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re: Home ownership losing importance as "American Dream"
Posted on 6/4/14 at 12:39 pm to Choctaw
Posted on 6/4/14 at 12:39 pm to Choctaw
quote:
you're saying the amount of money someone would spend on closing costs, realtor fees, and repairs would be enough to retire on?
Over the life of the home. Yes. I just spent over $10,000 putting a new roof on my house. I have spent $2K on a/c repair. If you ever plan on getting the equity out (which seems to be a big plus in this thread) you are going to have to remodel to keep up with the changing neighborhood and times. Remodeling is expensive as heck.
2
Posted on 6/4/14 at 12:51 pm to lsu13lsu
Seriously?
To start my house payment is roughly $1,000 a month. About $300 is principal(equity) and the rest is interest, property taxes and insurance. The same home would rent for $1,400 a month. $300 principal a year is roughly $3,600 but is increasing every year. Adding in the savings from rent, another $4,800, that brings me to roughly $8,400 a year before taking homestead exemption into account.
Over a ten year period, if you think ill spend $84,000 on repairs to my home, then LOL. Used a spreadsheet to calculate principal over the first ten years of the loan and it came to $102,000 + $48,000 in non adjusted rent. So really closer to $150,000 in 10 years.
How often do you change a roof? How often do you replace the A/C? What about appreciation?
To start my house payment is roughly $1,000 a month. About $300 is principal(equity) and the rest is interest, property taxes and insurance. The same home would rent for $1,400 a month. $300 principal a year is roughly $3,600 but is increasing every year. Adding in the savings from rent, another $4,800, that brings me to roughly $8,400 a year before taking homestead exemption into account.
Over a ten year period, if you think ill spend $84,000 on repairs to my home, then LOL. Used a spreadsheet to calculate principal over the first ten years of the loan and it came to $102,000 + $48,000 in non adjusted rent. So really closer to $150,000 in 10 years.
How often do you change a roof? How often do you replace the A/C? What about appreciation?
Posted on 6/4/14 at 1:15 pm to lsu13lsu
quote:
Over the life of the home. Yes. I just spent over $10,000 putting a new roof on my house. I have spent $2K on a/c repair. If you ever plan on getting the equity out (which seems to be a big plus in this thread) you are going to have to remodel to keep up with the changing neighborhood and times. Remodeling is expensive as heck.
You have the same thing renting, that's why they often raise the rent every few years. But with a home mortgage you're locked in at a fixed rate.
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