Is Home Ownership Worth It?

A blog I follow called Greenimalist had an interesting article today that tied into several conversations I’ve had this week with various persons.  Is buying a home worth it?

My conclusion is: Only if you are definitely looking at it for the long-term and you enjoy DIY jobs.  A house is not an investment, a home is really just shelter, it was never meant to be a savings account, or a credit card, as some people used it.

As part of a couple we are now saddled with two homes.  One house we don’t live in but I like, one house we live in but neither of us particularly cares about.  Neither of us likes DIY or doing maintenance in any way.  I enjoy decorating and minor remodeling if I have the funds.  I think condo living might have been a better bet for us.  Frankly, if we didn’t have the three dogs, I’d consider renting again, forever.  I know you can rent with dogs, but it still limits what we can rent.

I dreamt of home ownership, it was my ultimate goal in life.  Having grown up in apartments and moving constantly, I thought having my own home was the end all, be all!

Turns out, I am not so fond of it.  I really miss the flexibility and freedom of renting.

4 responses to “Is Home Ownership Worth It?

  • Louise

    I think it’s an investment if you buy smart. We doubled our money in four years on our first home, and used that to build our current home.
    We have $200,000+ equity in that if we sold it right now. Our payments have been equal to rent in the first 5-7 years but since then they are less than if we were renting.
    But I do agree that the upkeep is an expense that is often not considered. Easier if your the handy type!

  • Jeff

    I agree homes can be an investment. But i think if you go into it with that in mind you will lose out. Homes are meant to be just that homes. Some where to live, sleep, and eat and have memories. And yes the most of the time go up in value. I want a home for just that reason. To raise my family. Just my 2 pennies 🙂

  • Hsinya

    Hi Jenn,
    Thanks for mentioning our blog! You said that you thought having a home was the end all, be all. I dreamed of home ownership, too, when I first came to America. But after living in one big house and having to deal with the cleaning, lawn mowing, pool maintaining, I decided by the time I went to college that I wanted no more than a condo. And now I am happily renting, in Taiwan! It seems like I’ve gone full circle. 😀

  • Debt Donkey

    I definitely see your point, but my situation gives me another perspective. I’m married with 5 kids. I don’t want to just have a house, but I want to build a home (if you know what I mean). When I think of my home it is a place where my family lives and grows together, and to have a home like that you have to have a house (and, unfortunately, a mortgage payment!) But if I were single I’d probably rent, move around, and not get saddled with a mortgage. For me, however, a house is definitely a great investment for my family and our future. Glad I found your blog. I’ll be visiting!

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