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I dont think thats correct, as a recent homeowner. The deposit requirements are high to get a loan, now yes, we could change that thru subsidy or guaranty by t

by Aloha 3y ago

I dont think thats correct, as a recent homeowner. The deposit requirements are high to get a loan, now yes, we could change that thru subsidy or guaranty by the government. But what about maintenance? renting is turn-key, even when your mortgage is lower than rent, you still have the unexpected costs that appear? In the six months I've been here, I've had to replace or repair: Garburator Cooktop Oven Coils Shower Controls Sink Faucets A couple circuit breakers Sprinklers (all of them, 80% of them were broken) Also, yard maintenance is this ongoing battle, between tree droppings, grass mowing, and weed abatement (some of which you must do, like dealing with noxious vines). If you wanna fix a greater social ill, the issue isn't 'benefitting owners' its that people have been conditioned to treat their home like an investment rather than a place to live and prosper in. Property Values shouldn't be going up 5x faster than inflation, but they have been for a couple decades.

kevviiinn 3y ago
Are you aware that many homes don't have in-ground sprinkler systems or garbage disposals?
- Aloha 3y ago
  In the states not having a garbage disposal is a relative rarity, but I'll give you that. Sprinklers are a regional thing. We also had to replace: Drywall due to mold issues Leaking Laundry Valves (see above) A leaking hose bib which necessitated sweating on new fittings New fittings on the hot water heater (to add a shutoff) Various other electrical work (replace outlets, retorque loose neutral, brought grounding most of the way up to modern code - house had no buried ground rod) To make my point further - I've had many of these issues at an apartment, in my time living in apartments I've had the following work done in or around my unit: Replacement of in wall heater Replacement of Garburator Replacement of Hot Water Heater Replacement of Shower Vales Replacement of AC Condenser Replacement of Dishwasher Replacement of Hot Water Heater (and remediation of the water damage from it) Replacement of Water Faucets Replacement of Load Center (Fuse Box) Repair of Refrigerator and Stove Installation of new landscaping (new sod, bushes, etc) Repair/Replacement of Sprinklers Repaving of parking area Replacement of Roof Painting Replacement of Siding Cleaning of HVAC Ducting The total cost to me on all of these issues was zero dollars - and thats my point. Those multitude of repairs are not free when you own your home, and can often be quite costly.
  - kevviiinn 3y ago
    Generally from what I've seen if people are buying a home that needs a lot of work they get a slightly larger mortgage to pay for repairs
    - Aloha 3y ago
      our place needed more work than we expected based on inspection, you live and learn.
AndrewKemendo 3y ago
You realize all those costs are baked into the rent right? Even with cost distribution among multiple properties or multi-family complex, the per-service fees often exceed what you would pay a tradesman and the lack of flexiblity drives certain costs up in renting situations like limitations on modifications. In my experience (Owned 3 homes, rented 4 homes) it’s net-net between renting and owning across multiple factors including overall cost, and think I’m near the mean when it comes to handiwork - so it’s not like I’m doing all my electrical and HVAC myself and I’m in an expensive area.
- Aloha 3y ago
  Thats kinda my point.. Yes, all of the costs are just baked into rent. They're not baked into a Mortgage, and people dont get that so they end up buying as much house as their rent was, and then get over their skis when they suddenly need to cough up 15k for a new roof? If you're in the position where even paying the rent consistently is a marginally difficult problem, even if lending standards are relaxed sufficiently, how is this person going to pay for a new roof unless the price of that loan is subsidized to the point that it either has a zero or negative interest rate? Not everyone can buy - either because of the work required, or because of the financial outlays needed. Also to be honest, not everyone wants that responsibility.

by Aloha 3y ago

kevviiinn 3y ago

Are you aware that many homes don't have in-ground sprinkler systems or garbage disposals?

Aloha 3y ago
In the states not having a garbage disposal is a relative rarity, but I'll give you that. Sprinklers are a regional thing. We also had to replace: Drywall due to mold issues Leaking Laundry Valves (see above) A leaking hose bib which necessitated sweating on new fittings New fittings on the hot water heater (to add a shutoff) Various other electrical work (replace outlets, retorque loose neutral, brought grounding most of the way up to modern code - house had no buried ground rod) To make my point further - I've had many of these issues at an apartment, in my time living in apartments I've had the following work done in or around my unit: Replacement of in wall heater Replacement of Garburator Replacement of Hot Water Heater Replacement of Shower Vales Replacement of AC Condenser Replacement of Dishwasher Replacement of Hot Water Heater (and remediation of the water damage from it) Replacement of Water Faucets Replacement of Load Center (Fuse Box) Repair of Refrigerator and Stove Installation of new landscaping (new sod, bushes, etc) Repair/Replacement of Sprinklers Repaving of parking area Replacement of Roof Painting Replacement of Siding Cleaning of HVAC Ducting The total cost to me on all of these issues was zero dollars - and thats my point. Those multitude of repairs are not free when you own your home, and can often be quite costly.
- kevviiinn 3y ago
  Generally from what I've seen if people are buying a home that needs a lot of work they get a slightly larger mortgage to pay for repairs
  - Aloha 3y ago
    our place needed more work than we expected based on inspection, you live and learn.

AndrewKemendo 3y ago

You realize all those costs are baked into the rent right? Even with cost distribution among multiple properties or multi-family complex, the per-service fees often exceed what you would pay a tradesman and the lack of flexiblity drives certain costs up in renting situations like limitations on modifications. In my experience (Owned 3 homes, rented 4 homes) it’s net-net between renting and owning across multiple factors including overall cost, and think I’m near the mean when it comes to handiwork - so it’s not like I’m doing all my electrical and HVAC myself and I’m in an expensive area.

Aloha 3y ago
Thats kinda my point.. Yes, all of the costs are just baked into rent. They're not baked into a Mortgage, and people dont get that so they end up buying as much house as their rent was, and then get over their skis when they suddenly need to cough up 15k for a new roof? If you're in the position where even paying the rent consistently is a marginally difficult problem, even if lending standards are relaxed sufficiently, how is this person going to pay for a new roof unless the price of that loan is subsidized to the point that it either has a zero or negative interest rate? Not everyone can buy - either because of the work required, or because of the financial outlays needed. Also to be honest, not everyone wants that responsibility.