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

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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

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You sound like a shitty landlord

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That's the difference... after 30 yrs of paying a mortgage you own a home.

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As long as you can pay your property tax. Not so much as issue in Louisiana, but play Zillow-stalker on places like Los Angeles.

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you should expect to drop another $5K/yr average on upkeep & maintenance.

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Hell that is what I pay in property taxes each year. $4000 in insurance too. I don't have $5000 in expenses for the upkeep that is for sure.

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You sound like a shitty landlord

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just the opposite, I hire a property manager to address any needs of the tenants, place has never been empty since I started renting it, the only time it was empty was to do some deep cleaning and updating, rents for $2500/mo., don't owe a penny on it, and have several more units in the same development, I'm a great landlord, I've just discovered it's better for all concerned to have a go between me and the tenants

What the frick are you doing that is $5K a year in maintenance and upkeep?

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Only one I can think of is the air conditioner that costs more than $5k.

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Yep

13 years of home ownership here, and replacing the AC once was the only time I ever came anywhere near $5k for maintenance/upkeep in a given year.

First home was a condo that didn't flood in 2016, made $30K after $13K in big cosmetic upgrades and a new A/C upstairs and outside. Bought a brand new Florida home that didn't flood during Irma and suffered little damage from Ian, which wiped out a lot close to us. (1 mile, or less, away) We did have to replace the spa pump due to Ian, a one time charge of $2,500. Otherwise, just $120/month for lawn maintenance. New homes are obviously less maintenance for the first 5 years, assuming nothing catastrophic

Can you provide the toll free number to the Eli Goldfinger Slum Corporation?

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so less than $1k plus your time for lawn care.

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we pay slightly less than $2k to watch someone else do it

In 9 years, I have spent $11k total on necessary repairs/replacements. A lower A/C unit last year and the exterior of the house painted last year as well. My house was built in 2007 so I am at about $1,200 a year when averaged out.

Now, I have spent about $80k on upgrades and improvements. But none of them were absolutely necessary. A 40,000 gallon pool, 450 SF Timber Tech Deck (built myself), finished basement (built myself), sodded and landscaping my 1/2 acre backyard (installed myself) and hard wood floored the upper level (installed myself.) None of these projects were necessary, just upgrades. I don’t see how a home could need $5k a year in the type of repairs needed to be moderately livable.