Renting vs. owning property....

Hi, all...
I'm beginning to tire of the upkeep of owning a house! I used to be real estate crazy, bigger, better, etc., but now on a single income, being age 56, my priorities have changed! I honestly feel I could live in a hut and be happy now! My stumbling block is that I own 5 pets! and no one here will rent to pet people! Even the nice trailer park near my school has restrictions on pets!
I would like to hear others' thoughts here on owning vs. renting!
Patty

I like the freedom of owning. however if it wasn't a have to case right now I might would rent again myself but I have 2 pets too. I was able to afford to own because of a settlement and for us it was the only way to go since I would not have payments or rent.

Thanks, B...
I think I'm just weary right now, having some more home-improvement projects looming at me. I can't imagine life without my pets!
Patty

i own a house and i rent one here in Texas. i refuse to look after two roofs......

i have three cats and three dogs and was extremely lucky to find this place. it's perfect for me and the pets. the cats can be outside during the day and go to the creek and climb trees (if you call fatty arbuckle's attempts climbing, timmee the fat one)

my landlord is a slumlord and the pics you've seen are all my improvements and i take it out of his rent. in February, he got $61. my little town has a board that prevents a landlord from booting you unless he has a really strong case. i am older than dirt and what am i going to do to cause him problems. clean up the backyard and paint the storage shed??????

i am loving renting now. i like to fix things and paint and decorate.....this place isn't recognizable from when i moved in......not at all....in and out.

i love my little elfin house........xoxoxo pat

central texas is a pet friend area. people drive around with their dogs all the time. it's like new mexico was.....

I envy you, Pat! And I love your "elfin" cottage. My friend here has a little country cottage I would like to rent eventually...cozy little place and since she's a pet lover, she would allow me my companions. Right now it's occupied, but I may eventually move there. Also, it's off the main roads and would be pet friendly and safe for my critters. I'm tired of the taxes, insurance, and upkeep!
Patty

seeker... maybe you could go "haunt" the current renters of the property and get them to move out.. then you could have your little cottage..

Well, first, Freewill, I'd have to sell this older house I'm occupying! It still needs some work and now that my grad classes have ended, that is my order of the day to complete them. Also the cottage my friend owns may be rented by her relatives for substantial time. By being in contact with my friend, however, I will have plenty of advance notice as to when the little cottage will be available and may be able to sell my house in the meantime. It could be a year or so.
Patty

Patty didn't your mom move in with you? or am I thinking someone else here? just curious lol I hope you get your little cottage!

We have 9 cats and a dog, so I feel for you. We built this house about 16 years ago and it's getting to the point--after 10 pets and 3 kids--that it needs some major improvements/repairs. Other than the pet situation, renting looks pretty good to me. I would rather not be saddled with the responsibility of upkeep at this point.

Having been in property management for sometime now...I don't think renting is going to be an option for you ... unless you somehow can leave your pet family behind...

Ownership...Condo style owner ship probably would have pet restrictions...so I think owning a small home where you can have your pet family...

Not sure what size you have now...but if you downsize...you can find someone to take care of the stuff a condo association would...lawn care, snow removal (applicable where I am anyhow)...you can find out about reputable contractors for plumbing, electrical, roofing, general...and just plan on saving a certain amount each month to handle those types of services...

I've rented for the last 11 years with pets. I had 2 cats until this last year and now have one cat.

Apartment complexes where I live in Florida and where I came from in Ohio are much more open to pets these days. "Pet Friendly" is often part of the rental ad. Large dogs sometimes are not allowed but I see ads here now that specify "large dogs welcome' so that seems to be changing too.

I have typically paid a non-refundable pet fee of about $100 per pet and often that is negotiable or can be paid over several months.

When I left my home I had 4 cats and could only take 2 with me. It was hard except that 2 of the cats were strays who adopted me fairly recently and 2 were cat's I'd had for years. I found homes for the 2 who adopted me; they went to live with 2 wonderful co-workers who adored them.

So, it is possible to rent with pets, but there are some limits. I hope this helps.

I agree with echos...if you can limit your pet family...apartments will work with you...

