Typically it ends in rich people gobbling up even more property, money, and power, while potential competitors don’t have the resources to weather the troubles.
For some people rent is the smarter option. If your moving around every two years anyway for work you’d lose a lot of time and money on fees and taxes buying and selling. Home ownership should for sure be more accessible though.
i agree, but unfair market monopolies and lobbyism is what caused the housong crisis in the first place and those will continue to exist in other economies as well if we don’t legislate against them. the free market gives people the power to fuck over others. people have forgotten to include the philosophical counterpart to “as long as it doesn’t infringe upon the rights of others” in their capitalism because they were too busy cooming over their agency
the US and humanity as a whole is too tribeminded to instinctively act cooperatively across communities, and especially borders, which is why we need to systematically make it impossible for anyone to be left in the dirt. there is no human we do not have the resources to give a happy and fulfilling life, so anyone asking for more at the cost of that should be fucking beheaded, if you’re serious about minimizing human suffering.
Even if you plan on staying put, sometimes the math just doesn’t work out. Renting is, for me, much cheaper than buying, even accounting for equity. Depends on the housing market in your area.
I’m guessing it’s mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn’t down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
Having owned a condo - I can’t honestly recommend them.
You’re beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an ‘unassigned’ parking spot.
My place flooded 7 times in 6 years due to ‘unforeseen circumstances’ with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
Remind me when this guy’s 79 can’t work anymore and can’t afford rent on the shitty retirement they have and let’s see if they wish they had a fully paid off house by then 😂
As someone who bought an outdated house in 2013, I agree with you, in part.
The amount of money that my husband and I have sunk into this house between having the foundation leveled, having the entire house re-plumbed, updating the flooring, updating the siding, updating the windows, having the gutters re-done, new HVAC…among the various other things that my husband and I have done ourselves (some of the flooring, repainting, updating kitchen sink+hardware, updating both bathrooms, new Hot Water Heater etc), we’ve sunk ~$85K over the past decade. Fortunately all those hits didn’t come all at once. Right now we’re in the process of paying off financing for the siding, the flooring we had professionally done, and the plumbing. Only 2 of those things were planned and budgeted for. The plumbing issue occurred the same month we had the siding and flooring done 😮💨.
That being said, on the other hand, I do see the value of being a property owner. When I look at the appreciation on the property and know that I have that money if shit ever goes super sideways for me, I’ll be able to survive long enough to figure shit out, its comforting. Seeing my mortgage go down and knowing that if I ever need to sell, I’ll get a large lump sum, is also comforting. Or, if I have to live in this house forever for some reason, at least it won’t be mortgaged anymore, so that will be a relief in my old age.
Then again, you’re right about the property taxes too. I’m paying about $460 a month in property taxes, but I’m only 10 years into my mortgage. Who knows how much I’ll be paying a month in 20 years as housing appreciates and taxes go up? It’s not inconceivable that it would get to $1K a month or more. That’s essentially a rent anyhow. Plus I’m still on the hook for all the stuff that will need updating 20 years from now.
I agree that people think that home ownership is some easy ticket to wealth without taking into account how expensive maintenance is. I also agree it can be valuable just by virtue of security (your principle and interest remains stagnant, and you never have to worry about your lease not being renewed.)
And before people are like “You just spent so much because you bought a lemon house. Being a home owner isn’t that expensive when it comes to house maintenance.”
No. My house was never unlivable, and all my maintenance issues occurred at different times over the course of my decade of home ownership. My house was built in 1995. The HVAC went out in 2017. It was 22 years old. That was ~$6K. The foundation needed leveling and the gutters needed replacing in 2021, that was another $12K between the two. Getting all the windows updated to a thicker more efficient glass with better sealing occurred in 2022, 5 windows and a back door was $20K. Started noticing the rear siding looking janky in 2022, and didn’t want to defer maintenance so had that replaced, that was $20K. The plumbing went out in 2022, and it was a leak under the foundation. They offered to patch the plumbing but would only warranty the work for 3 years, or they could replumb the house and warranty for 30 years. That was again, just under $20K.
The house is nearly 30 years old. You can’t defer maintenance like foundation leveling and siding if you want your house standing when your mortgage is paid off.
All of this was a suuuuuuuuper long winded way to just say: Yes I’m a home owner. I plan on selling the moment I’m allowed to escape this state, and no I never plan on owning ever again. I actively want the flexibility of renting and being able to up and move the moment my lease is over if I don’t like the place. And I never want to worry about major upkeep ever again.
I hate renting with a passion and wish I could buy a home of my own, but that is the one silver lining. I’ve gotten home after a 14 hour shift and realized that something was wrong with the hot water heater. Put in a ticket with maintenance, gone to bed, and at 9 am the next morning they’re knocking on my door to fix it. I don’t have to deal with the mental load of even thinking about who to call let alone the financial headache of paying for it. I was also extremely lucky that in that case I lived in a place with amazing maintenance people.
I don’t feel secure that my state won’t pass horribly restrictive laws driving me to leave in the next 7 years which makes the financial decision to buy not necessarily worth it
Landchads can’t stop winning 🤣
And it always ends in tears, burning of debt records and redistribution of the land.
Actually, it almost never ends that way lol
Historically though, how does this end?
I guess we have never had a global property crisis before
Typically it ends in rich people gobbling up even more property, money, and power, while potential competitors don’t have the resources to weather the troubles.
