From renting to owning to renting again, what's your overall experience been?

[kork]

I've been a home owner for 20 years. I have a 17 year old and a 14 year old. Prior to that, my wife and I rented.  We had a wonderful, affordable basement apartment and then we had a 3 bedroom apartment.

However, the allure of freedom, living in different places, experiencing different cities is beginning to grow. And as the kids get to the age where they'll either be working or away for school, I can see the goal to work towards.

So for those who have rented, then gone to ownership and getting used to ownership, only to go back to renting again, how has it been?

[GilesMM]

We have bounced around.  To feel totally free, I recommend selling all your furniture, storing things you can't part with and then renting fully furnished places. Just unpack a couple suitcases and you are good to go!  It sure makes moving easy as well when you decide you want a change of scenery.  You can even move out when it is time for a vacation and start over at a different place when you return.

[Villanelle]

We've gone back and forth.  I love that, in a rental, I just call someone when something breaks.  My weekends are less full of home chores.  I also don't have to make decisions like whether we should fix the 20 year old stove, or replace it, or if it is time to redo the driveway.  That's all on someone else.

It's frustrating seeing things not being properly cared for, and sometimes dealing with the fall out.  Like the french doors that leaked and the owners knew they needed to be replaced, but they were "too expensive".  So every time it rained, I had to check for leaks, set up a fan when I found them, and deal with almost half a dozen visits from a guy who tried to fix it weith a caulk gun.  Certainly not the way I'd have handled it, and I hated that it became my problem, especially being home for the repair visits.

I also miss being about to customize the home.  I'm someone who really needs (or strongly wants) a home that feels like 'me', and I can't do that.  We will likely buy when we move next, because it will be the first time in a long time we think we are likely to stay a while.  But there are definitely things I'll miss about being a renter. 

[NotJen]

So for those who have rented, then gone to ownership and getting used to ownership, only to go back to renting again, how has it been?

It's been fine - I adapt pretty quickly to new living situations, and make the most of wherever I find myself.  I was a renter for a few years out of college, owned a home for 15 years, and have been renting again for almost 3 years now.

I miss the cheap paid-off house I had, but for many reasons staying in that house and that state did not make sense to me, and I'm way happier not being tied down there.  It's just a shock to suddenly be paying market rent to live!

We had a wonderful, affordable basement apartment and then we had a 3 bedroom apartment.

I too had similar memories.  Just be prepared to pay way more than you expect for an apartment these days.

[kork]

Thanks for the responses. Our home is currently valued at a million dollars. The rent of 2 bedroom condo or a home where we'd want to be is in the $3k-$3500/month range (at least, for the first year). I'd like to think that we've ridden the real estate growth for the last 20 years, but we could now take that $1million and use the dividends/growth towards renting a unit.

That said, psychologically, it makes me almost nauseous to think that it would cost that much to rent.

What I'd really like is to have a small place that holds out stuff, but another place that we live.  But real-estate is just stupid expensive right now. We're currently Marie Kondo'ing our home and getting rid of stuff. The hardest part is that we have stuff that we can see the practical use of it, and one day we may need it and it'll burn me to think "we just got rid of that thing!"

[Kris]

We have bounced around.  To feel totally free, I recommend selling all your furniture, storing things you can't part with and then renting fully furnished places. Just unpack a couple suitcases and you are good to go!  It sure makes moving easy as well when you decide you want a change of scenery.  You can even move out when it is time for a vacation and start over at a different place when you return.

I second this. The happiest times in my life have been when I was almost literally living out of a suitcase. One large suitcase and a carry-on took all my possessions to my next furnished apartment. It was great.

[kork]

We have bounced around.  To feel totally free, I recommend selling all your furniture, storing things you can't part with and then renting fully furnished places. Just unpack a couple suitcases and you are good to go!  It sure makes moving easy as well when you decide you want a change of scenery.  You can even move out when it is time for a vacation and start over at a different place when you return.

I second this. The happiest times in my life have been when I was almost literally living out of a suitcase. One large suitcase and a carry-on took all my possessions to my next furnished apartment. It was great.

How old were you? 

