Homeownership......Is it worth it?

[ladypisces]

I'm considering purchasing my first home, but I'm terrified of all the real estate scams that are going on between the banks and realtors.  Are there any legit mortgages anymore?  I don't want to hand over my hard earned money for a home and then later find out that something went wrong. Maybe I'll just rent for the rest of my life.

[mlhnceh]

I think there are more legit mortgage companies than not.  I've owned 3 homes and never had any trouble.  I hated renting. 

[JanelleTaylor]

Well you pay for the freedom to do as you please. Paint walls. Plant a garden, etc. Depends what's important to you. Some people are fine renting and others aren't. There's no "right" answer.

[mommagoes]

we just had a similar debate but the deciding factor wasn't whether the mortgage was legit or not, it was considering that we would be responsible for every little thing that goes wrong with the house. as a renter, if something breaks i call my landlord and he either sends someone out to fix it or i fix it and send him a receipt and deduct it from the rent the following month. as for the freedom issue, we have a wonderful relationship with our landlord and he had no problem with my painting walls, remodeling the kitchen, landscaping the yard, or any of the other changes i've made to the house. the agreement we made at our lease signing was the house had to be in same or better condition and i have made very postive changes to it. in fact, our landlord-tenant relationship is so great that last year when we mentioned we were going to be looking for a new place because we needed more room, our landlord asked me to look at a few houses that were for sale in our city and he actually bought the one i liked best just so he could rent it to us. so this coming weekend i get to move to an awesome new house that was purchased specifically for us but still get the benefits of being a renter

[lvstephanie]

I've been a home owner for about 3 years now... I actually like it a little better. One major reason is that you can write off a lot more on taxes; while I was renting, I usually owed taxes, but now that I can deduct more on taxes, I'm actually getting money back. Also, when you pay off your mortgage, you are putting money into a physical investment that can later be sold; with renting, once your lease is done and you move out, you don't get any of your rent back (just maybe a security deposit). Finally, since the housing market has crashed, houses tend to be priced at or below value... as with other investments, it's best to buy low and sell high. The problem that many people had run into prior to the crash was that they were purchasing above its true market value, so when the market turned south, they were stuck having to pay the higher price and may not even be able to refinance enough to cover their higher purchase price over the value.

If you do buy a house, make sure you try to get a fixed interest rate loan... That was another problem that people ran into prior to the crash. They'd sign up for these adjustable rate mortgages (ARMs) thinking that before the interest rate on the ARM increased, they'd be able to refinance into a lower fixed rate loan. But when the market in housing crashed, they were not able to refinance, and were stuck having to pay the much higher interest rate on their ARM. Also right now the interest rates are still fairly low on fixed rate loans, so you probably won't need the special rates that the ARMs can get you, and you'll save yourself from a lot of headaches in the future.

[monnee]

If you can afford a home, it's a great time to buy now since the housing market is down.

[txstarr29]

I think that owning your own home is more than worth it.  We are military and waiting to buy until we know for sure where we are going to end up when it is all said and done.

We have rented for the past 7 years and are about done with it.  We are tired of putting all of our money to fix up houses, yards and out buildings for someone else with out so much as a Thank you.  Not to mention we are usually paying more than what the same house would cost us per month rent vs. mortgage. 

When you add it all up it is worth it to be putting your money into your OWN house and being able to do whatever you want to the property or house without worry or giving someone else the benefit of your time and money!

[Tresbn00]

Home ownership, personally, has always been my preference (for the last 28 years). My wife was a diehard renter, when we met, and had the same reservations.  Owning our first house together helped melt any of her reservations.  Being able to do whatever you want with paint schemes and landscaping made it easier. Equity built up, even in a down market, was prudent.  We are on our second home together and wouldn't think of renting.

[mrstina08]

Homeownership is worth it. Now these days what you pay to rent every month. Houses are so cheap. It is the best time to own now.

[emiyasato]

Yes, because I do not like paying other people to maintain their homes. 

[Cuppycake]

I have been both an owner and a renter and I have to say owning is not all it is cracked up to be.
Owning:
High taxes, making all of your own repairs, and if you need to move you are still tied to the property to make payments yet never really own anything. Most people do NOT have the water, oil, or mineral rights to the property they "own" so who ever does can come and dig up your property as they see fit! The city has the right to take parts of your property if they choose to or to tear your house down if they please. If you have someone buy property behind you then you HAVE to let them use your property to access it! The list goes on and on...  And even if you have insurance that does not mean you will get paid by the insurance company if something should happen to your home ( i.e. Several insurance companies flat out refused to pay anything out for homes demolished in Mississippi during Hurricane Katrina. ). You could pay outrageous premiums for YEARS towards the comprehensive insurance thinking your home would be covered only to be denied.
 
VS

 Renting : No taxes, Repairs done by the owner, You are not tied to any one place so if for some reason you have to move it really isn't an issue (which in these uncertain times is a good thing because if need be you can move easily and quickly for a new job), most places where you rent have nice amenities such as gated communities, pool, gym, tennis courts, golf course, personal trainer and much more...

[jwallbank]

I know now is not the greatest of times to buy a house. I do believe it is still worth buying. I have owned 5 houses and have never took a loss, even when the interest rates were up around 15-18 percent in the 1980's. This is when I bought my first house. Since you can still deduct your interest on mortgage, it is well worth it. If you pay 1000 for rent, it is like having a 1500 mortgage, at least. You rent, you don't ever get that money back. I know prices are not rising now, and really decreasing in amount but, in 5-10 years, even if you break even it is like paying no rent for that time frame. And now, if you are a first time buyer, you receive a credit from the government. I am a firm believer you will never loose buy buying!!

[ninajay]

Owning your home is totally worth it. I can't wait until I'm able to buy a house

[kiersten09]

I think owning your own home is totally worth it its kind of a pain in the neck when you are trying to get it but its completely and totally worth it