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This is basically the concept of being "house poor" right? You have a house, you make payments on it, but you are poor and have no extra money after expenses. M

This is basically the concept of being "house poor" right? You have a house, you make payments on it, but you are poor and have no extra money after expenses. Maintaining a house costs money, and it should be accounted for. A Real Estate agent will at best take the inspection and suggest knocking a few thousand off the price for these new things. But their job is over once you buy it. The bank just wants you to make payments and doesn't really care if you put the house in disrepair. Personally I think people should consider having a house repair savings account (or Money Market Fund or CD Account or whatever).

CrimsonCape 1y ago
When I was doing napkin math it seemed pretty surprising to me that, for example, a 30 year roof replacement at an estimated $30,000 amortized over 30 years yields 1000/year, or $83 per month. Now consider a set of tires for a car, replaced every 6 years, at $1200. That amortizes to $16 per month. The replacement tires is only 4% of the cost of a roof replacement (1200/30000) but the amortized monthly cost of the tires is nearly 20% of the monthly cost of the roof replacement (16/83). Long story short, I got increasing anxiety doing this math and watching my expected savings income evaporate over the long term as these amounts added up.