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Homes cost money

Gaius46 said:
You pay one way or the other. Either in increased rents, directly to contractors, or in sweat.
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Exactly, although maintenance costs are usually built into rents. If you have to hire plumbers and electricians for property you own, it's not necessarily a bargain.
 
danarhea said:
Seller has just signed the contract, and the papers are being delivered to the title company today. I now enter the option period. I just discovered something. I am paying more up front for my new home than I paid out for the DWI I had back in 2009. LOL.
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LOL...I'm trying to get mine paid in record time, because I hate the debt, got about 25 years of the loan paid off in 8.5 years. But, stuff breaks. Last year was 4 grand to foam the flat roof part of the house, 4 grand for a new A/C & Heater, 1 grand for a new pool pump and filter, 1 grand for a new fridge. I have so much to do to this house, but I love it, my parents bought it in 1960, and I bought it from my family when my dad died. Its 5 bedrooms (we had 7 kids!) with a pool, but I live and work out of the part added to the house, has its own A/C, and I can close off the rest of the house, which is a good thing to do on those 118 degree days.

Just do what you can to kill the debt monster, and if it don't leak, you don't need to fix it .....yet.....
 
beefheart said:
LOL...I'm trying to get mine paid in record time, because I hate the debt, got about 25 years of the loan paid off in 8.5 years. But, stuff breaks. Last year was 4 grand to foam the flat roof part of the house, 4 grand for a new A/C & Heater, 1 grand for a new pool pump and filter, 1 grand for a new fridge. I have so much to do to this house, but I love it, my parents bought it in 1960, and I bought it from my family when my dad died. Its 5 bedrooms (we had 7 kids!) with a pool, but I live and work out of the part added to the house, has its own A/C, and I can close off the rest of the house, which is a good thing to do on those 118 degree days.

Just do what you can to kill the debt monster, and if it don't leak, you don't need to fix it .....yet.....
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I have no problem with the A/C part. The A/C system that is there doesn't work. Since I manage an A/C company, I get my equipment wholesale, and one of the techs is going to install it for 500 bucks. So I am putting a Trane 16 SEER system in for about $2,500.00. Not a bad deal. We sell the same high-efficiency system for about $8,000.00.
 
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danarhea said:
I have no problem with the A/C part. The A/C system that is there doesn't work. Since I manage an A/C company, I get my equipment wholesale, and one of the techs is going to install it for 500 bucks. So I am putting a Trane 16 SEER system in for about $2,500.00. Not a bad deal. We sell the same high-efficiency system for about $8,000.00.
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I pretty much had to go with what fit in the footprint of the last one, what with all the newly laid foam on my roof that I was not going to disturb. I got a 14 seer Trane that is outperforming the hell out of the Trane it replaced.
 
Gaius46 said:
Sorry I was less than clear. I was really asking from the other perspective. What I meant was why would not having a family be the deciding factor for a single or married-without-children to go the apartment route, again assuming you can buy a house whose size meets your needs?

I've lived in both and there are a lot of things that make home ownership attractive to people without kids. Privacy is one. The yard is another - kids ain't the only ones who want to play outdoors. My kids are both pretty much out of the house and it's really just my wife and I. I have no intention of selling my home, which truth be told was spacious for 4, and downsizing. I like the space and I like the privacy.
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Exactly, plus I will have almost an acre of land to play with. I plan to plant some fruit trees, grow a vegetable garden, and grow some grape vines along the back fence. No way I could do that if I was renting, and if I could, it would all belong to the landlord. LOL.
 
Hawkeye10 said:
Congrats, you are moving up in the world....it is lever too late to get it right MAN.




NOTE TO MODS: I mean this all in good fun. Unless I misjudge the guy Danarea will get a chuckle out of this, and moving is stressful, he could use it. Thanks.
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A chuckle??? Hey, I know where you live, and I'm coming over......... With a pint of Jack Daniels. Want some? LOL.
 
danarhea said:
Exactly, plus I will have almost an acre of land to play with. I plan to plant some fruit trees, grow a vegetable garden, and grow some grape vines along the back fence. No way I could do that if I was renting, and if I could, it would all belong to the landlord. LOL.
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That is the fun part, I have bamboo, plumeria, banana, dragon fruit, etc all over the yards. Can't beet fresh fruit and veggies.

Plus...you can pee in your backyard whenever you want..
 
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danarhea said:
Exactly, plus I will have almost an acre of land to play with. I plan to plant some fruit trees, grow a vegetable garden, and grow some grape vines along the back fence. No way I could do that if I was renting, and if I could, it would all belong to the landlord. LOL.
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Lol.

Conversation I had with my daughter after she moved.

"Dad what are you and mom going to do in that big house by yourselves."

Me: "Enjoy it."

:)
 
Jesse Booth said:
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This is an entertaining video, and it makes some good points.

But it also fails to mention some of the major benefits of home ownership. It's generally cheaper to own a home than to rent the same home. And doing nothing but renting is short-term thinking. Long-term, you'll be in a much better financial position once you pay off your mortgage and no longer have to make the payments every month. When you rent, you never stop paying.
 
molten_dragon said:
This is an entertaining video, and it makes some good points.

But it also fails to mention some of the major benefits of home ownership. It's generally cheaper to own a home than to rent the same home. And doing nothing but renting is short-term thinking. Long-term, you'll be in a much better financial position once you pay off your mortgage and no longer have to make the payments every month. When you rent, you never stop paying.
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A time and a place for everything, as they say.
 
Gaius46 said:
Just curious as to why you think a family changes the balance. The smallest homes you can get around me are in the 2000sqft range which may be more than some people need - even people with kids - need but there are always condos which can get down in the 500sqft range and there are homes in the 1000-1200sqft range available in some markets. It's seems to me that assuming like sizes and amenities family doesn't factor into it at all.
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Well, it is a big factor for me. What are you going to do with a big home if you are going to live there all by yourself. Whereas, if you have kids or a big family you should stay in a bigger house to provide everyone a comfortable shelter. There are so many condos and houses available out there so choosing the one that suits your situation and preference is the best thing to do. Just saying from my own point of view. But still, it's up to you.
 
CraigEMathers said:
Well, it is a big factor for me. What are you going to do with a big home if you are going to live there all by yourself. Whereas, if you have kids or a big family you should stay in a bigger house to provide everyone a comfortable shelter. There are so many condos and houses available out there so choosing the one that suits your situation and preference is the best thing to do. Just saying from my own point of view. But still, it's up to you.
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I don't think question here was so much what type of home to buy as it was whether buying any home was more sensible than renting in all cases. Some people seemed to me to be arguing that unless you have a family buying didn't make much sense. I disagree. Family just determines the size of the home and, to an extent, the location and amenities. Outside of that the financial incentives and stability that come with property apply equally to singles, couples and families as far as I can see. Outside of rent controlled apartments, such as we have here in NYC, renting seems to only make sense to me while you're waiting to purchase a home or if you're planning to move frequently.
 
DifferentDrummr said:
Exactly, although maintenance costs are usually built into rents. If you have to hire plumbers and electricians for property you own, it's not necessarily a bargain.
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Depends on how you bought the property as to whether it is a bargain or not, if looking from a purely monetary view. Like any other investment you make your money on the buy, ie buying at bargain basement price for the condition verses buying at a premium price.
 
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