Why Own a Home when You Can Rent?

I'm one of few people who actually owns a home and yet, still rents an apartment. The reason behind it is very simple. My mother lives in the house I own, but my boyfriend lives in the apartment. My alternative living arrangements have given me a different perspective on the differences between renting and owning your own home. When my mother was forced to go on disability, our family home went into foreclosure. In order to save the house, I purchased it with a gift of equity from my mother. We thought about letting the house go into foreclosure and renting someplace nicer, but everyone had me sold on all the perks of being a homeowner. All I heard about was the nice tax break, the equity I'd build, and that eventually I'd have a substantial asset of my own that was bought and paid for.

They forgot to mention the downsides. Thanks to ever-increasing property taxes, you can pay off your mortgage, but you never really own your home. Stop paying your property taxes for a year or two and see how quickly you wind up in foreclosure, even if you don't have a mortgage anymore. In addition to property taxes, school taxes, and sewer bills, you also have the luxury of being responsible for everything that needs to be replaced or repaired. And, believe me, houses don't age like fine wine. In fact, some houses age more like milk left out on a hot summer day. There just always seems to be extra expenses with owning home that you never really figure out until long after you signed the paperwork. Besides those I've already mentioned, there's homeowner's insurance, heating costs, yard maintenance costs, and in some cases flood insurance, that you have to pay for as well. It seems like the bills never quite end.

Timing worked out so that eventually my mother was able to take care of herself at about the same time I was eager to enter the next step in my budding relationship: co-habitation. My boyfriend and I rented a cozy 2 bedroom, 2-bathroom apartment turned condo and I thought I was in heaven. All the utilities were included, except for electric and cable, and we weren't responsible for fixing anything! The only thing we had to do was keep from trashing the place so badly we didn't get our security deposit back. The landlord didn't even charge us extra for having a dog.

As luck would have it, heaven came with its own set of quirks. For one thing, if you've ever lived in a third floor apartment, you know that half the battle is cooling the place off in the summer. Heat rises quickly, and even with central air, so does your electric bill. As much as I missed having my own backyard to grill in, our dog missed her private domain a whole lot more. At the house when I staggered out of bed in the morning, walking the dog consisted opening the back door and letting her out for an hour or so. In our new apartment, I had to get dressed, get her leashed up, and drag myself outside so she could do her business. One of the problems with semi-communal living is that other people have dogs as well. Not all of them are so nice or well trained either. Getting in an out of the building with the dog is often like running an obstacle course; I'm constantly glancing through doorways to see if someone else is coming with their dog. The mission is to get from point A to B without the two dogs from colliding. I picked up that lesson real quick after two Pomeranians cornered our poor beagle in the hallway at six o' clock in the morning.

And, living in an apartment there's the inevitable noise issue. It's true that when the only thing that separates you from your neighbors is glorified drywall, you're bound to hear their favorite television programs and vice versa. The first time one of our neighbors told us another neighbor complained to her about our "loud and wild" sex life, I was mortified...and maybe a little flattered as well. And, if you're one of those apartment-dwellers that doesn't have the luxury of an in-unit washer and dryer, you learn quickly to time your laundry days around everyone else in the building. And, suddenly, saving quarters becomes a much higher priority.

Given the choice, which would I prefer if circumstances didn't mandate I have both? Hands down, I'd still be a renter. I know it makes more financial sense to own a home that you build equity in, but I don't want the responsibility of it. I like calling my landlord and saying, "The plumbing in the bathroom is squealing like a rat in a fan, can you send someone over?" And, when the air conditioner leaked and damaged the downstairs neighbor's ceiling, I was glad I wasn't the one responsible for dealing with the lawsuit. Plus, there's also the sheer bliss of not having to order oil for my apartment every month. A fixed heating cost is a wonderful thing. Sure, I miss some of the luxuries like a private entrance and a backyard, but there are rental townhouses available that are just as nice as owning a home without the maintenance and tax burdens. Maybe after my mom no longer has need for the house we'll move back there or buy another house. For the time being though, I thoroughly enjoy the laziness and reduced expense of being a renter.