Do you think homeownership is cheap? Like anything you buy, nothing is guaranteed. Lots of new construction homes come with warranties for the first year that cover most things that should NOT go wrong in the first year. Things break, whether it be from poor craftsmanship or bad luck. We got lucky that water leak in our house caused us to have to get a new kitchen/downstairs flooring (that we wanted to do anyway) and an insurance claim covered all of it. It was much easier than having to wait years to save $30k in updates that we would have less time to enjoy.

If you're renting, unless you broke something yourself, the landlord will foot the bill for all repairs. Updates to the home? You don't pay. Need a new A/C unit? Paid by the landlord. Plumbing issue? Landlord.

Please do not act like buying a home is a instant equity builder. As a homeowner, you are adding up costs throughout your time of owning a home. Lawncare/home maintenance add up over time, something that renters do not have to pay for.

quote:
It’s like saying new car prices are expensive so I’ll just lease

People lease cars because they like having a new car every few years. New car generally means not having to worry about problems that occur later on in life, cheaper montly pricing, not having to worry about selling, and paying less throughout those short term contracts so that you can save up for the next lease. Don't get me wrong, I think the idea of leasing a car is pretty ridiculous and a waste of money. I would rather buy something that lasts 10+ years and can be paid off in half that time. I also realize that it's not cheap. The rules on leasing cars are also a pain. Limited mileage + making sure it is returned in the same condition you bought it as.

It's different strokes for different folks, but right now, renting is way better if you're considering the fact that interest rates are astronomically high and who knows when they'll be brought back down to even 3%. I've seen posters talk about how they've upgraded homes but are having to pay almost double their previous notes because of interest rates.

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Posted by baldona

Florida

Member since Feb 2016

20573 posts

Posted on 4/29/24 at 11:25 am to BilbeauTBaggins

quote:
Do you think homeownership is cheap?

Where did I say that? You understand that as a renter, you are paying 100% of the costs to own PLUS a profit? There’s an extra cost, the landlords profit.

If you can’t afford to buy, you can’t afford to buy. That’s a topic for another day, institutional owners aren’t preventing those people from buying. You are moving the goal posts.

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Posted by LaLadyinTx

Cypress, TX

Member since Nov 2018

6106 posts

Posted on 4/29/24 at 12:22 pm to BilbeauTBaggins

quote:
If you're renting, unless you broke something yourself, the landlord will foot the bill for all repairs. Updates to the home? You don't pay. Need a new A/C unit? Paid by the landlord. Plumbing issue? Landlord.

Will not happen unless you move and they think it needs updating in order to collect more rent.

quote:
People lease cars because they like having a new car every few years. New car generally means not having to worry about problems that occur later on in life, cheaper montly pricing, not having to worry about selling, and paying less throughout those short term contracts so that you can save up for the next lease.

Difference is that typically if you hold and pay for a home, it will be an asset of value when it's paid for. Cars decline. I doubt (althought it's possible) that there has been a time when a home held for 30 years didn't increase in value.

My HOA is researching adding to our rules a clause that a home must be lived in by the owner for a minimum of 1 year with a few caveats. HOA's in Houston are adding this to protect themselves from absentee and corporate landlords.

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