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Is Home Ownership a Farce?

 
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uppitynegroid View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 4:35pm
My classmate has a friend that was unable to inherit her mother's home because she couldn't afford the high property taxes.  North Jersey is no joke.
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maysay1 View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 4:40pm
I think people are quick to look at renting as throwing money away when in reality it's no different than paying for any other service.

And for certain people it's definitely way cheaper and worth the money. If you're financially responsible and want certain things (doorman, maintenance, gym, grocery, mail services, cleaning, good location, safety, quiet, walkable location, etc) it makes much more sense to pay for an apartment than a house.


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Post Options Post Options   Thanks (1) Thanks(1)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 4:46pm
I agree Maysay. 
 
The lesson I've learned in this thread is that most people who are screwed over from home ownership probably found themselves in that position because people have a false perception of it.  They think its a safe investment, they believe you are practically guaranteed a profit, and they don't consider the multitude of factors that affect the return.  If you are paying an equivalent mortgage to rent, then paying property taxes, home insurance, maintenance, upgrades, and interest and you end up having a short sale 10 years later, you have lost way more than a renter.  Most people don't finish paying their house off and of the ones that do, not all of them make a significant profit if any at all.
 
I do think I will do it though.  I am inclined to go the cash route though.  I actually plan on staying home (with my parents) and saving till I have enough money to buy a home with cash in the South. 
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Post Options Post Options   Thanks (4) Thanks(4)   Quote FarraFace Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 5:02pm
The lesson I've learned in this thread is that most of y'all like living in bustling urban metropoli smack dab in the middle of 'sights to see' and 'things to do' where property taxes are high as giraffes asses.

And with all this talk of maintenance, repairs & upkeep, that y'all don't have any men in your families/lives that know how to fix shyt.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maysay1 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 5:03pm
Originally posted by uppitynegroid uppitynegroid wrote:

I agree Maysay. 
 
The lesson I've learned in this thread is that most people who are screwed over from home ownership probably found themselves in that position because people have a false perception of it.  They think its a safe investment, they believe you are practically guaranteed a profit, and they don't consider the multitude of factors that affect the return.  If you are paying an equivalent mortgage to rent, then paying property taxes, home insurance, maintenance, upgrades, and interest and you end up having a short sale 10 years later, you have lost way more than a renter.  Most people don't finish paying their house off and of the ones that do, not all of them make a significant profit if any at all.
 
I do think I will do it though.  I am inclined to go the cash route though.  I actually plan on staying home (with my parents) and saving till I have enough money to buy a home with cash in the South. 


You and I are >>here<< lol. I'm staying home until I either find a place I just can't pass up (either rent or buy) or I finally feel ready for a dog. I want a dog so bad but my parents have a super strict no pets policy...that's pretty much the only thing that'll get me to move out.

Even if I got married I'd still live at home...thank goodness my parents never want me to leave.
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uppitynegroid View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 5:07pm
Originally posted by maysay1 maysay1 wrote:

Originally posted by uppitynegroid uppitynegroid wrote:

I agree Maysay. 
 
The lesson I've learned in this thread is that most people who are screwed over from home ownership probably found themselves in that position because people have a false perception of it.  They think its a safe investment, they believe you are practically guaranteed a profit, and they don't consider the multitude of factors that affect the return.  If you are paying an equivalent mortgage to rent, then paying property taxes, home insurance, maintenance, upgrades, and interest and you end up having a short sale 10 years later, you have lost way more than a renter.  Most people don't finish paying their house off and of the ones that do, not all of them make a significant profit if any at all.
 
I do think I will do it though.  I am inclined to go the cash route though.  I actually plan on staying home (with my parents) and saving till I have enough money to buy a home with cash in the South. 


You and I are >>here<< lol. I'm staying home until I either find a place I just can't pass up (either rent or buy) or I finally feel ready for a dog. I want a dog so bad but my parents have a super strict no pets policy...that's pretty much the only thing that'll get me to move out.

Even if I got married I'd still live at home...thank goodness my parents never want me to leave.
 
LOL
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