When I was younger I could see myself doing that.  But now, I have too many nostalgic treasures. I wish that I could have a little sanctuary where I could keep my treasures and visit them, while being able to live out of a suitcase.

[NotJen]

We have bounced around.  To feel totally free, I recommend selling all your furniture, storing things you can't part with and then renting fully furnished places. Just unpack a couple suitcases and you are good to go!  It sure makes moving easy as well when you decide you want a change of scenery.  You can even move out when it is time for a vacation and start over at a different place when you return.

I second this. The happiest times in my life have been when I was almost literally living out of a suitcase. One large suitcase and a carry-on took all my possessions to my next furnished apartment. It was great.

How old were you? 

When I was younger I could see myself doing that.  But now, I have too many nostalgic treasures. I wish that I could have a little sanctuary where I could keep my treasures and visit them, while being able to live out of a suitcase.

Honestly, storage spaces aren't that expensive compared to buying or renting a larger place to house all your stuff.

ETA: I say this as someone who is generally against having a storage space (since it encourages people to hold on to WAY too much crap) - but I think if you're smart about it, using one to be nomadic makes a lot of sense.  I certainly have a set of possessions that I don't want to get rid of, but also cannot reasonably haul around in my car.

[Kris]

We have bounced around.  To feel totally free, I recommend selling all your furniture, storing things you can't part with and then renting fully furnished places. Just unpack a couple suitcases and you are good to go!  It sure makes moving easy as well when you decide you want a change of scenery.  You can even move out when it is time for a vacation and start over at a different place when you return.

I second this. The happiest times in my life have been when I was almost literally living out of a suitcase. One large suitcase and a carry-on took all my possessions to my next furnished apartment. It was great.

How old were you? 

When I was younger I could see myself doing that.  But now, I have too many nostalgic treasures. I wish that I could have a little sanctuary where I could keep my treasures and visit them, while being able to live out of a suitcase.

Twenties and thirties.

But I’m not a nostalgic person. Today wouldn’t be that much harder.

[spartana]

I rented from 18 until my 30s. I had a military job that required me to move often to many different states - sometimes as often as every year - so it made sense to rent. After I FIREd and did a couple of years of full time travel I bought a place and have more or less been a home owner ever since.

I have sold, rented a bit and re-bought a couple of times but as a FIREee I found it difficult to rent for various reasons. One was qualifying. Most landlords required an income of about 3 times the rent and they wouldn't count investments or money in accounts as part of that. They wanted a earned job income. That was even more true when I was younger and decades away from traditional retirement age. Apparently money in the bank didn't cut it. Along with that were the question about how I earned money as a younger single woman. Again saying from investments didn't seem to cut it. So if you rent make sure your income level shown on your taxes reflects the amount you'll need to qualify.

The other issue I had was constant increase in rental prices. When I owned a paid off house I knew what my basic COL would be for the future housing-wise which gave me a lot of security knowing I wouldn't be priced out of the rental or housing market.  Or the fear that I'd be booted out of my rental due to some kind of change. Especially if I was older.

And thirdly, while I actually hate the chores that go along with home ownership, I found I can eliminate many pretty easily. As far as :stuff" well I'm a hardcore minimalist and don't really own anything I'm attached too so selliing and downsizing to a tiny place - whether I own or rent - wouldn't 've a problem. I have one small box of momentous and important papers so could probley live out of a Smart Car comfortably lol.

But my advice is to not leyltbexcess stuff tie you down. If you want an unburden adventure then selling the house and reducing your things is a great way to go. You'll find if it's a permanent fit for you along the way and if not you can buy again. That's what I recently did - sold the house, rented for a couple of years and, after some renting issues I mentioned above, bought again.

[Villanelle]

I rented from 18 until my 30s. I had a military job that required me to move often to many different states - sometimes as often as every year - so it made sense to rent. After I FIREd and did a couple of years of full time travel I bought a place and have more or less been a home owner ever since.

I have sold, rented a bit and re-bought a couple of times but as a FIREee I found it difficult to rent for various reasons. One was qualifying. Most landlords required an income of about 3 times the rent and they wouldn't count investments or money in accounts as part of that. They wanted a earned job income. That was even more true when I was younger and decades away from traditional retirement age. Apparently money in the bank didn't cut it. Along with that were the question about how I earned money as a younger single woman. Again saying from investments didn't seem to cut it. So if you rent make sure your income level shown on your taxes reflects the amount you'll need to qualify.

