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Is Home Ownership a Farce?

 
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ChubbyYeti View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote ChubbyYeti Quote  Post ReplyReply Direct Link To This Post Posted: Oct 26 2013 at 11:17pm
If you're the type of person who doesn't want to move every few years than I think homeownership is the way to go. I own a home that has actually went up 45% in value over the last 3 years, but that isn't something I care about because this is my forever home. My monthly mortgage is substantially less than if I was to rent something similar in a similar neighborhood.   Like someone else said you have to pay money somewhere. Even if you paid off your house and sold it for a loss, you're still getting something back, whereas renting you get nothing back.

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Post Options Post Options   Thanks (2) Thanks(2)   Quote purpulicious01 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 27 2013 at 7:58pm
Originally posted by afrokock afrokock wrote:

meanwhile in africa



paid for




whaaat?

OMG,like, you mean to tell me, like, that there are, like, actual houses, like in africa?  like seriously, I thought everyone lived in mud huts. 


/sarcasm


On a serious note though, this house is breathtaking.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote purpulicious01 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 27 2013 at 8:13pm
Originally posted by jonesable jonesable wrote:

Read Rich Dad , Poor Dad.
He says you home is a liability not a asset.
He shoots down the claim Sang made also.


I still plan to become a home owner though.

I second this opinion and book recommendation - it was a great and informing read.

It defines an asset simply as something generates a cash flow and a liability as something that requires you to spend $ and unless you rent out of part of your home, imo, your home is a liability.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote purpulicious01 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 27 2013 at 8:19pm
And buying a home can be a farce, depending on how you go about doing it.

Personally, I don't/can't use interest and I prefer to buy homes in cash. 

My philosophy: rent in the beginning, meanwhile saving $ to buy a home in cash; stay away from mortgages, and if I had to take one out, then I'd do everything in my power to pay it off ASAP. 

I'm currently in the process of getting real estate/property investment for the future, and I apply to same philosophy to any rental/investment property as well. 
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Post Options Post Options   Thanks (1) Thanks(1)   Quote csungrl09 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 27 2013 at 9:27pm
and the alternative, paying someone else's rent and then some, is better????


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tbaby Quote  Post ReplyReply Direct Link To This Post Posted: Oct 27 2013 at 11:58pm
Originally posted by purpulicious01 purpulicious01 wrote:

And buying a home can be a farce, depending on how you go about doing it.

Personally, I don't/can't use interest and I prefer to buy homes in cash. 

My philosophy: rent in the beginning, meanwhile saving $ to buy a home in cash; stay away from mortgages, and if I had to take one out, then I'd do everything in my power to pay it off ASAP. 

I'm currently in the process of getting real estate/property investment for the future, and I apply to same philosophy to any rental/investment property as well. 

The reality is that most (not all) ppl don't have the cash to just outright buy a home, unless they are extremely frugal and/or rich to begin with.  Interest rates have been very low (under5% here) so this is the time to get a home. 

And paying it off ASAP is the way to go.  Even though our interest rate was %3.25 when we bought we still didn't want to give any of our money away if we could afford not to.  We paid our home off in 7 years--not 15 or 30.  That's what gets the bank rich--the mentality that you have 30 years to pay off your home is crazy.  We put 20% down to start and just made extra payments on the principle to knock it down quickly.

Sure renting is great for some.  I loved renting when I was single, moved around every 2 years, and didn't need a back yardLOL!  But now that I want to "put roots down"  kick it in the backyard under my trees, yep owning my home suits me fine.

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Post Options Post Options   Thanks (3) Thanks(3)   Quote WrldsFamous Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 1:42am
Me and my hubby are blessed to own our home,we don't pay a mortgage and it feels good not to pay somebody else's mortgage by paying rent! There is nothing like owning your own space and being in control of your privacy. The only thing we pay is property taxes,which I do agree,you never own a home %100 because the state can take it if you don't pay your taxes,so it's more like %90...I just pray that %10 never comes to collect....we closed on our home last year. It'll be 1 yr of ownership this wed.,October 30,2013 and we totally thank and honor God for this blessing. I am 33 and hubby is 35. We were tired of overpaying cheap,difficult landlords who never failed to collect that rent on time but when you needed something fixed,etc. it took forever to get done...or noisy,nosy neighbors with 8 kids in 1 apt running over your head or blasting music at all hours. I thank God,you hear me! We have taken our time decorating and fixing our home up to our liking and I couldn't be more happy. This summer we barbecued in our backyard like it was going outta style,lol!!! God willing we hope to pass our blessing on to our children one day. I will say that the whole home buying process was smooth sailing when it came down to closing. It was the finding a home,bidding and looking at different houses part that was stressful! Our lawyer also added a legality to our deed so a creditor wouldn't be able to put a lien on our property and take our home from us if if we got into credit trouble. I saw that happen to my MIL back in 2001 with a car she co-signed for. If she hadn't of paid they would've taken her home for $2200 left on a car note! Her home at that time was worth at least $200,000! But we don't have any debt and plan on staying that way Lord willing! I guess it depends on the person. Some peeps don't mind renting and not having to pay to fix things or cutting grass. Me and hubby personally,after following somebody else's rules and putting up with different people and attitudes through 13 yrs of renting,we embrace it! Lol. Buying a home is a dying privilege these days. I say,you only live once! So if the opportunity arises,go for it!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 6:39am
Originally posted by purpulicious01 purpulicious01 wrote:

And buying a home can be a farce, depending on how you go about doing it.

Personally, I don't/can't use interest and I prefer to buy homes in cash. 

