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Message
re: For you youngsters; The truth about owning a home
Posted on 12/20/22 at 12:55 pm to yellowfin
Posted on 12/20/22 at 12:55 pm to yellowfin
quote:
Not everyone wants to spend their free time doing yard work
No kidding.
You think I'm going outside and shoveling snow every winter? Hell no. Someone else can come do that for a nominal fee.
0
Posted on 12/20/22 at 1:04 pm to lsu777
"upgrades dont count towards maintenance, thats capital upgrades, not maintenance
how the frick does lawn care cost 5k a year? and you do realize you would be responsible in most rentals for lawn care right?
push mower-$350-$400 should last atleast 5 years
weedeater- $150-$200
leaf blower- $150-200
all of those should last atleast 5 years with hardly any maintenance. so less than $1k plus your time for lawn care.
so explain how you are getting your numbers"
.... I am not saying 5K each and every year, but here's my situation. I live on 1 acre, in an upper middle class neighborhood. We took down several large trees (over 60 ft) that were two close to the house. You will pay anywhere from $400 to $2,500 per tree for complete (cut-up, disposal, stump grinding). Gotta hire a guy with insurance due to the proximity to the house. Also, a riding mower is best for 1 acres ($1,500-$4K).
how the frick does lawn care cost 5k a year? and you do realize you would be responsible in most rentals for lawn care right?
push mower-$350-$400 should last atleast 5 years
weedeater- $150-$200
leaf blower- $150-200
all of those should last atleast 5 years with hardly any maintenance. so less than $1k plus your time for lawn care.
so explain how you are getting your numbers"
.... I am not saying 5K each and every year, but here's my situation. I live on 1 acre, in an upper middle class neighborhood. We took down several large trees (over 60 ft) that were two close to the house. You will pay anywhere from $400 to $2,500 per tree for complete (cut-up, disposal, stump grinding). Gotta hire a guy with insurance due to the proximity to the house. Also, a riding mower is best for 1 acres ($1,500-$4K).
Posted on 12/20/22 at 1:08 pm to Ramblin Wreck
quote:
Not many people like to look years down the road, but it pays
I’m with you. I don’t think I spend $5k consistently but my rental property has a little more general upkeep since I’m not living there.
But am constantly considering re-sale value by doing small improvements here & there. Those types of things will eventually come to head, whether you plan to sell or not
Posted on 12/20/22 at 1:11 pm to Eli Goldfinger
Paying a mortgage and earning wealth vs renting and earning nothing is a scam. LMAO.
Posted on 12/20/22 at 1:32 pm to Eli Goldfinger
quote:
Besides your mortgage & escrow, you should expect to drop another $5K/yr average on upkeep & maintenance.
The only time we've ever dropped $5K or more in a year is when we had to do improvements. New roof, new HVAC, new siding and windows, etc. Hell, I renovated my first house before selling it and didn't spend five grand on the stuff I did. The last house we sold got a whole inside paint job plus landscaping and I only spent $3500.
Posted on 12/20/22 at 1:38 pm to Eli Goldfinger
Pretty sure you bought a crap house after yesterday and todays thread
Posted on 12/20/22 at 1:39 pm to nealnan8
quote:
.... I am not saying 5K each and every year, but here's my situation. I live on 1 acre, in an upper middle class neighborhood. We took down several large trees (over 60 ft) that were two close to the house. You will pay anywhere from $400 to $2,500 per tree for complete (cut-up, disposal, stump grinding). Gotta hire a guy with insurance due to the proximity to the house. Also, a riding mower is best for 1 acres ($1,500-$4K).
ok now explain how you are going to spend another 15k over next 3 years. dude is saying 5k every year
Posted on 12/20/22 at 1:40 pm to yellowfin
quote:
Not everyone wants to spend their free time doing yard work
fine, but he would have to do the lawn or pay for it in a rental also. that shite isnt included.
Posted on 12/20/22 at 1:49 pm to kingbob
quote:
My rent for a similar home to mine would be, say, $1700. Mortgage is $1200, and property taxes are roughly equal to a mortgage payment.
