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How do you feel about renting after owning?

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    How do you feel about renting after owning?

    For me renting seems like such a daunting task! I really hate the idea of it! When I was married, we had owned 3 houses all together. When I got divorced I bought a condo and now I will be foreclosing on it. The pros are great...I can save. But, on the flip side it really bothers me. I was able to find a secuity company that installs alarms in apartments, so that makes me feel better. I don't know why I was fine in the condo. I still had to share walls, but the location of it makes me feel really safe. And another thing too is that for the first time since my divorce I am actually feeling quite scared and lonely . I guess losing my home is really bothering me right now. And the holidays coming....arg!!! Sorry! The one thing that does make me feel better is the fact that I can save a lot more money now, will be getting a better job soon and maybe in 2 years I can buy a place since prices will most likely not be back up.

    #2
    Hi, I'll be renting soon as my foreclosure is in motion. Just got the notice to accelerate so I'm looking to be out of my house by April. Also went through divorce so i know how you feel. But i keep telling myself that renting will be better because I won't have to fix plumbing issues, water leaks, etc.
    Hang in there it can only get better!

    Comment


      #3
      For me it was a great relief as my home needed lots of work I could not afford. Now I found a great condo that I am renting and great owners to rent from. I no longer have to worry about cutting the lawn, shoveling snow or cleaning gutters. Yeah I know, renting is not building equity and such but its really about what you want in the long run. For some, renting is the right choice but it all depends on what you're looking for.

      I went through a period where I was really bumming about losing my home too. I would go outside and just look around knowing that it was going away soon. I had to think positive knowing that I WILL rebuild and recover in the future. Just take it one step at a time and enjoy the holidays in the company of your family and friends. You are not alone in this, there are lots of others who can relate and give you support.

      Good luck in your search.

      Comment


        #4
        I rented briefly before deciding to move back into my primary residence. I actually miss renting. My expenses for this home are astronomical ($1,300/month for insurance and taxes, $700-800/month for electricity, $95/month lawncare, $45/month pest control, and $75-$95/month for water). My rent was less than that for a 5-bedroom 2,800sf home.

        I just spend close to $1,000 to fix a broken septic line.

        Owning a home is a pain!
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          I had the same feelings about renting as you have... but, this is the first time in 6 years I have been able to put money away after paying all of my expenses (less the mortgage)! At my 341 last week the Trustee asked what my intentions are about my home (I filled that I would retain the house), I told him since I'm 5 months behind I would be surrendering the house. It shocked me in his reply... "that is a good response, especially since you have over 50% negative equity, and it will be years before you could sell it and pay off your mortgage!" So yes for me walking away will be a "good thing." I hate the moving aspect, but, I'll be saving money!
          Even renting for the next two plus years the market here in the Central Valley of California will just be hitting the bottom per RE experts, so I'll be able to save money, live in a better neighborhood (the rental house next door was just foreclosed and the renters are moving out, so it will be an eye sore to add to the other three in the area), and not having to worry about fixing things or cleaning out those gutters!
          The holidays are a tough time of the year for everyone! You have a fresh start and great adventures in front of you, so hang in there and focus on the positive! You'll do fine and enjoy your new life!
          November 2, 2009: Filed Chapter 7, December 10, 2009: 341 Done! January 11, 2010 Last Day for Objections! February 9, 2010 Discharged!!! February 12, 2010 Case Closed, MyFico on 11/09: 550, Now: 715!

          Comment


            #6
            Thanks everyone! I am starting to feel better now! I went through the walk through for the apartment yesterday and getting excited! I get the keys on Tuesday and plan on getting all my Christmas stuff out and start decorating! This board has been great!

            Comment


              #7
              Behind me there is a house renting for $400 less then I pay on my mortgage. It is the slighly revised floorplan of the house I am in now. As the house I am in is underwater as is and i'm paying well less then 400 a month towards principal I will in a sense have more equity, at least in my bank account, then if I KEPT PAYING THE MORTGAGE.

              Then I don't have to worry about maintaining the place as well or paying hoa fees. However I've found smaller houses that serve my needs fine for even less then that house behind me....
              3/2/09- Filed: chapter 7 / No asset
              4/1/09- 341 Hearing: 1 creditor showed up Got to love family feuds
              4/2/09- Trustee Report of No Distribution Filed
              6/24/09- Discharged and case closed

              Comment


                #8
                I have mixed feelings on the issue. When I go back and look at prior years expenses when I was renting, my budget was so much better. Homeownership is more expensive (tax advantages aside). Plus, the upkeep and work can get daunting.

