Poll-Do You Rent or Own Your Major Residence?

[haha]

We have had threads about this, but I do not remember a poll.

So- do you rent or own? Elaborate all you want in postings, but to keep it simple I have just 2 categories-rent, or own one's main residence.

If you rent in the city near your job, but will soon move to an already owned residence, for example during a pending retirement, count it as "own" I should think.

Ha

 

[aaronc879]

I own a condo. In retirement I plan to keep my condo and rent half the year in Florida.

 

[BigNick]

Owned from 1993 to 2006 (well, moved to rented house in 2006, didn't complete sale of the house until the first week of 2008, sold it for less than we'd been offered because everyone including the agent told us there would be no trouble to get a better offer).

In no hurry to own again. Our retirement plans call for an apartment in a city, so we should have plenty of choice of rentals. We will probably only buy somewhere if it makes sense in terms of % of the portfolio immobilised vs the SWR which that could bring.

Currently we are renting a 4-bedroom home with basement and yard which would cost a minimum of 500,000 Euros to buy; we are paying less that 20,000 Euros a year in rent. We may downsize once kids are no longer coming home from college: this week DD has had 4 friends staying, next weekend DS arrives with 5 others.

 

[Gone4Good]

I own it. But then I usually rent a place to park it for three to ten days at a time.

 

[East Texas]

I would have never entered retirement with a mortgage. I paid off the house in the megacity in 12 years by living way below my means and long before I retired. The ranch was a cash purchase. Sold the house in the megacity and used that money for improvements at the ranch.

I am probably the most debt adverse person you'll ever meet.

 

[Major Tom]

I owned my principal residence from 1997 - 2001, sold at a profit, then noticed that house prices were still going up swiftly. Bought 3 houses, rented them out and then sold them after a year or so, just before the peak of the market. Put the money in the bank and have rented the places I live in ever since.

I doubt that I will ever buy property again, though would never say never. I'm more interested in buying something on wheels at this point.

 

[Ally]

We own our home. I hadn't thought of renting or paying a house payment again in the future, but I guess anything is possible. I just think it's highly unlikely for us.

 

[Khan]

Own a small house. 33 years. Paid off~10 years ago. Probably shall revert to renting something small before too long.

 

[Meadbh]

I have owned a small house for 20 years. It will be on the market next month. I am moving to a condo that I also own. I like the feeling of ownership, of not having to move unless I decide to. But I would be reluctant to buy something too elaborate. I would never want to be house poor. And I pay off mortgages as quickly as possible.

 

[JmfromTx]

I would have never entered retirement with a mortgage. I paid off the house in the megacity in 12 years by living way below my means and long before I retired. The ranch was a cash purchase. Sold the house in the megacity and used that money for improvements at the ranch.

I am probably the most debt adverse person you'll ever meet.

Ditto, except I paid off my 2.5 acre mini ranch in 11 years and I never want to move. Ditto to the debt aversion too. My wife was the same way and that's why I'm sitting where I am instead of getting things ready to go to work tomorrow.

 

[devans0]

Own. I bought a fixer-upper, starter home when I was 23 or so. It's had a lot of fixing and re-fixing. Getting it paid off and putting the mortgage money to savings fueled the FIRE fund was the first smart money decision that I made, and made up for a few of the boneheaded other kind.

 

[powerplay]

I own my home and paid off the mortgage last year.

 

[Major Tom]

I own my home and paid off the mortgage last year.

Congratulations. Must be a good feeling.

 

[73ss454]

We own our one and only house in Florida free and clear. Just have to pay the taxes which are a mystery, but that's OK. Ya can't always figure out everything in life I guess.

 

[mickeyd]

I'm on my 7th house now. Glad it's been paid off for about 15 years or so. I would consider renting if the right situation came up, but we have way too much stuff accumulated over the years.

 

[scrabbler1]

I bought my co-op apartment in 1989, refinanced its mortgage in 1992, and paid off the mortgage in 1998. Paying off the mortgage enabled me to greatly reduce my monthly expenses and make my ER in 2008 much easier to achieve.

 

[Alan]

We've owned 5 houses in 3 different countries. Mortgage free from 1999 on, and now in ER we rent, to be able to "lock and leave" as we travel a lot.

Don't rule out the possibility of owning again in the future.

 

[Buckeye]

I owned my primary residence (all 7 of them for various lengths of time) over the past 27 years but DH and I have rented (2/2 apt) since selling our OH home and moving to FL 18 months ago. Rents are reasonable and it's nice to not have the concerns of local homeownership (declining values, very difficult to sell, expensive hurricane coverage, hurricane repairs).

I thought it would bother me to be renting (from a financial point of view) but actually it's been a feeling of freedom. When the AC was malfunctioning, it was nice to pick up the phone and have a new one installed at no charge 3 days later. I've run into several people at work who wish they were renting rather than buying.

 

[Keim]

Own. Bought in 1996. Paid off last year. ~2200SF, built in early 50s. First house.

I can't see myself ever renting again-but never say never, huh?

 

[Nodak]

I'm still trying to sell my home, It's been paid off for the last 15 years. Hoping that as winter leaves the local market will pick up. Once it's sold I will rent in another town.

 

[HFWR]

"Now I've got a home that's mine alone, that me and the finance company own..."

Apologies to Jerry Reed

 

[Lakedog]

Own my current home but plan to sell in the near future and rent (for a while at least) since I want to relocate -- might check out a few different locations so renting is the way to go.

 

[calmloki]

Lessee. paid cash for an old trailer to live in when I got out of high school and started college. Sold that and bought a fixer after doing the Navy thing, working for a bit, and going through college. Sold that after 20-odd years and buying and totally re-doing the house next door. Bought the current second home for cash about ten years after moving into our primary home. Have been a tenant of little old apartments maybe 5 years, had a Navy rack for about four, shared someone's house several times for a year or so each. Expect to buy several more places to live in before I kick it.

 

[NW-Bound]

Expect to buy several more places to live in before I kick it.

All at the same time? How does one commute between so many places and maintain them?

Or are you putting in improvements before flipping them?

 

[obgyn65]

I own my home.