that renting is definitely, NOT the way to go.
You could also end up renting a house that is so full of mold that your entire family becomes so ill that after almost two years of being away from the effected house, they are still suffering from the effects that the mold had on them, and they are so sensitive to molds and all other allergens now because this is one of mold exposures medical effects, that just stepping into a building contaminated with any amount of mold, causes them to be sick, sometimes for days after the exposure.
My family went through this too, also a rental, and although the landlord was sympathetic, and did not rent the house out to anyone after we ran from it, (it was a farm he inherited from his dad and he had sold all the land and house to developers who are tearing the house and barns down), we lost almost everything! We had to leave 80% of all our belonging behind because it was all so contaminated with toxic mold.
We had lived there for 5 years and in that time we paid out,…. $45,000.00 in rent, and in the end, not only did we not have a home, we had virtually no belongings either. None of this was any fault of the owner, the problem was there before he got the land, and no one thought anything of the musty odor, no one ever does until it is too late. Repairs would have been so costly that it would have been stupid to even go there when the house was going to be torn down anyway. The only ones who lost anything was my family, because the owner of the house was getting millions for the land and the house, us on the other hand, we walked away with a few things that we could salvage, extremely poor health, (which continues to this day, 18 months later), and totally broke because we were so sick, we could barely work our business.
So there are two cases of renting and the bad side of it, now I’m sure there are those who are all for renting, as I said, I used to be, but after the last two rentals, I want to own my own home, even if it is nothing more than a travel trailer, it will at least be OURS!
So there you have it, rent or buy, which will you choose next time your looking at moving?Buying a house a a lot different from renting. You have to go through all the financing stuff which can be a major pain, unless you are like me and have every document imaginable all together in a folder, always close at hand. Even when 100% prepared it can still be a pain to go through all the paper work, closing cost and meetings.
However, after all that is done, you are now the “owner” of a house and the property it is sitting on. Now you are not throwing money to someone else and having nothing if you want to walk away from that house, now you have a home, that if you do decide you want to live elsewhere, you can sell this house and what? And have money to take for the next house! Now how cool is that? Plus, it gets better, if something needs repaired, you don’t have to wait for a landlord to decide to do the repairs, you can do them right away, yourself even if you know how. True, you have to pay for any materials, or in the case it is something you can not repair yourself, you have to pay someone to do it, but I honestly think that is a small price to pay for something that is going to make you money in the end.
When you rent your home, you do get an advantage in that all repairs are up to the landlord to take care of. However, here are a couple of problems with that, and believe me, I know this from recent experience. The worst thing that can happen, is the landlord just totally refuse to make the needed repairs, or you could have what happened to us, the landlord tries to make needed repair, and then discovers that needed repair is due to the modular home being put together wrong, (to the point it was actually starting to separate where the two halves were joined together), and was going to be so much work and cost so much money, that he then totally refuses to make the needed repairs, and you spend the entire Summer baking in your house because the repair that is needed keeps your central air and heat from working properly and it is not safe to use it. Your cost on this rental after 17 months… $13, 775.00! WOW, now that is a huge amount of money to pay someone else for a home, and they will not make repairs that are needed so that you can live the way you are supposed to in a house that is costing you more than $800.00 each month.