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Started By
Message
re: For you youngsters; The truth about owning a home
Posted on 12/20/22 at 11:04 am to WhiskeyThrottle
Posted on 12/20/22 at 11:04 am to WhiskeyThrottle
quote:
How much equity do you have in your rental after 30 years.
To the OP:
That's the difference... after 30 yrs of paying a mortgage you own a home.
After 30 yrs of renting, you own nothing.
1
Posted on 12/20/22 at 11:04 am to Eli Goldfinger
quote:
I’ve owned for 20+ years, and I’m convinced it’s a scam.
You're not doing not right then.
I know people poo-poo the idea the homes are an investments (mainly when the market is down these boo birds come out) but unless you are a complete idiot and pay extremely more for the house than it's worth to begin with you will get more for selling it than you paid for it (yes including all the interest you've paid, again unless you're a complete idiot and paid way too much or had some BS financing that allows you to buy more house than you could afford).
I know there are stupid people out there and even more savvy predators out there to take advantage of those stupid people but there are many many more regular people out there who have done their homework, asked question when they needed to and bought and sold many homes and never took a loss.
This post was edited on 12/20/22 at 12:17 pm
Posted on 12/20/22 at 11:04 am to CAD703X
quote:
a pool is a 'luxury item'?
Dude. Yes.
Posted on 12/20/22 at 11:04 am to CAD703X
quote:
a pool is a 'luxury item'?
I know you are not this dumb
Posted on 12/20/22 at 11:09 am to cable
I don’t think that is out of the ordinary especially if you have a big house. I have to replace an AC unit and hair handler next year to the time of $7k. I expect my other four units to be replaced in the next five years. Also, did a repair and paint job on the house last year. That was a bonkers cost. Also have a generator repair bill that is about $2,500. We budget $10-15,000 for repair or improvement.
Posted on 12/20/22 at 11:12 am to MSTiger33
quote:careful.
I don’t think that is out of the ordinary especially if you have a big house. I have to replace an AC unit and hair handler next year to the time of $7k. I expect my other four units to be replaced in the next five years. Also, did a repair and paint job on the house last year. That was a bonkers cost. Also have a generator repair bill that is about $2,500. We budget $10-15,000 for repair or improvement.
salmon will call your HVAC and painting luxury maintenance items.
Posted on 12/20/22 at 11:14 am to CAD703X
quote:
salmon will call your HVAC and painting luxury maintenance items.
Neither are luxury items.
Neither are annual costs either.
Posted on 12/20/22 at 11:14 am to CAD703X
quote:
CAD703X
I don’t think anyone said it was impossible to have large maintenance expenses. However, in threads like this I think we can all assume that we are discussing what is normal. Not houses with 5 (FIVE) AC units.
Posted on 12/20/22 at 11:14 am to Eli Goldfinger
quote:You have to be exceptionally stupid to think so.
Renting sucks for the lifestyle compromises, but it’s probably more cost effective.
I sell 25m in real estate and nobody I ever sold to has 5k a year in upkeep and maintenance.
Do tell us how much equity you build in rent payments. This should be good.
Posted on 12/20/22 at 11:16 am to Eli Goldfinger
I live in a tent in the wilderness. Best way to live by far. Amazon orders are tricky though.
Posted on 12/20/22 at 11:16 am to Eli Goldfinger
quote:
I’ve owned for 20+ years, and I’m convinced it’s a scam.
Renting sucks for the lifestyle compromises, but it’s probably more cost effective.
Don't listen to this dude. People can create generational wealth through mortgages. Think about how much houses cost 15 years ago. Think about the fact at that time you locked in a rate that was 15 years ago. Now think about what rent was 15 years ago vs now. If you want to talk about flexibility with renting, you need to give the full financial picture. While renting is good for some, it isn't for others but to say it's a scam and more cost affective in a vacuum is outright idiotic.
Posted on 12/20/22 at 11:16 am to Eli Goldfinger
You lose when you rent. You gain when you buy. It is that simple.
Posted on 12/20/22 at 11:16 am to MSTiger33
quote:Average that cost over 15-20 years which is what should be the life of your unit.
I have to replace an AC unit and hair handler next year to the time of $7k.
Posted on 12/20/22 at 11:20 am to CAD703X
quote:
its luxury maintenance to maintain your lawn? a pool is a 'luxury item'?
Yes, it is luxury maintenance to do more than simply cutting, weeding, and edging. Granted, I’m in South Louisiana, so that shite definitely doesn’t need irrigation or fertilizer. It grows fast and green AF.
And yea, a pool is 100% a luxury item.
Posted on 12/20/22 at 11:24 am to llfshoals
But I am not paying it off over 20 years. We have a big house and everything is wearing out all at once. I am hoping that the costs settle over the next 5-7 years.
Posted on 12/20/22 at 11:26 am to MSTiger33
quote:
I bought a house that is 20 years old. I am learning most things in a home have a useful life of 20 years
My house is 17 years old and I feel this.
New roof, new HVAC & furnace, repainted the exterior of the house -- all in the last 24 months.
Luckily I only have a few more interior upgrades and some painting and I am good for...checks notes...20 years.
Posted on 12/20/22 at 11:26 am to MSTiger33
The key to one of your biggest expenses, a roof, is getting insurance to buy you a new one when there is hail. AC Units don't get the same treatment, but hail damage may come into play for some of the costs I believe. Hell I've gotten new gutters and a garage door painted covered by insurance, too. While the big ticket items suck, you can sometimes make it work through all the insurance you pay.
Posted on 12/20/22 at 11:26 am to Eli Goldfinger
Rented until 4 years ago. Always had a place in great location, and then later years brand new, no obligations, resort style pools, good times. The bought. Benefits to both styles.
Posted on 12/20/22 at 11:28 am to 777Tiger
quote:
Yeah, I’ve got a rental property that I haven’t laid eyes on in 16 years and have barely spent 5k in upkeep in all of that time
Most people aren’t slum lords.
Posted on 12/20/22 at 11:28 am to bird35
quote:
. Your house appreciates over the years. If you buy a house and sell it 20 years later you will have made a nice profit.
1. Buy a lot in a new & upcoming subdivision after the 1st few houses are completed.
2. Have house plans drawn up with a layout that works best for your lifestyle and budget.
3. Hire contractor to build the house.
4. Repeat this process every 6-10 years
Take your profits and sink them into the next house.
You'll be able to move up in house every time with the added benefit of living in a pretty new home the entire time.
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