                The real issue is owning a home and having a mortgage. If the home was paid for, then I wouldn't care, ownership wins. But if I really "had" to choose between renting and a mortgage, I come down 50/50. A mortgage is still a debt and mentally, I have a hard time visualizing a time when the mortgage will be paid off 29 years from now

                Comment


                  #9
                  I would rent any day. Way to exspensive owning a home. We are now renting a house that is way nicer than the home we own. On top of that the rent is $800 less than our mortgage. Go figure.

                  Tanya
                  Went into financial rehab 8/30/09
                  Celebrated legal financial sobriety 12/9/09
                  On The Road To Rebuilding
                  5 active accounts in good standing

                  Comment


                    #10
                    Originally posted by tanya0525 View Post
                    I would rent any day. Way to exspensive owning a home. We are now renting a house that is way nicer than the home we own. On top of that the rent is $800 less than our mortgage. Go figure.

                    Tanya
                    Well, for me, I got fairly lucky (but I planned it). I bought at a good time (earlier this year), have a great 30 year, fixed, mortgage (4.75%). And the payment is well in line, if not slightly below what I could rent for similar size. Granted, if I wanted to rent a town home or condo, I could get cheaper rent. But, the house was built in 1969 and the yard is not small (not large either), so there is going to be upkeep.

                    Comment


                      #11
                      We are looking forward to getting rid of our mortgage and all the fees for maintenance. Our house is in need of a new roof, siding, windows, carpet, doors...sigh.

                      I love our house but this is a chance to be free and we cannot wait!

                      The only hesitation I have is our mortgage stayed the same for 10 years. I remember from my renting days that rent goes up every year. I'm not looking forward to that part of renting!

                      Comment


                        #12
                        I've been in my home for 25 years. If life had gone as it should have... I would own it in 5 years. Well after countless loans for medical emergencies/bad divorce settlement, I'm giving back the keys in about 3 months. I'm now underwater in something I should own free and clear really. Oh well such is life, I'm now going to join the ranks of renters.

                        Comment


                          #13
                          I'm really excited about renting -- especially seeing what we can get for less money than we are paying on our mortgage. We like that you can walk away from a lease at its expiration -- without the headache of selling. We love that we don't have to worry about big home repairs (our roof needs work, our A/C and furnace...our yard has major issues, roots in our pipes).

                          At the same time, I'm soooo nervous to start renting and the worry that they can pull it out from under me. With 2 kids, I don't want to bounce around a lot so we're really just hoping to find a good rental home that will work with us for 3-5 years until we can buy another house -- if we choose to go down that road again!

                          Comment


                            #14
                            I have looked at several rentals and some that I thought at first were wonderful, and then later changed my mind. Sometimes I can fool myself into believeing that it will be better to rent, and we'll be happier, but my gut tells me otherwise, and the thought of leaving our home turns my stomach and leaves me cold. Every time I look at a rental and then imagine myself living there, I feel sad and lonely, and just want to have my own home--even when I'm looking at places much nicer than our own.

                            We still have a shred of hope of hanging on to our house, and I've made what I think is a win/win proposal to the second who is foreclosing, but I can't count on them working with me, so I continue looking. Sometimes it's a hopeful and exciting endeavor...that I might find something so fantastic we'll be happy to leave...but that's never been the reality, and always there is disappointment and sadness about the thought of actually moving into any of the rentals I've seen.

                            It's not that I mind the concept of renting, necessarily. It might even be attractive if there was something we didn't like about our property, but except for some issues with the house itself, like some needed repairs and sprucing up, we love it here.

                            The idea of renting under our circumstances really really sucks.

                            Comment


                              #15
                              Originally posted by Ineedhelp2 View Post
                              I have looked at several rentals and some that I thought at first were wonderful, and then later changed my mind. Sometimes I can fool myself into believeing that it will be better to rent, and we'll be happier, but my gut tells me otherwise, and the thought of leaving our home turns my stomach and leaves me cold. Every time I look at a rental and then imagine myself living there, I feel sad and lonely, and just want to have my own home--even when I'm looking at places much nicer than our own.

                              We still have a shred of hope of hanging on to our house, and I've made what I think is a win/win proposal to the second who is foreclosing, but I can't count on them working with me, so I continue looking. Sometimes it's a hopeful and exciting endeavor...that I might find something so fantastic we'll be happy to leave...but that's never been the reality, and always there is disappointment and sadness about the thought of actually moving into any of the rentals I've seen.

                              It's not that I mind the concept of renting, necessarily. It might even be attractive if there was something we didn't like about our property, but except for some issues with the house itself, like some needed repairs and sprucing up, we love it here.

                              The idea of renting under our circumstances really really sucks.
                              I've moved on from much emotional attachment. The place needs $10K in repairs and upgrades and there's no way I can afford the mortgage no matter how good the mod is. I'd need a 30% reduction of principle and that won't happen.

                              I wish you good luck in your negotiations and hope you keep your home.

                              Comment

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