Even in non "pet friendly" apartments...it is fairly easy to have a dog or cat as a service animal...for "mental health reasons"...

this is the fourth house that i've rented since leaving the ranch and i've had more animals than i have now.........

it is called searching and luck and persistence. i think Patty has all of that in her big heart.

move to Texas, dear one, we'll find you a place, after you sell, and rock out in Austin!

Seeker, like you, I was real-estate crazy -- and I built up a little nest egg.

That money is about to fly out the door, however, Buying a condo was a mistake. This one was ripped up by Hurricane Wilma two years ago, and is still under repairs. A big special assessment for the clean up gutted my equity. Add that to what I put into fix-up, and I will take a loss.

In the meantime, older residents who had lived here since the 70s, sold out after Wilma, before the assessment was levied. The quality of the people living here has gone down.

Oh, yeah, and my bedroom ceiling sprung a leak and the condo association will get around to fixing it within 6 months to 2 years.

This is my first condo and the decision has turned out to be a financial disaster. The money I spend and what I get for it is totally in other people's control.

Florida is dog-unfriendly, and I am not allowed to have one here. I could get a psychiatric excuse to have one, but I am working too many hours anyway, when I work plus a long commute, for that to be fair to the doggie.

On the other hand, I dread going back to being a renter. I don't know what I'm going to, but I figure it's going to take 2 years to be a financial position to do much of anything.

I'm considering living in an RV.

So I'm pretty much in the same quandary as you, Patty.

Hugs.

Thanks to all of you for the feedback!
Direction has good insights into the real estate business and knows of which he speaks. And actually I HAVE already downsized from last year's house sale, moving from a house twice the size to this much smaller one. It is all on one level and has a small privacy fenced back yard with small garden space. My main search for this place was finding somewhere safe for my pets...the three cats liking to go outside away from traffic and a fenced yard for the doggies. My mortgage payment is about the same as I would be paying in rent, and without the pet restrictions. I do have to upkeep the place, but unless I get rid of two dogs and three cats, I'm pretty much stuck here. I've pondered in the past few days since posting this thread, what my life would be like without the pets, and I have to admit they DO add a lot to my life! Life in a sterile apt without my critters would be pretty empty! So for now, I'll have to stay here. If I should ever manage to sell this place, my friend's cottage would be ideal as she would allow me all my critters!
Also, I've already sunk a lot of money into improvements in this house after just one year. I'd probably not even break even if I tried to sell it. (I always do this...spend too much on a place! and lose money in the sale!)
Patty

I'm sorry you're unhappy with owning. I think it is the best way to handle your money, as it is a good investment. In Florida, mobile homes are NOT a good thing to own. Usually they cost as much as mortgage payments, but you have no equity in it, and you can't feel safe in one during any thunderstorm, not to mention hurricane.

Why not take some of the equity out of your home and hire someone to do the upkeep on the home?

Apartment dwelling is not fun. Plus, you are merely throwing your money away each month, rather than building up equity which you can draw on. Many apartment complexes in Fl won't even allow you to put up shutters on the windows, which means you might lose everything in a storm. (Again, not to mention the hassle of wet carpet, mold and finding someplace that wasn't damaged, to live in the meantime. ) Few landlords provide money to live somewhere else while they fix their complex.

TC

Sky...I do know about the restrictions of renting....I'm in WV and rent is as high or higher than my current mortgage payment...so I guess I'm building some kind of equity, hopefully. Patty

I would think there's no reason you can't move "down" to a slightly smaller, easier to care for place? We moved from a huge rambler on nearly an acre with a basement the size of the entire house to a tiny townhouse with my husband's and my bedroom and the other bedroom the "office" for both of us. We had had 3 bedrooms before an an office that was 20+ feet long x 12 feet wide for the two of us. My two cats actually prefer this house to the other and though we're surrounded by dogs :-) they go out for a little bit during the late morning after the dog owners are at work. The next door neighbors on our right have 3 dogs and on the left, 2 and a couple of the 5 are "large" breeds (in townhouses only a little bigger than mine). But we have no trouble with the upkeep and are really enjoying retirement.

