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Why do you want to own a home? I'm guessing it's something like you want to save/invest money every month rather than tossing it down the drain on rent. In ot

by 13of40 2y ago

Why do you want to own a home? I'm guessing it's something like you want to save/invest money every month rather than tossing it down the drain on rent. In other words, it's the “a home is your piggy bank and retirement plan” mentality. If it's something else, I'm happy to listen.

logicprog 2y ago
Wanting to own a home so you don't have to pay a monthly fee to have a roof over your head so you can save is pretty different from wanting to own a home so it can appreciate in value, thus essentially paying you something monthly, so you can not just save what you don't pay in rent, but also have that passive increase too, aren't the same thing, economically speaking.
- TheAmazingRace 2y ago
  This is a sentiment I share, but with the caveat that a mortgage is the least amount you spend, since you also account for taxes, insurance, repairs, etc. Rent, by comparison, is the most you’ll spend. But yes, generally, I’d like to have control over my place and not deal with a landlord dictating what I can and can’t do.
- al_borland 2y ago
  If money is saved or not depends on a lot of factors. When I was working around Chicago, a co-worker of mine paid more in property taxes than I paid in rent. I also rented a condo once, and when I inquired about buying a unit, the monthly association fee was only $200 less than my rent. The owner was basically renting the place at cost, assuming it was paid off. It made me feel not so bad about renting. There are also a lot of extra costs to owning a home, beyond the property taxes, there is the maintenance. When renting, 0 time and energy needs to be spent on maintenance. If something breaks, there is 1 number to call, and other than that, it’s easy living. With a house the owner has to either spend time/money doing it themselves, or spend money to hire out for it, and manage all the various contractors doing the work. The first time I bought a house it was a disaster. Every month I was having to spend at least $800 fixing something. My savings were going fast. I ended up bailing on it in less than a year for a few reasons, but one was that it was significantly more expensive than rent when it was all said and done. My current house is better for than perspective, and I was much more prepared going into it. I still like the carefree nature of renting, but after almost 20 years of renting, I was worried about how much it would cost me if I was renting into retirement, or if I still had mortgage, so I hit a now-or-never moment.
- 13of40 2y ago
  Home ownership goes like this: 1. Find a place you like and can afford. 2. Buy it for whatever they're willing to take. 3. Pay on your mortgage several times. 4. Sell it for whatever someone will pay. As a virtuous person who just wants a roof over your head, which of these are you going to differently so you don't wreck things for future generations?

by 13of40 2y ago

logicprog 2y ago

Wanting to own a home so you don't have to pay a monthly fee to have a roof over your head so you can save is pretty different from wanting to own a home so it can appreciate in value, thus essentially paying you something monthly, so you can not just save what you don't pay in rent, but also have that passive increase too, aren't the same thing, economically speaking.

TheAmazingRace 2y ago
This is a sentiment I share, but with the caveat that a mortgage is the least amount you spend, since you also account for taxes, insurance, repairs, etc. Rent, by comparison, is the most you’ll spend. But yes, generally, I’d like to have control over my place and not deal with a landlord dictating what I can and can’t do.
al_borland 2y ago
If money is saved or not depends on a lot of factors. When I was working around Chicago, a co-worker of mine paid more in property taxes than I paid in rent. I also rented a condo once, and when I inquired about buying a unit, the monthly association fee was only $200 less than my rent. The owner was basically renting the place at cost, assuming it was paid off. It made me feel not so bad about renting. There are also a lot of extra costs to owning a home, beyond the property taxes, there is the maintenance. When renting, 0 time and energy needs to be spent on maintenance. If something breaks, there is 1 number to call, and other than that, it’s easy living. With a house the owner has to either spend time/money doing it themselves, or spend money to hire out for it, and manage all the various contractors doing the work. The first time I bought a house it was a disaster. Every month I was having to spend at least $800 fixing something. My savings were going fast. I ended up bailing on it in less than a year for a few reasons, but one was that it was significantly more expensive than rent when it was all said and done. My current house is better for than perspective, and I was much more prepared going into it. I still like the carefree nature of renting, but after almost 20 years of renting, I was worried about how much it would cost me if I was renting into retirement, or if I still had mortgage, so I hit a now-or-never moment.
13of40 2y ago
Home ownership goes like this: 1. Find a place you like and can afford. 2. Buy it for whatever they're willing to take. 3. Pay on your mortgage several times. 4. Sell it for whatever someone will pay. As a virtuous person who just wants a roof over your head, which of these are you going to differently so you don't wreck things for future generations?