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re: Does homeownership make sense if you're single?
Posted on 7/17/15 at 11:06 pm to Athanatos
Posted on 7/17/15 at 11:06 pm to Athanatos
quote:
$40k for maintenance, updates, etc is way too low.
Not really.
quote:
How long do you expect your roof, ac, heater, and major appliances to last? Replacing all of these items once on a $250k house will probably eat up more than you might expect.
Roughly 20 years. I just replaced one AC. It was original to the house and 20 years old. The roof is original and won't be replaced anytime soon, unless something happens to it.
quote:
Will you ever paint?
Will probably paint the interior once in that time.
quote:
Do you think you might change the carpet or floors over 20 years?
Never. One day, when the hardwoods get beat up, I'll get them refinished, but they're 20 years old now and look fine.
2
Posted on 7/18/15 at 6:24 am to Evolved Simian
Maintenance of $40k over 20 years is a decent, middle of the road estimate (not talking maids or lawn care). Of course, if you're talking about a big old wooden house uptown, that figure could easily double or even triple (exterior painting alone can run into the tens of thousands). For a brand new house built with low maintenance materials (tile floors, brick exterior, perennial landscaping, no large trees to trim...you should be able to go several years cost free.
From a money perspective, home ownership is akin to buying a boat. It is not a strictly rational economic choice. But if your home brings you enjoyment, access to a certain lifestyle, pride of ownership, and peace of mind, then why should it matter if you're single?
From a money perspective, home ownership is akin to buying a boat. It is not a strictly rational economic choice. But if your home brings you enjoyment, access to a certain lifestyle, pride of ownership, and peace of mind, then why should it matter if you're single?
Posted on 7/18/15 at 8:32 am to TejasHorn
1. Buy a 3-4 BR house.
2. Rent the other rooms.
3. When you get married, kick out the renters.
4. ???
5. Profit.
2. Rent the other rooms.
3. When you get married, kick out the renters.
4. ???
5. Profit.
Posted on 7/18/15 at 9:44 am to lsutiger2010
quote:
And I would venture to say there are tens of millions of people that own homes and have neither so I don't see your point here.
Lawn guys and maids cost money. Sure, you can perform both tasks yourself, if your time is not that valuable. Maybe some people just have dirty houses and unkept yards.
Lawn equipment also costs money, and that should properly be allocated as a cost of home ownership.
Maybe I am the only person that doesn't get 20 years out of my appliances, roof, floors, law mowers, hvac, etc. Maybe a lot of people have deferred maintenance that they aren't counting as a cost.
My point is that you should make reasonable assumptions regarding the cost to upkeep.
Posted on 7/18/15 at 9:53 am to Athanatos
Im LOLing at the idea that a lawn service or maid would be necessary because my time is worth more than the maid/lawn person. Yes, theoretically, if every single waking hour was billable. But most of us actually go home for a,couple hours each day, and routine cleaning/lawn care don't tie up more than 3-6 hrs a week, depending on season, house size, etc. Yet another argument for not living in a ridiculously sized McMansion.
Posted on 7/18/15 at 10:26 am to hungryone
I value my leisure time like the scarce commodity it is
Posted on 7/18/15 at 11:22 am to hungryone
I don't have a maid but I do have a guy who cuts the grass. He charges me $35/cut, I get it every 10 days in the prime growing summer season and every 2 weeks in spring and fall.
For me to do it, would require me to buy the equipment, maintain it, buy new line, buy gas, etc. But the big thing for me is time. It would take 2 hours at least at a time for me to do it half-way well. The professional can do it better than me, it looks nicer, and I have that time to spend with family or doing other things.
I keep up the garden, do other yard stuff, etc.
For me to do it, would require me to buy the equipment, maintain it, buy new line, buy gas, etc. But the big thing for me is time. It would take 2 hours at least at a time for me to do it half-way well. The professional can do it better than me, it looks nicer, and I have that time to spend with family or doing other things.
I keep up the garden, do other yard stuff, etc.
Posted on 7/18/15 at 11:24 am to Evolved Simian
quote:
Evolved Simian
It sounds like you bought a great, well-built house. Most crappy new construction tract homes built in the last 10-15 years will need to replace a roof, AC, etc at least more than once in 20 years. You only paint your interior once every 20 years? Do you not have carpet or other cheap flooring anywhere in the house?
Hardwood will last forever, yup.
Again, sounds like you have a really nice, well built house. A lot of people probably paid less than what you paid, but they will have more maintenance over long term.
Posted on 7/19/15 at 5:24 pm to LSUAfro
As a CPA I would like to correct something I see said by people that is no longer true. Most first time home buyers aren't going to itemize. The interest rates are too low. So the tax advantage is a myth to most people
For example in the OPs example you are only paying $7,800 in interest for the year and about 2k in taxes approximately. If you are single you will have a slight tax advantage, but if you are married you aren't even close
For example in the OPs example you are only paying $7,800 in interest for the year and about 2k in taxes approximately. If you are single you will have a slight tax advantage, but if you are married you aren't even close
This post was edited on 7/19/15 at 5:44 pm
Posted on 7/20/15 at 3:36 am to TejasHorn
Every market is different, every person is different. Know thy self is my mantra in real estate. That said, in my market, were I single, I'd have two roommates, live rent free, and split my bills three ways at a minimum.
Posted on 7/20/15 at 7:43 am to ItNeverRains
Samsies. And I did just this from 21 - 25
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