So, before maintenance but after property taxes, I’m saving $400/month by owning. However, I had to put $20k down! For that monthly savings to add up to that down payment would take 50 months (or just over 4 years) to break even. Remember, that’s BEFORE maintenance.
Remember two things:
1)The value of your house is likely to have increased over the last few years
And
2)Every mortgage payment you make has a proportion that's principal (every payment increases your equity). That's money that has immediate value to you that you will never get with renting
So when you do your break even analysis, remember that you get back your principal plus appreciation when you sell after putting down your down payment, vs getting back exactly zero when you move out (which may or may not include your security deposit).
Posted on 12/20/22 at 1:49 pm to LSUGUMBO
quote:
If you built new, get ready
Yep. Been in a house we built for 18 years. I bet I’ve spent the cost of a new house since in landscaping, drainage, removing trees, recaulking, painting trim, put in a patio, expanding driveway, hvac units, etc.
Need a good hailstorm soon or I’ll be adding roof to the list.
Posted on 12/20/22 at 1:50 pm to KennabraTiger
quote:
I live in a tent in the wilderness. Best way to live by far. Amazon orders are tricky though.
100%
Posted on 12/20/22 at 1:51 pm to Eli Goldfinger
quote:
you should expect to drop another $5K/yr average on upkeep & maintenance.
the OT, as a collective, should expect you rightly shut the frick up, seeing as you have no fricking clue what you are talking about
quote:
but it’s probably more cost effective.
this solidifies the above statement
Posted on 12/20/22 at 1:52 pm to SquatchDawg
quote:
Yep. Been in a house we built for 18 years. I bet I’ve spent the cost of a new house since in landscaping, drainage, removing trees, recaulking, painting trim, put in a patio, expanding driveway, hvac units, etc.
Need a good hailstorm soon or I’ll be adding roof to the list.
Same. I've spent a fortune on home repairs in my lifetime. I was probably right about OPs average this year in 5k.
Posted on 12/20/22 at 1:53 pm to Eli Goldfinger
quote:no it isn't
Renting sucks for the lifestyle compromises, but it’s probably more cost effective.
Posted on 12/20/22 at 1:54 pm to Eli Goldfinger
quote:
I’ve owned for 20+ years, and I’m convinced it’s a scam.
Use the equity get some cash flow son.
Posted on 12/20/22 at 1:56 pm to Eli Goldfinger
quote:
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.
Im not sure why this is downvoted. On average. When you factor in when you have to get a new AC unit. Or when your frig goes out then 3 weeks later the plumbing fricks up and they have to end up replacing some piping for the tub, then you have to pressure wash that bitch every year or two.
There are up sides to both owning and renting, its just all in what your goal is when that time comes to get a place to live.
Posted on 12/20/22 at 3:00 pm to OweO
quote:
Im not sure why this is downvoted
I'm not surprised you can't figure that out.
Yes renting and owning each have their positives and negatives. Saying owning is a scam is idiotic. Saying renting is more cost effective with a broad brush is also idiotic. Saying you should expect 5k a year in maintenance with a broad brush is also idiotic.
I have only painted my entire house and bought a new AC unit in 5 years for close to 12k. That's not 5k a year. Rent for my needs would be probably somewher close to 3k and my note is much lower than that all the while I'm building equity. So how is that more cost effective for me to rent? This isn't everyone's situation, just mine, so I'm not saying this is the only way, but the OP made it sound like this is a scam, and it's not.
Posted on 12/20/22 at 3:02 pm to Eli Goldfinger
My home has increased in value much faster than I've been paying interest or maintenance, so I've been basically living rent-free.
Posted on 12/20/22 at 3:13 pm to yellowfin
quote:
Not everyone wants to spend their free time doing yard work
The OT has a weird thing about yard work. Many here seem to attribute Protestant work ethic/spiritual meaning to it. For me, it would be time wasted, so I pay someone to do that for me.
Posted on 12/20/22 at 3:16 pm to Eli Goldfinger
I consider that a positive, in a way. If something is junky in a rental you have to deal with it. They're not going to re-glaze the tub if your arse is already paying for it.
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