Why buy a house?
Why buy a house? Behold, one of the biggest myths of the American Dream
I’ve heard it for years; renting is often better than buying. That when you sit down and crunch the numbers and factor in all the taxes and dues and interest rates, maintenance fees and termites and cracked foundations and busted appliances and the cost of that new sewage line, well, owning is far more of a hassle and a burden and a lifetime o’ stress than most people ever imagine.
And why don’t we imagine it? Why is owning a home still considered such a prize, such a cornerstone of what it means to be a victorious American? Simple: because that’s what we’re taught.
I know all the reasons for buying a house (long term investment, huge tax incentive, etc.) The reasons against make a lot of sense, too. Unless you’re certain that you not only love your city but also love your neighborhood, I think it’s worth paying the “premium” for the flexibility renting affords you. And if you want a place that’s more “home-y” that will let you paint the walls, find a duplex to rent.
That said, we’re probably not giving up homeownership to go back to renting for as long as we still live in the Twin Cities. (Although, technically, I personally am renting.)
November 23rd, 2008 at 2:56 pm
Not that I could afford a house at this point in my life, but I think I would be infinitely stressed out by the possibility of unexpected expenses (your basement floods, an appliance breaks, reassessments make your property taxes skyrocket, etc.
I like that if something breaks, it’s not my problem.
November 23rd, 2008 at 3:16 pm
I like that if something breaks, it’s not my problem.
Yeah, me, too. Which is part of why I’m enjoying living in a townhouse. Eliminates a good chunk of regular housework.
Missy said that she thought it was a little weird that in renting you’re always depending on someone to fix stuff for you. I said I didn’t think it was that different from rich folks paying someone to fix stuff so you don’t have to worry about it. I think of it as a luxury rather than shirking responsibility.
Tradeoffs either way.
December 1st, 2008 at 10:05 pm
You’re paying for someone to fix stuff for you as part of your rent, of course. (And one real advantage is that you don’t have to hunt down someone yourself to do the deed: you just call the office.)
I haven’t had too much break in the five years I’ve had this house, but when things go, they don’t go for cheap.