I try really hard to emphasize on my site that there is no one-size-fits-all approach to any type of planning. That is why you need to make sure your "tax guy, financial guy, mortgage guy, whatever guy" takes the time to understand your priorities. The same goes for the decision to rent or buy a home. I received this comment from a lady who calls herself "People Power Granny"
"For the last 32 years we have made house payments. We're out of that maze now, and are renting and liking it very much. Plus we're saving gobs of money. Check out why at peoplepowergranny.blogspot.com. And of course, vote in my poll on which you prefer."
Granny's post is titled "Wanting a New Home? You'll Save $$$ if You Rent!" She definitely makes a valid point; however, I'd suggest that the real savings is in the headaches that come with being a homeowner. You are responsible for repairs instead of being able to call your landlord. You put a lot more of your own hard work into the home. That's why they call it "sweat equity". Then, at the end, you get to cash out of your "investment" and down-size or even rent to eliminate these headaches when you retire.
I think back over the last five years and recall how every weekend is spent either working on a home-improvement project or feeling guilty for not doing so. I remember how excited we were when we gutted our bathroom and made it bigger, included a monstrous whirlpool tub and then found out the hot water heater didn't have the capacity to fill the dang thing. I remember having guys at the house until midnight in the ten days leading up to our Christmas party two years ago getting all the finishing touches put on our remodeled living room so we didn't have to have HGTV show up with cameras so we could pretend it was a theme party. Now, we're getting ready to do the kitchen. The end result will be great but, we'll be using a toaster oven, microwave, and hot plate to prepare meals for a couple months. Not to mention we'll have to walk through the mess to get to the back door since that's our primary entrance. Oh, the joy of owning a home! I kinda agree with Granny. I'd at least like to rent for two months and come back when the kitchen's done.
Lawrence LaRose even wrote a book call "Gutted: Down to the Studs in My House, My Marriage, and My Life" Luckily, Sheri and I will agree immediately on every single detail of our project so I don't have to worry about reading it. Anyway, home ownership may not be for everyone or at least you may consider other alternatives after you retire. Fortunately, the Home Ownership Accelerator can also be used to hasten the day and increase your equity position should you decide to cash out, start renting, and spend your weekends doing whatever you like.