Winning a piece of lead in their stomach or a piece of steel through their necks?
This but sad. People seem to love paying rent
I’ve never heard of anyone who loves paying rent. They just don’t think they can do anything about it when it gets raised.
For some people rent is the smarter option. If your moving around every two years anyway for work you’d lose a lot of time and money on fees and taxes buying and selling. Home ownership should for sure be more accessible though.
Housing is a human right, and should in my socialist inclined opinion be a state business.
The de-commodification of housing is incredibly based.
i agree, but unfair market monopolies and lobbyism is what caused the housong crisis in the first place and those will continue to exist in other economies as well if we don’t legislate against them. the free market gives people the power to fuck over others. people have forgotten to include the philosophical counterpart to “as long as it doesn’t infringe upon the rights of others” in their capitalism because they were too busy cooming over their agency
the US and humanity as a whole is too tribeminded to instinctively act cooperatively across communities, and especially borders, which is why we need to systematically make it impossible for anyone to be left in the dirt. there is no human we do not have the resources to give a happy and fulfilling life, so anyone asking for more at the cost of that should be fucking beheaded, if you’re serious about minimizing human suffering.
Even if you plan on staying put, sometimes the math just doesn’t work out. Renting is, for me, much cheaper than buying, even accounting for equity. Depends on the housing market in your area.
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I’m guessing it’s mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn’t down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
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Having owned a condo - I can’t honestly recommend them.
You’re beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an ‘unassigned’ parking spot.
My place flooded 7 times in 6 years due to ‘unforeseen circumstances’ with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
It sucked dick
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Remind me when this guy’s 79 can’t work anymore and can’t afford rent on the shitty retirement they have and let’s see if they wish they had a fully paid off house by then 😂
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As someone who bought an outdated house in 2013, I agree with you, in part.
The amount of money that my husband and I have sunk into this house between having the foundation leveled, having the entire house re-plumbed, updating the flooring, updating the siding, updating the windows, having the gutters re-done, new HVAC…among the various other things that my husband and I have done ourselves (some of the flooring, repainting, updating kitchen sink+hardware, updating both bathrooms, new Hot Water Heater etc), we’ve sunk ~$85K over the past decade. Fortunately all those hits didn’t come all at once. Right now we’re in the process of paying off financing for the siding, the flooring we had professionally done, and the plumbing. Only 2 of those things were planned and budgeted for. The plumbing issue occurred the same month we had the siding and flooring done 😮💨.
That being said, on the other hand, I do see the value of being a property owner. When I look at the appreciation on the property and know that I have that money if shit ever goes super sideways for me, I’ll be able to survive long enough to figure shit out, its comforting. Seeing my mortgage go down and knowing that if I ever need to sell, I’ll get a large lump sum, is also comforting. Or, if I have to live in this house forever for some reason, at least it won’t be mortgaged anymore, so that will be a relief in my old age.
Then again, you’re right about the property taxes too. I’m paying about $460 a month in property taxes, but I’m only 10 years into my mortgage. Who knows how much I’ll be paying a month in 20 years as housing appreciates and taxes go up? It’s not inconceivable that it would get to $1K a month or more. That’s essentially a rent anyhow. Plus I’m still on the hook for all the stuff that will need updating 20 years from now.
I agree that people think that home ownership is some easy ticket to wealth without taking into account how expensive maintenance is. I also agree it can be valuable just by virtue of security (your principle and interest remains stagnant, and you never have to worry about your lease not being renewed.)
And before people are like “You just spent so much because you bought a lemon house. Being a home owner isn’t that expensive when it comes to house maintenance.”
No. My house was never unlivable, and all my maintenance issues occurred at different times over the course of my decade of home ownership. My house was built in 1995. The HVAC went out in 2017. It was 22 years old. That was ~$6K. The foundation needed leveling and the gutters needed replacing in 2021, that was another $12K between the two. Getting all the windows updated to a thicker more efficient glass with better sealing occurred in 2022, 5 windows and a back door was $20K. Started noticing the rear siding looking janky in 2022, and didn’t want to defer maintenance so had that replaced, that was $20K. The plumbing went out in 2022, and it was a leak under the foundation. They offered to patch the plumbing but would only warranty the work for 3 years, or they could replumb the house and warranty for 30 years. That was again, just under $20K.
The house is nearly 30 years old. You can’t defer maintenance like foundation leveling and siding if you want your house standing when your mortgage is paid off.
All of this was a suuuuuuuuper long winded way to just say: Yes I’m a home owner. I plan on selling the moment I’m allowed to escape this state, and no I never plan on owning ever again. I actively want the flexibility of renting and being able to up and move the moment my lease is over if I don’t like the place. And I never want to worry about major upkeep ever again.
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I hate renting with a passion and wish I could buy a home of my own, but that is the one silver lining. I’ve gotten home after a 14 hour shift and realized that something was wrong with the hot water heater. Put in a ticket with maintenance, gone to bed, and at 9 am the next morning they’re knocking on my door to fix it. I don’t have to deal with the mental load of even thinking about who to call let alone the financial headache of paying for it. I was also extremely lucky that in that case I lived in a place with amazing maintenance people.
I don’t feel secure that my state won’t pass horribly restrictive laws driving me to leave in the next 7 years which makes the financial decision to buy not necessarily worth it