re: For you youngsters; The truth about owning a home

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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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This only applies when there's massive population growth. If people aren't having children above replacement level then not only will they never require a house to live in, but the kids they would have had will never end up there either.


I can only assume you're a boomer.

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just spent $400 to repair the igniter on my oven

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I just did the same it took me thirty minutes and an eighteen dollar part.

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I just did the same it took me thirty minutes and an eighteen dollar part.

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thats cute and all and its fun to find a youtube video for stuff but that's not always the case either because you lack the time to do it or the correct tools.

sooner or later something will break and you'll have to spend $400 but its cool you found a brag moment.

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just spent $400 to repair the igniter on my oven this morning.

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shite like this is how yall spend $5k/yr

Thread title should be: The truth about owning a home IF YOU DONT KNOW HOW TO FIX THINGS YOURSELF

Anyone with basic knowledge and access to YouTube can save themselves tons of money

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Thread title should be: The truth about owning a home IF YOU DONT KNOW HOW TO FIX THINGS YOURSELF

Anyone with basic knowledge and access to YouTube can save themselves tons of money

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i DIY almost everything terdster and there are some things that you just can't take care of yourself.

sometimes you're out of town when something break or simply dont have the time or tools to do something that may not be a difficult DIY

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I just did the same it took me thirty minutes and an eighteen dollar part.

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Yeah. I've replaced 2 igniters on my oven.

There are so many little small repairs that a simple YT video could help, even if you think they are beyond your skillset.

Cleaning dishwasher filter, cleaning lawnmower carburetor, repairing garage door motor, etc. All small things that I easily fixed by doing some research on YT.

Of course, it doesn't always work, like when I tried to replace that starter on my truck and quickly realized that was over my head

Maintenance costs really depends upon a lot of factors. This was an expensive year for me because I bought a house 3 years ago that was constructed in the late 1990's. Every 25 years or so, you will have major maintenance costs. This year included a $25K roof replacement, $8K AC coil replacement, $2K garage door replacement and probably a few other items. When looking for a house, if the roof and HVAC haven't been replaced in the last 10 years, you should start a reserve fund for them. My previous house had a swimming pool and I probably averaged $3K a year in repairs on it over the five years we had it. (multiple pumps having to be replaced, acid washed once or twice, Polaris replacement twice, heater repairs, salt cell replacement, control panel replacement, electrical issues with lights, etc.)

In my opinion, it is still smarter in the long run to buy a house (not with a pool though - LOL). I borrowed about $250K for my last house, so maybe interest paid every year averaged around $7K and property taxes were around $6K. Using those numbers, I was able to deduct $13K from my income when doing taxes, using a 20% overall tax bracket, that is $2,600 a year in tax savings. (Rough numbers for discussion purposes) I was also able to take out a home equity loan and purchase investment real estate property, which has resulted in an extra income of about $12K per year. I also made about $250K when I sold the house 15 years later.

Not many people like to look years down the road, but it pays. Out of the money I pocketed when I sold my last house, I took $100K of it and bought a $500K beach condo that pays for itself and generates another $15K per year in income after expenses are paid. It was also time to downsize, so I had a larger percentage to pay down on the smaller house I purchased 3 years ago, making my mortgage payment (including taxes and insurance) about half of what it would cost to rent this house.

To each his own, but I always view everything long term.

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1. Your house appreciates over the years. If you buy a house and sell it 20 years later you will have made a nice profit.

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Debatable when you look at what you are actually paying. More doable recently with low interest rates.

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Besides your mortgage & escrow, you should expect to drop another $5K/yr average on upkeep & maintenance.

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.

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OR

buy a very cheap starter home in a high rent area. Fix it up live in it until you have 1 or two kids. Save money and move out to a bigger comfortable home with a high resale value and rent out the original. Profit.

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Renting sucks for the lifestyle compromises, but it’s probably more cost effective.

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I would love to see a cost flow analysis suggesting this to be true.