What's with the misc obsession with home ownership ?

[chickenbroccoli]

lol at equity, just start an account and put everything you spent in maint, taxes, ins and the sweat off your brow


you're just getting your money and labor back, that you could have just invested in an annuity instead

it's a smoke job


buy a 150k house and pay 350k back?


f you

Hey dickhead.

How much are you paying for rent every month?

A loan amount of 150,000 only has a monthly payment of $760 a month. Taxes and insurance are a couple hundred bucks more. Let's say the total payment all-in is a $1,000 a month. You gonna cry to your mommy about that? D-d-da bad banker man tooks my monies wahhhh wahhhh

Your not gonna get much tax benefit with such an inexpensive house and peanut of a mortgage, but still.

[katya422]

you can pay $300k for a house, and yearly $10k prop taxes + upkeep forever

or $1k a month comparable rent forever and save the difference

renting is way cheaper and easier.

It just depends. This won't ever be a one size fits all situation. In our area renting an apartment was more than buying a modest house.

Lol at single guys ITT with the "I don't need a 2500 sq. ft. house." You know homes come in different sizes and at different price points, right?

Enjoy living your life surrounded by a holes, having no privacy, having nothing to write off,never knowing the perks of owning your own chit,paying for water, etc.
Yea, you can pay 10k in taxes ..if you live in a high COL and taxed state. Why piss away all your money giving it to the govt. I traded NY for VA.


I live on 72 acres, pay $1600 in taxes, have only 1 neighbor within 2 miles of me both ways.
I built a range on my property. I can hunt and fish.
My house runs on solar.. a 2k sq foot home that runs on $8-30 a month. I have a 100x50 garden grow my own veggies cutting down on my food costs. I planted a orchard and am beginning to get fruit... apples, peaches, figs, assorted berries.

I could make a list of the benefits, but why bother.

Youd rather live the cuck life.

GJDM

Used to think this would be great...that off the grid hobby farm. Older now though and see the appeal of a condo or maybe even a mobile home. An orchard sounds really nice, but realistically I might eat 2-3 apples a week when they are in season and I like being able to go to the market and back in less than 15 minutes.

[Iukas]

Do me a favor, run those numbers and tell me what you're getting.

Median home price in Cleveland is $70,000 and that is going to get you something bigger than your tiny 1 bedroom apartment.

Average property taxes are 1.52% there, so $70,000 x .0152 = $1064/year / 12 = $88/month in property taxes

You're gonna put 20% down to avoid PMI which is $14,000 down, so the mortgage amount is $70,000 x .8 = $56,000/year

Using a mortgage calculator for a 30 year fixed rate mortgage at 4.5% APR, your monthly payments (Principle AND Interest) are $284.

So $284 + $88 = $372/month

Unless you think you'll be paying $80/month in upkeep, I'm just not seeing how the numbers are working in your favor here.

if he really had 15k in the bank, you think he would buy a trash house in bumfuk, ohio to "save" $80/month?

LOL

[ScaredOfGains]

lol @ people saying buy a house for 300k..that will get you a shoebox condo in my city.

[Jhamaican]

unless your mortage is around 70-80% of the cost of your rent, you really are not coming out ahead when you count opportunity cost, taxes, repairs, closing costs etc...

[kyle1922]

Joe Rogan says no grown man should be living in an apartment with just a wall separating you from another grown person. Think about it apartment betas. brb im living rent free in a camper in the woods honing in on my skills brb woodworking brb leather making brb brewing beer brb distilling brb running and training brb studying physics and chemistry brb wife gardens and cooks.

[DrWilliam]

if he really had 15k in the bank, you think he would buy a trash house in bumfuk, ohio to "save" $80/month?

LOL

That's obviously just an example. It can apply in any situation where renting is too expensive. I'm not saying that buying a home is the right choice in every situation, and I understand not everyone has the ability to do that.

[lebronjames]

lol cope harder when youre renting a basement suite as a 40 year old

[bigcat3655]

My property tax is about 1800/yr, which I pay monthly with my mortgage. All together 1300 a month, 2000 sq/ft 3/2 on 3 acres. I have about 80k in equity right now.

For a 3 Bed 2 bath apartment it would be about 1600-2000/month. With the house I have enough room for the kids to have a playset, half bball court, garage for the cars, a couple acres for the dogs to run around on. I also like being able to do what I want with it. If I want to change the wall color, bathroom fixtures, or update appliances, I can just do it.

[Weaklifts1x1]

you can pay $300k for a house, and yearly $10k prop taxes + upkeep forever

or $1k a month comparable rent forever and save the difference

renting is way cheaper and easier.

Can you tell me where this is so? I live in a spec neighborhood where all the houses are more or less the same, aside from upgrades you buy (I got my from my employer, but whatever.)

