Which would you do?

[Tikitoi]

Having a choice between taking two 10-14 day vacations per year OR buying a house? The only reason I am not so crazy about buying a house is because I am a single parent of two and we are for the most part happy with where we currently live (renting). I dont really want to deal with taxes on a home as well as the upkeep portion of it. It's bad enough for me when something goes wrong with my car (thank goodness that is paid for). So thats right I dont have any Mrs Fixit skills. I'd have to hire someone for whatever goes wrong or needs to be fixed and in the back of my mind I would always be worried that I'm being ripped off! And of course I do like the idea of having my own place, yet at the same time being able to take vacations with the kids twice a year (just got back from Vegas/California). Anyway, been wrestling with this for the past couple years. So, I ask which would you do?

 

[Hercules10]

Get the house. Tax savings. Walls you can drive nails in. Investment.

 

[Aidensmom]

I'd get the house, to me renting is like throwing your money away. You could get a condo and you would not have to worry about as much maintenance as the outside of the building would not be your responsibility.

 

[Todd&Copper]

I'd buy a house. I like taking vacations, too, but I am also not just giving my money away to someone else with nothing to show for it. After years of renting, you own nothing, but after years of mortgage payments, you have equity.
Just take one shorter vacation per year.

 

[DVCLiz]

I suppose there's nothing technically wrong with being a renter all of your life, but most people who buy a house are doing so to build equity. If you take the money you would spend on a mortgage payment, and use it for vacation instead, I'd be worried about your long-term finances. If, on the other hand, you rent and use the difference to build your nest egg, then it would make sense for you. Taking vacations at the expense of your savings is, as you probably know, not your best financial move!!!

I do understand the single part, though. I have a house and I do pay someone to do yard work and home repairs. Luckily, I have a friend who is a general contractor, and I keep him "on retainer" so to speak. Every so often I'll call and have a "honey-do" list for him, and he'll send over a guy who gets it done. Those are expenses you do have to take into account.

Good luck with your decision!!!!

 

[EthansMom]

I would take one 7 day vacation each year and save the rest towards a down payment on a house or townhome. Like the above poster said, you get tax savings and build wealth by owning property.

 

[NMAmy]

I'd buy a house. Don't get me wrong--vacations are great. I just like the security of owning my own home and accumulating equity.

 

[golfgal]

I know a lot of people say "tax advantage" , throwing your money away, etc. when renting but at least around here, the so called "tax advantage" isn't that great, we could save MORE, a LOT more, then any break we ever get on taxes for home ownership. There are also ways to invest your money so the dividend from that is as good as or better then the appreciation on your home. Owning a home for investment purposes is all well and good IF the market is good but that isn't always the case.

If you are happy renting, why not continue that. We know several people that choose to rent for the exact reasons you state, they don't want the responsibility of the upkeep of a home. If you have a good landlord, like your place and don't want to own a home, then keep renting.

If you want to buy a home, maybe consider a townhome where you aren't responsible for any outside upkeep. That helps keep expenses down for repairs and you don't have to do any lawn work.

 

[Tikitoi]

Thank you all for giving me some good stuff to consider! Very good helpful information. Maybe it won't be so bad taking one vacation a year. Guess I will see what looks good around here.