My philosophy: rent in the beginning, meanwhile saving $ to buy a home in cash; stay away from mortgages, and if I had to take one out, then I'd do everything in my power to pay it off ASAP. 

I'm currently in the process of getting real estate/property investment for the future, and I apply to same philosophy to any rental/investment property as well. 
arent mortgages not encouraged/allowed in Islam?

i remember talking to a friend who ives in the building saying he cant go to a bank to borrow money or get a mortgage because its not allowed in his faith ..

devout Muslim
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bunzaveli Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 6:40am
Originally posted by WrldsFamous WrldsFamous wrote:

Me and my hubby are blessed to own our home,we don't pay a mortgage and it feels good not to pay somebody else's mortgage by paying rent! There is nothing like owning your own space and being in control of your privacy. The only thing we pay is property taxes,which I do agree,you never own a home %100 because the state can take it if you don't pay your taxes,so it's more like %90...I just pray that %10 never comes to collect....we closed on our home last year. It'll be 1 yr of ownership this wed.,October 30,2013 and we totally thank and honor God for this blessing. I am 33 and hubby is 35. We were tired of overpaying cheap,difficult landlords who never failed to collect that rent on time but when you needed something fixed,etc. it took forever to get done...or noisy,nosy neighbors with 8 kids in 1 apt running over your head or blasting music at all hours. I thank God,you hear me! We have taken our time decorating and fixing our home up to our liking and I couldn't be more happy. This summer we barbecued in our backyard like it was going outta style,lol!!! God willing we hope to pass our blessing on to our children one day. I will say that the whole home buying process was smooth sailing when it came down to closing. It was the finding a home,bidding and looking at different houses part that was stressful! Our lawyer also added a legality to our deed so a creditor wouldn't be able to put a lien on our property and take our home from us if if we got into credit trouble. I saw that happen to my MIL back in 2001 with a car she co-signed for. If she hadn't of paid they would've taken her home for $2200 left on a car note! Her home at that time was worth at least $200,000! But we don't have any debt and plan on staying that way Lord willing! I guess it depends on the person. Some peeps don't mind renting and not having to pay to fix things or cutting grass. Me and hubby personally,after following somebody else's rules and putting up with different people and attitudes through 13 yrs of renting,we embrace it! Lol. Buying a home is a dying privilege these days. I say,you only live once! So if the opportunity arises,go for it!


you brought your house cash ? may i ask how much you paid, where you live ? if im asking to much ignore me Embarrassed

ive been reading the past year, in florida sellers aint checking for you if you dont bring cash


Edited by bunzaveli - Oct 28 2013 at 6:41am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WrldsFamous Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 9:23am
$20,000...yes I said $20,000. I live in an quiet,clean Illinois suburb. There is NO WAY we could've bought a livable house for that much in the city,unless it was in a rough area on the south side of Chicago, and the rare few that WERE in the city,the realtors keep them for themselves as soon as they hit the market, instead of letting them stay on the market. The housing market was off the chain last year!!! The first house we were under contract with was only 13,700,totally livable,with a few minor repairs and updating with a looong driveway. It was a short sale though,with BOA and it was a complete headache dealing with them! They ended up selling our contract to OCWEN after waiting on them for 3 months when they promised to close in 2 weeks. They expected us to wait and start all over again,so we got tired of playing games and walked away from the contract after we found another house. After a month of waiting We had already started back to looking and putting in bids on other houses incase they bs'ed us around,which they did! We bought our house from Fannie Mae and it was quick and painless. I would never buy real estate from BOA again!...Anyway,our house was vacant for 8 yrs. The previous owners were an old couple. The husband moved to Indiana after his wife died. The bank had put in new circuit boxes and a new furnace,which was a plus for us. A lot of things were outdated though but since my hubby and his handyman father did all the work,there was no problem updating everything. We saved sooo much money doing the work ourselves! We have great neighbors on both sides too. There is nothing my FIL doesn't know how to do! We redid the bathrooms,kitchen,bedrooms,living and dining room. There are a few more rooms left to be redid but for the most part,it was worth it! We took out all of the old paneling and plaster and put in drywall,we redid the hardwood floors,added ceramic tile,put in cabinets,dishwasher,painted,rewired electricity,redid the plumbing,added carpet
,put in new windows,etc. And yes you can buy and install windows yourself too. The only thing hubby and FIL didn't do was the roof and windows. The roof is good but some of the shingles were worn,so we had to pay a roofer to do that. We also paid for the windows and installation,only because hubby started working longer hours and didn't have time to tackle those projects,plus he is afraid of heights and didn't want to help his dad,lol. So he just said,forget that,I'll pay somebody else,lol. Don't be afraid to tackle home improvements yourself either! You can save a lot of $$$$$ in the long run. Hell,I STAY on you tube or Home Depot's website looking at DIY projects!lol!!! I like watching the DIY too...there are two other families who's homes are paid off who have lived here for 40 yrs. Man I saw decent livable homes going like hot cakes for in between $14,000-$30,000. And lastly,make sure you have a budget because things can get pricey if you don't! This may not be the route for some but it worked out well for us because we weren't trying to pay a mortgage. And it's hard work doing it yourself but it's sooo worth it! Shoot,I saw Laz Alonso in an interview talking about how he bought a fixer upper two yrs ago and did the rehabbing all by himself, I was like Heyyyyyy,lol! Sorry for the long post,you asked for it,lol. Btw,I don't post much but I have to say Bunz,you are a funny dude! You,random thoughts and Afrokock. I hope your dad is straight now with his situation!
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