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Is Home Ownership a Farce?

 
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AmiliaCabral View Drop Down
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Post Options Post Options   Thanks (7) Thanks(7)   Quote AmiliaCabral Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 7:05am
People have to do whats right for their lives instead of getting caught up in the "American dream"
 
But I will say this though, two many black people get pushed out of "our"  neighborhoods and are replaced because we don't own anything and have no leverage to either fight or influence change in these communities. In Brooklyn I see it too much. Renters get mad but youll always be at someone else's mercy when you rent. Buildings that used to charge tenants $1100 charge $2100 now but what can you do but move?
 
Mortgage is a really cultural thing too. I was watching some money show and they said that mortgaging a home in Canada is way less common than in the US. But it seems like the US is addicted to debt so a lot of people don't even bother trying to pay off their homes but get comfortable paying less than a renter would. Its totally possible to own a home and get out of the mortgage life but you have to have a different mentality, be more aggressive in paying the mortgage off early or buy it outright cash to start with.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sleek Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 7:10am
For me I can't imagine giving my hard earned "bread" to another owner just makes no sense to me and like another poster said its a matter of pride and a good feeling knowing that it is your "own".
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Post Options Post Options   Thanks (1) Thanks(1)   Quote nitabug Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 8:18am
Originally posted by afrokock afrokock wrote:

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.
you still have to pay taxes and utilities...

It is cheaper to rent in some cases
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Post Options Post Options   Thanks (1) Thanks(1)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 10:38am
the taxes on my parents home is about 3k annually. that is not cheaper than renting anywhere in the DMV.  i do know some people whose annual taxes are about 10k...might be in jersey

profits can still be made in this economy....you must be willing to buy a home that needs some work.  these seem to be the best sort of return on investment
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Post Options Post Options   Thanks (1) Thanks(1)   Quote nitabug Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 10:42am
I pay around 5k a year. Rent, utilities and every thing. No surprises. But i stay in an apartment.

Edited by nitabug - Oct 26 2013 at 10:43am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 12:50pm
Originally posted by EPITOME EPITOME wrote:

the taxes on my parents home is about 3k annually. that is not cheaper than renting anywhere in the DMV.  i do know some people whose annual taxes are about 10k...might be in jersey

profits can still be made in this economy....you must be willing to buy a home that needs some work.  these seem to be the best sort of return on investment
250/month?

we pay council tax whether you own your home or not

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Post Options Post Options   Thanks (0) Thanks(0)   Quote TexturizedDiva Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 12:52pm
Homeownership is a farce if you go about the financing wrong.  100% financing, ARMs, etc. are the devil.  Once you actually pay it off, remember that you're living in your investment.  Your home is $$$. 
 
My condo was a cash purchase, so no mortgage.  I don't like the monthly association fees, but any of the townhouses I considered purchasing would have had similar monthly costs.  In addition to that (approx. $150), I also pay for gas (abt $35 a month) and electric ($30-75 depending on season).  Water is being billed individually now so the condo fees will soon be lowered to reflect that.  My tax bill this year was a whopping $22 and that includes both city and county taxes.  And this is for a relatively new place with all the goodies, a reserved spot, and an awesome view of the city.
 
Of course values are way down here (I purchased for a fraction of the original price), but even when the values go up (and I'll have to start setting aside money monthly for the taxes), my cost of living is still very low - under $300, not including the set-aside.  I think that beats rent.
 
ETA:  And yes, the condo board can take my place if I get delinquent in paying fees, so can the state.  Perhaps I could have bought an older home, or purchased in a neighborhood where there are no monthly association fees.  But as a single female, a house with a yard and what not means that I will be paying out quite a bit in upkeep each month so I'd still have expenses.  No way around that.
 
 


Edited by TexturizedDiva - Oct 26 2013 at 1:40pm
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Post Options Post Options   Thanks (1) Thanks(1)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 12:53pm
Originally posted by afrokock afrokock wrote:

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?

 


Home ownership definitely doesn't guarantee comfort, especially when a person is too frail to handle all the responsibilities. There's a reason why senior communities, retirement villages, and nursing homes exist.

You certainly can get to your retirement years renting and continue to rent after you retire. Housing costs, whether you own a home or rent, don't disappear and the whole point of retirement is planning for that.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote TexturizedDiva Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 1:44pm
Originally posted by Miss B Miss B wrote:

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.
 
There are definitely costs associated with home ownership, but everything has a cost.  In terms of repairs, I pay $40 a month for a home warranty.  A $60 service call fixes most issues, and what can't be fixed is replaced.  I maintain it primarily for the things that could be the biggest repair expense - heating/ac.


Edited by TexturizedDiva - Oct 26 2013 at 1:45pm
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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 1:50pm
Originally posted by maysay1 maysay1 wrote:

Originally posted by afrokock afrokock wrote:

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?

 


Home ownership definitely doesn't guarantee comfort, especially when a person is too frail to handle all the responsibilities. There's a reason why senior communities, retirement villages, and nursing homes exist.

You certainly can get to your retirement years renting and continue to rent after you retire. Housing costs, whether you own a home or rent, don't disappear and the whole point of retirement is planning for that.


i personally havent met anyone (retired) who owned their home that is worse off than someone who never owned a home and rented

but thats just me though
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