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Friday, January 21, 2011

Why Renting Can Often Be Better Than Owning...

We moved into our house in September 2009. We had come from 18 months of living in a tiny two bedroom (although nicely decorated. ;) apartment. Before that, Vivi spent her first year in our house that we had owned for 4 years when we made the tough decision to sell it, downsize, and tackle our debt.
Apartment living was...fun...to say the least. :) Actually it was not SO bad. We had a playground in walking distance and a dog park, two pools, and a gym. We made due, for sure. But when our lease was coming up, we wanted to move back into a house. Without having a down payment, renting was our best option. We saw many, many houses in the town we wanted to move...many were just gross. When we walked into this house...I gasped. The fireplace caught my eye as being one that reminded me of my childhood in Indiana. And we were thrilled to discover not 3 bedrooms, but 4 in this one story! Perfect for our growing family! We put our application and deposit in that afternoon and the rental agency called to tell us good thing for that because hours after approving ours, another couple came in and the wife sobbed when she found out the house was taken.
We were so excited to have a backyard once again! And a huge green one at that!!
We re-signed our lease this past September for a 9 month (that will end in June). Even though our house was built before I was born, it has been the biggest blessing for us! Why rent when you can own...some might wonder. As it seems that owning a home is still considered the "American Dream". Well, for one we got nothing back on the sell of our first home, and selling it was tough...long story. But the main reason is because we LOVE, LOVE, LOVE our rental company. These people always come out within 24 hours if something isn't right (like our A/C going out last summer!) and they cover all the expenses. Recently the owner of the home asked the agency to do a tour of our home and assess the condition it was in. He also gave them the ok to do any needed repairs...
Like a brand new kitchen faucet (with a sprayer!).
Our old one was leaking and had no sprayer.

Yesterday we were delivered and installed a new dishwasher because the last one wasn't working up to par.

Our thermostat was one of those old school dial-on-the-side ones. And we were having trouble regulating our furnace because the thermometer did not match up to what we thought we were setting it at...by more than 10 degrees!
So in comes an electrician with a brand new digital thermostat! And besides the dishwasher...the most exciting thing for me has been new closet doors!!!
We used to have these cheap old metal ones. They began to fall off one by one, starting with the pantry door (to the left). We had to put up a curtain for about a year! Once the laundry room doors started to fall of their sliders, we said "That's it!" Within days, the rental agency sent in our handyman Craig (such a nice guy!) to take off all metal doors that weren't working and replace them with white heavy wooden doors. YEAH!!

He even took down our makeshift curtain (that we put up instead of the hazardous metal door) in the nursery and put a wooden door up on that closet! So baby will be ALL set with a cute nursery when he/she comes home! Plus, they are going to repaint the front of the house/front door and fix the ventilator in the bathroom.
All of this at NO cost to us. They documented our house as "very clean and tidy with no noticeable stains on the carpet". Such a compliment with 3 kids and 2 dogs, I have to tell you! But I scrubbed and cleaned before that inspection harder than for any homestudy we have ever had! I wanted them to see that we take care of our property whether we own it our not. I really do think that has just motivated them all the more to give us nice stuff! Now I know we are the lucky ones...that some people have crappy landlords and end up with more hassle renting. But I have to say renting this house has been SO good for us. No home owners association fees, property taxes, repairs...and all for less a month then we used to pay on our 3 bedroom mortgage!
So with pride, we will be signing our lease in June for another year!

7 friends commented!:

Angela said...

Wow, it sounds like you have a good deal! We rented for a short time, but it was hard to find a nice house for rent in our town and they were all expensive. I am satisfied with our house and mortgage, but I do miss the days when someone else paid the bill when the water heater started leaking or the pipes froze!

Jenn and Joe said...

I also miss having someone else cover those brake down bills! We have been really lucky in the 5 years that we have had a house, that not much has happended. Knock on wood! But we also bought it as a tiny two bedroom that would be a great first home. We wanted to buy it, fix it up a little, and sell it in 5-7 years. Well, here we are at 5 years and a total market crash! Now I wish we had never bought it, and that we were still renting! :(

Laurie said...

Jenn- we had not repairs on our first home either in 4 years...so that was good!

But you make another good point as to why we are in no rush to buy any time soon. The economy is still so precarious.

birthmothertalks said...

I could never own my own home without my home warranty. Since, we have lived here in three years. We have got a new furnace, our AC worked on once or twice and a new pipe.

Brandi and Jeremy... said...

Wow, laurie, so glad they are taking care of ya'll! Sounds like they want you to stay!
We like renting too, but I miss our old house. I miss painting it, decorating it just the way I like it.
In this house, I don't pay too much attention to detail cause I know we won't be here for long.
Well, Jeremy said the other day it doesn't look like were moving anytime soon. I do think financially in the short run it is wise to rent.
b

Kimberly said...

We bought our home after living in a condo for three years. We were able to "flip it" in 2006 and make over 50,000. That's how we were so fortunate to get into this house. I don't think we will ever get to do that again with this economy. I love your house. Looks great! You are very blessed to rent from great owners.

Deb said...

Wow, I want your rental company.
There was so much about our rental that we just jumped in to not knowing what we were doing or having the time to learn.
Our landlord is great though and would fix everything for us, but the owner is very stingy with his money and he owns the house, no mortgage left on it, so you'd think he'd be a little more giving.
We'll do our reasearch next time.