My house and the house across the street are, aside from the fixtures/flooring, exactly the same. She pays ~$1,500/mo for a 3br/2ba. I pay less than $700 for a mortgage. In what areas is the cost of renting less than buying? In TN atleast, renting is between 2x and 3x a 30 year mortgage. Also, wouldn't property tax be about the same for the same house?

[Frank Drebin]

27k left on our place, should all be done by February.

Bought a rental property 3 years ago.

Keep rentin fella. We need guys like you, just make sure your references and credit are clean, OK?

[cmc0108]

I bought a house because it's cheaper than rent. At the end of the day I'm also getting equity in our house.

Where I am, a 3 bedroom apartment is minimum $2k...nicer ones will push you closer to the $3k mark.

I have a house and am able to pay my mortgage, insurance, HOA fee, and property taxes for less than the cost of rent. We've been in our house for about 4 years and because of the housing boom around here, we currently have about $50-$60k in equity. For us it was the right decision to buy.

I certainly can admit though for a lot of people that it doesnt make sense to buy. If you dont have a stable job, or if you plan on staying in an area for a long time, then it may not make sense and thats ok too.

[Weaklifts1x1]

I bought a house because it's cheaper than rent. At the end of the day I'm also getting equity in our house.

Where I am, a 3 bedroom apartment is minimum $2k...nicer ones will push you closer to the $3k mark.

I have a house and am able to pay my mortgage, insurance, HOA fee, and property taxes for less than the cost of rent. We've been in our house for about 4 years and because of the housing boom around here, we currently have about $50-$60k in equity. For us it was the right decision to buy.

I certainly can admit though for a lot of people that it doesnt make sense to buy. If you dont have a stable job, or if you plan on staying in an area for a long time, then it may not make sense and thats ok too.

Indeed. I'm curious how it's even possible to rent for less than owning when accounting for the profit the landlord has to make. I suppose if you move into a trap house or something.

[TreyTrey]

In Toronto you have two choices: mortgage a 300-500k condo or pay someone else's mortgage at 2k a month rent

[Frank Drebin]

You can tell the renter boyos haven't figured out basic math yet.

If you plan on staying >5 years in the same city, buying generally outweighs renting.

[BuckNakedinBama]

LOL at morons that think renting is cheaper than owning

If owning a house was more expensive than renting, WHY WOULD LANDLORDS BUY HOMES (OWN THEM) AND RENT THEM OUT IF THEY LOST MONEY?

Fukking tards you people are I swear to me mum m8s.

Owning is the way to go. Not only do you build equity but property appreciates over time (they aren't making any more land) and there are great tax deductions for mortgage interest. Also you can rent a room out and make dat der off-the-books rental income. You can also knock down walls, mount things on the walls, paint, etc and generally do whatever the fukk you want without anyone telling you that you can't.

[rartuso]

EVen when renting your still paying your landlord who then pays the bank and you own no part of it. Taxes insurance and interest are still factored into your rent payment. You don't think he didn't include them did ya? Lol silly youngsters.

Brb paid bought house a year ago and already have 35-40k equity.

It's all about your downpayment.

[TheCreature55]

LOL at morons that think renting is cheaper than owning

If owning a house was more expensive than renting, WHY WOULD LANDLORDS BUY HOMES (OWN THEM) AND RENT THEM OUT IF THEY LOST MONEY?

Fukking tards you people are I swear to me mum m8s.

Owning is the way to go. Not only do you build equity but property appreciates over time (they aren't making any more land) and there are great tax deductions for mortgage interest. Also you can rent a room out and make dat der off-the-books rental income. You can also knock down walls, mount things on the walls, paint, etc and generally do whatever the fukk you want without anyone telling you that you can't.

You don't know what you're talking about.

Maybe it's different in the US, but there are plenty of people who buy property and lose money every month. People do this because they are hoping that the value of the property appreciates over time.

Of course, buying property is risky because property doesn't always go up, something Americans should recall from 10 years ago - despite the fact that 'they aren't making any more land'. Home ownership also involves additional costs to renting - maintenance, fixing damage, certain taxes/levies, etc.

Renting on the other hand gives you flexibility and minimises your exposure to risk. You can still generate wealth by renting something within your means and investing the difference elsewhere.

PS. I am a homeowner myself and it's worked out well for me. However, it isn't automatically the 'right thing to do' for everyone - like anything else there are pros and cons

[JonZ]

GJDM

Used to think this would be great...that off the grid hobby farm. Older now though and see the appeal of a condo or maybe even a mobile home. An orchard sounds really nice, but realistically I might eat 2-3 apples a week when they are in season and I like being able to go to the market and back in less than 15 minutes.

The orchard has dwarf trees. Eventually will still be alot of fruit though.