Oh, yes... (thanks Perna for reminding me..) if you can wait to move, even downsize and buy... do so. There is new legislation regarding tax percentages for homeowners. If you move and buy now you will be under the higher tax but soon you might be able to buy something smaller and still keep the low tax level you currently have (from when you bought this home.)

Be sure to check where you're moving that they allow all your animals though. (Some towns have limits... or even a community might.)

Why not check and see how much equity you have in your home? Any realtor will pull "comps" for you... homes in the area that have sold and are similar to yours... they can tell you what they sold for and you can compare what you owe with what you might be able to sell for... or get a new mortgage for, taking some equity out for upkeep? I think you know much of this... sorry if I'm not encouraging you to move. Owning is important. I just want you to find that.

Thanks, Perna and Sky...
I have already "downsized" to the point that I could do it no more, having sold and moved from last year. This house is small, as was my goal. I actually auctioned off half my posessions to move here.
I'm not feelling much confidence in having "equity' right now...having lost in all the real estate transactions since my divorce. Had I been able to stay in the first house I bought aftger divorce, which was lovely '60's contemporary, I would be fine, but was assaulted by a stalker while living there and sold it quickly to escape, at a $20,000 loss! At the time, 11 years ago, it was the only solution, but now I'm feeling the financial pinch!
We all have our stories and histories, don't we!
At present, having "equity" means little to me!
Patty

(((Hugs))) Got cha. I too downsized to what I needed, and found out I need bigger! I've been here 9 years though... still trying to downsize my life to fit. No, unless the market has continued to grow, you won't have much equity. Only if you can find some place for you and your animals that is much less in rent costs, would I advise moving.

Could your frustrations or emotional state be contributing to this thinking? Are you sure you would be happier in a rented place with closer neighbors and all that?

I can fully accept what you say, and I'm not insisting what I say is correct for you... I'm sorry the situation long ago caused you to be where you are now...and I'm trying to help you not feel the same way in another 11 years, ok?

((((hugs))))

Thanks, Sky...I accept where I am now, and have looked back on my mistakes as "learning experiences."
I suspect many of us who find ourselves "out there" without a partner after a long period ( in my case, 20 years with man who controlled all the finances), make similar mistakes. I often marvel that I still have a roof over my head! after some of my mistakes since divorce!
I'm not in such a bad situation, but tiring of the upkeep and home-improvement. Equity means nothing to me right now, and am thinking a rental where someone else is responsible for it would be a good choice!
Patty

Patty, I was a renter for so long, and you cannot depend on landlords to fix anything. This sounds like a bit of fantasizing on your part.

I would simply say that there are very honest reputable owners and managers of properties...and there are slumlords...

I have belonged to an international organization for over 10 years...promoting professional and ethical property management...

This organization designates individuals when they have a certain amount of experience, education, etc...

I hold two creditals from this organization and another from a united states organizaton...

Sorry Seeker to highjack...and go of on a tangent here...I just want to clarify that the vast majority of property managers out there take their positions very seriously...yes there are always some who will give any profession a bad name...

Anyway...I think you are were you need to be for now...I'm currently in a house that is 55 years old...works for me now...no equity due to the divorce...so I'll be here for awhile...took on a roommate to pay the second mortgage...

In case any of you are not receiving the level of service when renting...you will want to rent from people with the following designations

CPM...Certified Property Manager
ARM...Accredited Residential Manager
AMO...Accredition Management Organizaton

These designations make all the difference in the world and they are given through IREM...Institute of Real Estate Management...who has now entered several countries to increase eduction and ethical practices...

Seeker...if you need any advice about your home...my roommate happens to be a person who fixes up places and we can bounce things off him...to make sure you are getting the right story for any repairs...

At one time I had provided information about how to seek out reputable contractors...I have some information on that also...

Hang in there...

Bye the way I have held my ARM for over 10 years and my CPM for about 4 years...they are very rigorous to earn.

As well as HCCP...Housing Credit Certified Professional for about 7 years...working with moderate income housing

As well as being a licensed broker in the state I practice in...

As well as being president of the state's local chapter of IREM...

Ok...enough ranting on about this...