The other issue I had was constant increase in rental prices. When I owned a paid off house I knew what my basic COL would be for the future housing-wise which gave me a lot of security knowing I wouldn't be priced out of the rental or housing market.  Or the fear that I'd be booted out of my rental due to some kind of change. Especially if I was older.

And thirdly, while I actually hate the chores that go along with home ownership, I found I can eliminate many pretty easily. As far as :stuff" well I'm a hardcore minimalist and don't really own anything I'm attached too so selliing and downsizing to a tiny place - whether I own or rent - wouldn't 've a problem. I have one small box of momentous and important papers so could probley live out of a Smart Car comfortably lol.

But my advice is to not leyltbexcess stuff tie you down. If you want an unburden adventure then selling the house and reducing your things is a great way to go. You'll find if it's a permanent fit for you along the way and if not you can buy again. That's what I recently did - sold the house, rented for a couple of years and, after some renting issues I mentioned above, bought again.

Even with none of the other things on the pro/con list, the bolded is why I don't think we would ever consider renting as a long-term retirement plan.  I'm someone who really wants and needs to nest, and have roots.  A landlord who decides to move back in, or sell, and give me 60 days notice to find a new house would not be part of my Best Life in retirement. I need more stability than that and am willing to pay for it. 

[AMandM]

The hardest part is that we have stuff that we can see the practical use of it, and one day we may need it and it'll burn me to think "we just got rid of that thing!"

You could rent a storage unit to store those things for however long it takes until you to need them again, or you could sell the things and buy replacements if and when you need them. Which would cost more? Which would be more hassle?

I will say that of all the things I've ever got rid of, in 35 years of marriage, I've only needed to replace one, and wanted to replace one other.

[NotJen]

The hardest part is that we have stuff that we can see the practical use of it, and one day we may need it and it'll burn me to think "we just got rid of that thing!"

You could rent a storage unit to store those things for however long it takes until you to need them again, or you could sell the things and buy replacements if and when you need them. Which would cost more? Which would be more hassle?

I will say that of all the things I've ever got rid of, in 35 years of marriage, I've only needed to replace one, and wanted to replace one other.

But have you sold everything except what you could fit into a car?  I downsized greatly when I sold my home, and have not repurchased any of the things I got rid of.  But the things I did want to keep would not fit in my car when I was nomadic last year.

I haaaaaate buying things.  With a passion.  It may not be financially ideal, but I was perfectly fine spending $85/mo on a 10x5 storage space if it meant I could keep the basics of an apartment ready to go. 

Also, I'm a maker.  I like the things I make, and don't want to get rid of all of it (I did pare down, I swear!).

[spartana]

I rented from 18 until my 30s. I had a military job that required me to move often to many different states - sometimes as often as every year - so it made sense to rent. After I FIREd and did a couple of years of full time travel I bought a place and have more or less been a home owner ever since.

I have sold, rented a bit and re-bought a couple of times but as a FIREee I found it difficult to rent for various reasons. One was qualifying. Most landlords required an income of about 3 times the rent and they wouldn't count investments or money in accounts as part of that. They wanted a earned job income. That was even more true when I was younger and decades away from traditional retirement age. Apparently money in the bank didn't cut it. Along with that were the question about how I earned money as a younger single woman. Again saying from investments didn't seem to cut it. So if you rent make sure your income level shown on your taxes reflects the amount you'll need to qualify.

The other issue I had was constant increase in rental prices. When I owned a paid off house I knew what my basic COL would be for the future housing-wise which gave me a lot of security knowing I wouldn't be priced out of the rental or housing market.  Or the fear that I'd be booted out of my rental due to some kind of change. Especially if I was older.

And thirdly, while I actually hate the chores that go along with home ownership, I found I can eliminate many pretty easily. As far as :stuff" well I'm a hardcore minimalist and don't really own anything I'm attached too so selliing and downsizing to a tiny place - whether I own or rent - wouldn't 've a problem. I have one small box of momentous and important papers so could probley live out of a Smart Car comfortably lol.