After canning,freezing and dehydrating, I still have way more veggies than I can use.

I ended up donating about a 1/3 of it last year.

This year, Im going much smaller.

[OliverHeldens]

Indeed. I'm curious how it's even possible to rent for less than owning when accounting for the profit the landlord has to make. I suppose if you move into a trap house or something.

The way this happens if if the Landlord has owned the home for a long time. He may have the house paid off or he bought it 20 years ago for 1/3 of it's current value, and his costs are substantially less than what the mortgage and taxes would be on something you could buy today. He values stability over wanting to squeeze every dollar out of his property(or just simply doesn't know the rental market very well).

With the internet making Real Estate information more of common knowledge, this doesn't happen as much anymore. But still I come across these people more often than expected. People renting a unit at $550 per bedroom when it could easily go for $800 easily(and they're still making good profit).

[seanb1979]

300k for a house? LOL ...

in some areas a 300k house is damn nice - i got mine for 305 and love it

[BuckNakedinBama]

You don't know what you're talking about.

Maybe it's different in the US, but there are plenty of people who buy property and lose money every month. People do this because they are hoping that the value of the property appreciates over time.

Of course, buying property is risky because property doesn't always go up, something Americans should recall from 10 years ago - despite the fact that 'they aren't making any more land'. Home ownership also involves additional costs to renting - maintenance, fixing damage, certain taxes/levies, etc.

Renting on the other hand gives you flexibility and minimises your exposure to risk. You can still generate wealth by renting something within your means and investing the difference elsewhere.

PS. I am a homeowner myself and it's worked out well for me. However, it isn't automatically the 'right thing to do' for everyone - like anything else there are pros and cons

Considering my family has about 50 rental properties, and I have bought two homes and sold one without an agent, yes I do know what I am talking about.

All those "additional costs to renting" you mentioned are just included in the rental price. Before we buy new property we look at the projected total costs of operation, including the maintenance and taxes, and make sure we can get enough rent above that to make it worthwhile. You think landlords just eat those costs? LOL.

While renting does give you flexibility, and does minimize your exposure to risk, that's not the point of my post - my point is owning is cheaper than renting, and unless you're an idiot and buy/sell every year and pay a 6% agent fee to handle the incredibly simple task of selling your home then you should be making money.

[hxa]

This thread can't be serious

[BurningWolf]

kindof thought about this debate myself, but it costs me like 800$ a month to rent a one bedroom place and you can split the rent with someone, or I can spend 2000$ a month as monthly payments for a house, I'm a full time college student right now, you really think I'm gonna be able to fork up those monthly payments working part time? Obviously if you're 10k/day ceo like all the other miscers it's no doubt better to be a homeowner.

Another part is staying locked to one location vs being able to just get up and leave.

[OROakley]

you can pay $300k for a house, and yearly $10k prop taxes + upkeep forever

or $1k a month comparable rent forever and save the difference

renting is way cheaper and easier.

I don't knkw where you guys live but 10k taxes on a 300k home? I own a 410k home and my taxes are under 6k

This

property tax > interest on mortgage > upkeep

**** like replacing the roof, water heater, appliances, plumber

gets expensive real fast

Replacing the roof? Now a days new homes roofs are guaranteed 25 years. Water heater? Every 10 years. Appliances? You'll need to do the same in your appartement. These examples are no good at all bro.

[HockeyJon]

I'm 27 and have about 20K in savings and I'm not even thinking about buying a home yet.

What is every guy in here obsessed with having their homes paid away before 35 ?

I could not careless as for now, I don't want to spend the next 20 years slaving away for the bank (Until you have paid your loan, the house belong to your bank).

I'am not a marriedcoper and have no kids so why should I buy a big home with garage when I could just rent a two bedroom appartement at a moderate rent and save the rest until my life perspectives change and pay 80% of the cost of my future house upfront ?

Or you slave away for a landlord and have less flexibility on what you to with the place you live. Pick your poison.

[Gainzzz]

haven't read thread, sure it's been covered, but instead of slaving away for a bank you're slaving away for a private landlord. you're basically cucking yourself and paying them to let you live in their property with nothing to show for it in 20 years.

lawl

[atgbrahsrs]

I live in Eastern Europe with a western salary. Even though I am just 20, I half-way paying off a neat.jpeg apartment in the city centre.

[amerikansjc]

Lol stay poverty *******s. I made a 7 figure profit off a 70k total investment from my house in 3 years. Keep renting, more properties for me to buy and rent out.

[jimberee]

My career is still work in progress so why should go buy and risk a negative equity by reselling when moving out to another country ?

Buying house should for established men with families with lots in savings not youngsters barely beginning as an independent adult.

Maybe it's OK for you, everyone's circumstances are different. Grow a pair and be confident in your decision to rent.