Renting vs. Buying

After two house buying experiences and three different renter experiences, I’ve come to the conclusion that renting, in the short term, is the way to go. I’ve always had an unsettled feeling about buying a home but have never expressed it because of the pervasive “renting is throwing away money” rhetoric.

Well, now I can feel at least somewhat vindicated. According to Moolanomy, there’s a “sobering” cost to home ownership in the short term.

According to the article (using a nice infographic to boot),

When many people start thinking about purchasing a home, they usually get excited about figuring out how big a house they can get, and use online mortgage calculators to help them estimate monthly payments at a specific interest. What many of these calculators don’t include, though, are additional costs. We often forget that homes need to be maintained — by the owner. Other costs come into play as well, from property taxes to insurance to upkeep.

And, if you own acreage that needs mowing and trimming, hidden costs can be even higher. I’m renting now and the landlord has already replaced the hot water heater, fixed a hole in the ceiling caved in by a leaking roof, and patched a crack in the back patio. Expenses that would have blown my budget out of the water.

So, what about you? Do you assume it’s better to buy a house even if you don’t plan on staying long?

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