But my advice is to not leyltbexcess stuff tie you down. If you want an unburden adventure then selling the house and reducing your things is a great way to go. You'll find if it's a permanent fit for you along the way and if not you can buy again. That's what I recently did - sold the house, rented for a couple of years and, after some renting issues I mentioned above, bought again.

Even with none of the other things on the pro/con list, the bolded is why I don't think we would ever consider renting as a long-term retirement plan.  I'm someone who really wants and needs to nest, and have roots.  A landlord who decides to move back in, or sell, and give me 60 days notice to find a new house would not be part of my Best Life in retirement. I need more stability than that and am willing to pay for it.

I hear ya!! Got caught in some of those issues as a renter and was just glad I had money and wasn't ancient (yet ;-)) so looking for new places and moving wasn't an issue. Life long renting would be too scary for me if SHTF. That doesn't mean I'd rule out a small condo - and will likely be the route I choose especially if BF and I remain together long term since he has a condo in Hawaii - but I'd want to own it.  I've heard some horror stories of renters given The boot after years and unable to rent at the new higher market rates y3ars or decades later when they are elderly. But I do like the idea to take a break between ownership when moving and  to travel and rent for a couple of years.  But long term forever rentals would be scary for me.

[spartana]

The hardest part is that we have stuff that we can see the practical use of it, and one day we may need it and it'll burn me to think "we just got rid of that thing!"

You could rent a storage unit to store those things for however long it takes until you to need them again, or you could sell the things and buy replacements if and when you need them. Which would cost more? Which would be more hassle?

I will say that of all the things I've ever got rid of, in 35 years of marriage, I've only needed to replace one, and wanted to replace one other.

But have you sold everything except what you could fit into a car?  I downsized greatly when I sold my home, and have not repurchased any of the things I got rid of.  But the things I did want to keep would not fit in my car when I was nomadic last year.

I haaaaaate buying things.  With a passion.  It may not be financially ideal, but I was perfectly fine spending $85/mo on a 10x5 storage space if it meant I could keep the basics of an apartment ready to go. 

Also, I'm a maker.  I like the things I make, and don't want to get rid of all of it (I did pare down, I swear!).

My mind took an evil twist and my first thought was that after 35 of marriage the only thing @AMandM  wanted to replace was the spouse lol.

I did get rid of everything when I went nomadic and have been buying a few household things (like a bed, couch,  chair, one pot, one pan, 2 plates, etc) to replace some things when I bought another place.  They cost me a tiny amount to replace compared to renting even a small storage unit for a couple of years. But I think if people are attached to their things (as the OP is) or have items that are hard to replace that they plan to use again then getting a storage unit is the best way to go.  It allows you to keep things of value to you and decide, after living without them for awhile, whether or not you really want them. For myself I just donated everything to Goodwill rather then sell,  and will do that again when I sell my current place to travel and/or move to a new place.  I find that very freeing.

[pdxvandal]

I did this several years ago going from West to East coast. Came from a small single-family bungalow and moved into a duplex. The space itself was nice, but sharing paper-thin walls with younger folks (night-owl restaurant workers), told we couldn't park more than one vehicle in a giant driveway (we still did) and an annoying landlord who would show up with no notice to "work on the yard." And rent on this place was like $2,300 per month ... in 2016-17. Not worth it and made me want to NOT rent again for a while. Although I would still consider it once the kid flies the coop and that I will have more net worth/options.

[Gerard]

I spent my early years renting in a city where that's the norm (Montreal, so I never saw home ownership as a necessary part of adulthood or independence or financial stability. I later owned two homes, then sold them, and now I'm back to renting, and it all feels much the same.

It probably helps that our current rental home is cheap for its location and size and amenities.

I'll add my vote to the "get rid of a lot of stuff when you move" camp, especially as I've just finished moving my aging mom into a senior's residence and shedding a literal 3500 lbs of furniture "with memories".

[Much Fishing to Do]

The house we have lived in for the past 20 years is where we have spent most of our married lives and raised our kids.  This is Our Home and I wouldn't want anyone to have the right to tell me I have to leave before I am ready to.  I don't know what that feeling is but it certainly is real.  I doubt its worth more than the median priced home in the area.

