Do you guys rent or own your homes?

I am having a hard time. I just sold my co-op and DH and I found another, larger one we love. The price is right, the location is good, we love it - but it isn't perfect and, ideally, we'd like to be in a house eventually. I just don't know if we should jump on this or rent for a few years and then get a house. Going through the sale of a co-op is a HUGE PITA - finding a buyer to pass the board, for example, there's all sorts of fees, etc, and to go into another co-op knowing we are going to have to sell soon is giving me a lot of reservations.

So, how did you guys decide?

I should add that DH is obsessed with the apt we might buy . . . and I am having second thoughts.

Re: Do you guys rent or own your homes?

We own a condo. We purchased it 4 years ago and did it simply because it was literally the cheapest place on Long Island to buy! We didn't rent because DH thought by buying we could be building equity by purchasing the condo. Unfortunately for us, the market has tanked so we owe more than our condo is worth and will have to rent this out when we eventually move which will limit the amount we will be able to take out for a mortgage. That being said, I do like owning something as it is yours to do what you wish with. No landlord issues etc. Also, this is a great time to buy because the prices are so low. I don't know if that helps or not, sicne I'm not sure of what I would do. I guess my gut says to buy as long as you like what you'd be buying. Make sense?

Re: Do you guys rent or own your homes?

With interest rates the way they are, if you can swing buying, you should try. You can do an FHA loan with as low as 3.5% down. Rates are SO low right now.

Re: Do you guys rent or own your homes?

own

Re: Do you guys rent or own your homes?

we own a house. If its only going to be for a short time I'd rent until you get a house. Im not a fan of Co-ops. I don't like all the rules and depending on the market they can be very hard to sell (worse than a house)

Re: Do you guys rent or own your homes?

DH and I originally moved in together about 2 years ago, and we were planning on buying a co-op. But we knew we didn't want to stay there TOO long because we wanted a house sooner rather than later. So we rented an apartment for a year and a half, and just moved into our first house in March.

Re: Do you guys rent or own your homes?

we own

Re: Do you guys rent or own your homes?

one other thing to think about...do you plan on doing any work to the place???? if you do, and you dont plan on stayin there too long, it will definately cut into your 'bottom line'

Re: Do you guys rent or own your homes?

We own. I rented apartments for 17 years before we closed on our house. If I had to do it all over again, I would have bought something sooner. However, if you know you want to buy something within a year or two, I'd rent. It would take too long (especially in this market) to recoup your closing fees, moving costs, etc.

Re: Do you guys rent or own your homes?

We own a town house. I purchased it in 2003 before DH and I got together. My dad is in real estate and didn't want me renting anymore (I moved out at 19), so we purchased my house and fixed it up. It was always supposed to be my starter house. As of now, we're here for another couple of years. I want our own house with no one attached!!! That's my dream. Just a little house of our own with a driveway, and no attached neighbors. I'm not willing to go through selling and buying something that isn't exactly what I want for our future .
If I were you and it was a town house or small house you were thinking about, I would buy. But a condo isn't something I would buy into for such a short and/or unknown period of time. I wouldn't necessarily suggest renting, but I wouldn't buy another condo you know you won't be staying in. Just my two cents! God luck with this decision!!!

Re: Do you guys rent or own your homes?

We own. DH bought our house almost 11 years ago for dirt cheap....$60,000

Re: Do you guys rent or own your homes?

own... can you afford to look for a house now instead of the co-op.. my parents had a co-op and it is pain to sell it.. so i would never buy a co-op again.. we just bought a house and it was the best decision ever..

Re: Do you guys rent or own your homes?

we are renting right now. we have the option to buy the house we are in , and we are hopefully going to do so next year

Re: Do you guys rent or own your homes?

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Posted by GT143EA

We own. DH bought our house almost 11 years ago for dirt cheap....$60,000

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wow, that's a great deal! was it a foreclosure?

Re: Do you guys rent or own your homes?

Dont buy another co-op... As you prob already know, they are prob one of the worst investments! But i know how appealing their prices are.... go for a condo if you are still thinking 'co-op' or buy a house

Re: Do you guys rent or own your homes?

we own a house... i owned a co-op before and it took me a year to sell it and it was a horrible process, especially because of the housing market, most people were opting to buy houses instead of co-ops.
if you are only going to be there a year or 2, it might not be worth the hassel.... and that's coming from an accountant who believes in owning normally!

Re: Do you guys rent or own your homes?

Thanks everyone. After much deliberation with DH last night, we decided renting is our best option at this time. While we have 20% to put down on a home, I can't bear to part with it at this time. I've had my current co-op on the market since April and am just finally in the process of selling and we figured we would save about $10K alone in closing costs by renting for a year or two. I've always believed in owning too (I've never even leased a car, I've always bought!) but I think this time, renting might be right. I'm still torn, but I'll feel better once I tell the realtor we are not signing the contract. It's a bummer because the place is super nice, all updated, but between the $900 a month in maintenance and interest on the mortgage, over the course of 5 years, we will save about $40K renting. I just hope we can find a nice place!! If anyone knows of any nice rental buildings in Western Nassau, please let me know!!

Re: Do you guys rent or own your homes?

We own (almost) three homes.

1 was DHs (we will be renting out soo we live here now)
1 is my beach house (rented out now)
1 we are closing on Sept 15th We cant wait to build a family there!

I suggest buying always & the way rates are go for it if you can!

Re: Do you guys rent or own your homes?

We have a feeling we'll be moving in a couple of years. Until we decide 100%, we don't want to own property!

Re: Do you guys rent or own your homes?

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Posted by VickiR510

We own (almost) three homes.

1 was DHs (we will be renting out soo we live here now)
1 is my beach house (rented out now)
1 we are closing on Sept 15th We cant wait to build a family there!

I suggest buying always & the way rates are go for it if you can!

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just to put this in perspecitve, while i tend to agree, co-ops with all their rules are MUCH different. sometimes it is very hard to rent/sublet the apartment -- depending on the coop board, the application process, and the requirements

we just closed on a coop, and the sellers told us that they tried to sublet it 2x before but the applications did not go through.....