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Is Home Ownership a Farce?

 
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Miss B View Drop Down
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Post Options Post Options   Thanks (4) Thanks(4)   Quote Miss B Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:25pm
From my research, people tend to underestimate the associated costs with home ownership. If the boiler goes out, its on you. If you have a plumbing issue, its on you. If you have some sort of infestation, its on you. There's no property manager to call because you ARE the property manager. These costs can add up quickly.

However, I believe that a home is an investment especially if you plan to be in one place for a while. So, if property values are up and down, it doesn't matter as much because you're gonna be there a while. The value is in being rooted, having the freedom to decorate/remodel, and the luxury is ultimately having wealth to pass down to children.

Home ownership is not a good idea for someone who anticipates moving every few years. Also, interest is a bad mutha. However, that is where research is key. Make additional payments as often as you can. I can't remember the numbers but I read somewhere that one additional payment a year can shave YEARS off of your repayment.

I definitely plan to buy in a few years, probably something like a duplex where I can rent and subsidize my costs significantly.
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nitabug View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote nitabug Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:34pm
I'm good. Been there, done that.

I will rent forever. I pay less than a home owner, hands down. My savings go to the bank. Ib don't have to found on that being a potential investment.

Edited by nitabug - Oct 25 2013 at 9:35pm
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Post Options Post Options   Thanks (1) Thanks(1)   Quote FABdotNET Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:48pm
I always dreamed about owning a house.....but then I started working for a mortgage company and it has left a bad taste in my mouthSleepy. I can honestly say that I can never see myself owning a home now. The things that I hear/see are crazy!!! I will till you though, if you plan on buying a home please READ what you are signing!


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sleek Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:48pm
It's an investment depending on what type of house you have, u can rent it out and it pays for itself.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:54pm
The other thing I've noticed is that people advise you to be "smart" about how you go about purchasing a home.  That's true to an extent, but like any investment, a lot of your returns are based on luck.  The parents of a friend of a friend, bought their house almost 30 years ago in an area that was considered the hood back then, 25 years later, their neighborhood was gentrified and a whole bunch of young, rich yuppy, professionals live there now, and their house has quadrupled in value last I heard. 
 
I've seen the opposite too, where people purchase a home and the demographics of the neighborhood changes and because of reasons outside their control, the value of the home goes down significantly.  You can be smart all you want, but luck goes a long way in home investments. 


Edited by uppitynegroid - Oct 25 2013 at 9:56pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ds2nice Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 12:30am
Originally posted by uppitynegroid uppitynegroid wrote:

The other thing I've noticed is that people advise you to be "smart" about how you go about purchasing a home.  That's true to an extent, but like any investment, a lot of your returns are based on luck.  The parents of a friend of a friend, bought their house almost 30 years ago in an area that was considered the hood back then, 25 years later, their neighborhood was gentrified and a whole bunch of young, rich yuppy, professionals live there now, and their house has quadrupled in value last I heard. 
 

I've seen the opposite too, where people purchase a home and the demographics of the neighborhood changes and because of reasons outside their control, the value of the home goes down significantly.  You can be smart all you want, but luck goes a long way in home investments. 


Very true but house values 30 years ago were so much different than house values today. A good percentage of home owners that purchased homes 30 years ago, will see a nice profit or value increase. However, home owners in this generation will have some difficulty in seeing a profit or lucky to break even in this market. Maybe 30 years from now, our luck will get better......

As for renting out your primary home, there are many home owners that are still unable to get rent to cover their costs.......something to really think about before purchasing a home.

Next time, i'm going for properties that are the cheapest in the neighborhood and that have good potential. I will never get suckered for beautiful gourmet kitchens and luxurious master suites again.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote newdiva1 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 5:47am
meh...nevermind.

Edited by newdiva1 - Oct 26 2013 at 5:47am
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Post Options Post Options   Thanks (2) Thanks(2)   Quote ppp38 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 5:59am
Its cheaper to own than to rent after 7 years. You also have more of a sense of personal pride in home ownership as you have control of decorating/renovating/landscaping it. 
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Post Options Post Options   Thanks (2) Thanks(2)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 6:14am
Maybe it's diff in the states..

But I'm sitting lovely.

6 more months to complete my mortgage for my first property

The flat I'm currently in, my mortgage rate deal ran out in march, and my current monthly payment is less than 500£ fir the rest of the term.

I've been doubling the payments (which are still cheaper than rental value) and I intend to move in tenants by June July next year meaning I could triple my payments easily cutting my mortgage term to 6yrs

Meaning, i could sell and have a few hundred thousand in cash or I could keep renting out and guarantee a steady monthly income in my retirement years.

I'm not done though. I want to more flats over in the next six years
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Post Options Post Options   Thanks (10) Thanks(10)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 6:20am
And tbh homeownership is about guaranteeing your comfort and your kids comfort

You can't get to your retirement years renting, what happens when you become too frail to earn? How do you plan on covering your rent?

Secondly, leaving a home to your kids when they become of age is the best you can do to give them a head start in life, because saving for a home takes ages and often leaves them damn near destitute ..

It's cut and dry for me.
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