That is frankly the only great reason I can come up with to own a home, everything else (financially, socially, etc) seems kinda a wash to me from my experiences...

[Freedomin5]

We have simultaneously owned and rented for many years. We own a place that we rent out to others, then rent a cheaper place for ourselves to live in. I have lived in rentals since college (I’m now in my 40s and we have never lived in the place that we own). For me, I will always own a place (even if I don’t live in it). Having lived in 12 rentals in the past 20 years, I’ve experienced landlords breaking contract, selling the condo while we are still living there, not fixing things in a timely manner, trying to find excuses to charge us more rent, jacking up rents at the end of a contract, being denied a place that you really like, etc. This lack of control over my primary residence, a necessity in life, is why I’ve chosen to always own a small place.

I like the stability that come from known housing expenses and knowing that I will always have a place to live.

[neophyte]

I owned for 7 years, moved states and just went back to renting last fall. The place seemed fine when we toured, but between bad neighbors, a landlord that fixes nothing, and pest issues; it has been an utter shit show and I'll probably never rent again.

[Retire-Canada]

So for those who have rented, then gone to ownership and getting used to ownership, only to go back to renting again, how has it been?

I rented. Owned. Rented and now own again.

It's really nice to pay a monthly fee you are happy with and not have to think about anything else. Maintenance looks like calling landlord and telling them what needs fixing. You can ignore all the talk about mortgage rates. If someplace else seems like a nice place to live you can move [relatively] easily. The only real downside I've experienced is limited availability in tight markets.

The reason I own again is that I couldn't find a place to rent when I moved to a new city that meet all our needs for space and having a cat. Interest rates were low so buying was easy. Financially I've always ended up walking away with significant capital growth. That's just luck, but when it happens it's nice.

I would be happy to rent again. I'm not attached to owning a home.

[tj]

The hardest part is that we have stuff that we can see the practical use of it, and one day we may need it and it'll burn me to think "we just got rid of that thing!"

You could rent a storage unit to store those things for however long it takes until you to need them again, or you could sell the things and buy replacements if and when you need them. Which would cost more? Which would be more hassle?

I will say that of all the things I've ever got rid of, in 35 years of marriage, I've only needed to replace one, and wanted to replace one other.

But have you sold everything except what you could fit into a car?  I downsized greatly when I sold my home, and have not repurchased any of the things I got rid of.  But the things I did want to keep would not fit in my car when I was nomadic last year.

I haaaaaate buying things.  With a passion.  It may not be financially ideal, but I was perfectly fine spending $85/mo on a 10x5 storage space if it meant I could keep the basics of an apartment ready to go. 

Also, I'm a maker.  I like the things I make, and don't want to get rid of all of it (I did pare down, I swear!).

My mind took an evil twist and my first thought was that after 35 of marriage the only thing @AMandM  wanted to replace was the spouse lol.

I did get rid of everything when I went nomadic and have been buying a few household things (like a bed, couch,  chair, one pot, one pan, 2 plates, etc) to replace some things when I bought another place.  They cost me a tiny amount to replace compared to renting even a small storage unit for a couple of years. But I think if people are attached to their things (as the OP is) or have items that are hard to replace that they plan to use again then getting a storage unit is the best way to go.  It allows you to keep things of value to you and decide, after living without them for awhile, whether or not you really want them. For myself I just donated everything to Goodwill rather then sell,  and will do that again when I sell my current place to travel and/or move to a new place.  I find that very freeing.

I've moved like 7 times in 7 years, sometimes i move my shit, sometimes I donate it or leave it behind. Re-buying stuff is just part of the cost of the adventure of moving around.

This past move, I simply filled up my car twice and my parents had some hand me down furniture in a storage unit that we moved to my new place. Everything else I left and my realtor donated it I believe.

I rent when it's cheaper than owning and I own when it's cheaper than renting. I wouldn't want the hassle of submitting rental applications without an income stream though, I most likely would buy in retirement, just as a safety net. That certainly won't be in coastal California unless there's an epic real estate collapse.