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August 26th, 2004

Rent or Own?

Here at the Ping, we’ve discussed both apartment search websites and home prices, so it’s clear that we cover both bases when it comes to home ownership.

I’ve been renting since I moved out of my parents’ house in 2000, and do hope to own before I get really old. I think it’s possible now, too, which helps. But that dovetails with something interesting I noted while I lived in Denver: people there tend to own homes more than rent. And in places like Chicago and NYC, for instance, renting is quite normal. I suppose part of that’s due to the home prices.

I’m curious as to how many Pingers own and how many rent. How long have you been at it, and will you switch camps?

Posted in Everyday Life

FROM: jk
DATE: Thursday August 26, 2004 -- 9:39:18 am
I own, but if I had it to do over, I would have looked much harder to find a cool house to rent. It just seems that everything's getting more expensive each year, and if something breaks, there's no cool landlord to call.

People say to those who rent, "You're throwing your money away", but you're not! You have a roof over your head, no worry of property taxes, no worry or re-assessments, and someone named Schneider to call when the toilet leaks.

I moved in on 11/01/01.

If you DO decide to build a house, you need to be there practically daily because the subcontractors will make many many mistakes. I guarantee it. The communication was horrible....but it was great to hear my builder threatening them that if they did not fix mistakes on the spot, she wouldn't pay them for ANY of the work they had done for her that month.

FROM: Chris [E-Mail]
DATE: Thursday August 26, 2004 -- 10:03:47 am
I own - this is our third house - all of them were brand spanking new. We bought our first house right after we got married in 1991 - and moved in in 1992. Contrary to JK - I say stay out of the way and let the builder do his job. The subs work for the builder - not you - so they aren't going to do a damn thing for you anyway. Get friendly with the builders foreman that is responsible for your house - you will want him on your side when you have work orders after you move in.

I would never rent. I like the security and control of ownership. I have a deep desire to be a land baron and own lots and lots of land.

FROM: Joseph
DATE: Thursday August 26, 2004 -- 4:46:24 pm
I rent. It sucks. Once you deal with a few stingy landlords, you're ready to move on. JK, you assume that once called, Schneider will make repairs. I thought my biggest worry was that Scheider just woudn't come. Instead, I actually had one landlady yell at me because the fifty year-old string that operates the light switch finally gave up the ghost. She felt she had to remind me not to swing from the string like a monkey. Can you believe that?

I don't own yet, mostly because I'm waiting for the right opportunity and the right time. Hint: this means my credit sucks.

Once I repair my credit, which I am doing as soon as possible, and can get a good deal on a loan, I'm outta this place.

FROM: Robert [E-Mail]
DATE: Thursday August 26, 2004 -- 5:41:16 pm
I rent. It'll be years before I'll have the money to own. But, what the hell? I can move whenever I want.

FROM: jk
DATE: Thursday August 26, 2004 -- 9:02:42 pm
I guess I had really good landlords.

Concerning visiting the building site, had I not visited frequently, the foreman would have not known what was wrong. I would have many mistakes surrounding me had I not been johnny on the spot.

The upside is that homes here have increased $100,000 in value in less than 3 years, so if I were to sell, I'd have a nice bit of $ to take with me. I know however that I will never ever find a development like this again. Tonight everyone met for drinks and food behind my's a fun community. You can have that in an apartment complex, although I found that as years went by, my apartment neighbors were less and less friendly. I chose my lot here because I wanted to have neighbors who were home a lot....I live next to a retired college prof who interrogates anyone who approaches my door.

FROM: Joseph
DATE: Wednesday September 1, 2004 -- 4:50:40 pm
It just gives me a sick-to-my-stomach feeling, as if I ate too many Krispy Kremes, White Castle burgers (either sliders or greasers), or Oreos, to pay so much money each month to build someone else's equity.

Plus, dutifully paying rent on time does nothing for your credit rating, which we know, in the U.S., is more important than actually having money.

Making a house payment each month makes you look like a star to the credit bureaus, and you're building equity. How can you beat that?

FROM: douglas e petersen
DATE: Sunday February 27, 2005 -- 8:54:44 pm
would like to see a book "toilet ownership and repair for dummies,signed douglas e petersen

FROM: jk
DATE: Sunday February 27, 2005 -- 9:35:58 pm
I'll get right on that, Douglas!! Right after I look at my latest tax increase.

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