Money Expert: "Don't buy a house"

[bourgeoisie tall freak]

Mortgage is like a thousand/month which beats rent.

But I've already spent 5k this year on home upgrades.

I guess it's a trade off but I'd rather do it for my own ish than pay for a luxury apartment with neighbors on the walls

It's preference

 

[rico_85]

#RENTLIFE No property tax no costly upkeep no HOA Karens no 30 year commitment

 

[feelosofer]

I would say consider all factors. Consider upkeep, property taxes, comparable homes in the area.

 

[ORDER_66]

Dont buy a house... in this economy could anyone really afford to?!!?

 

[™BlackPearl The Empress™]

I hate blanket advice. It's not a good situation for everyone and it's not a bad situation for everyone. People get foreclosed on every day P.

A home is a long term commitment where things can go very wrong or very right.

This issue with this topic is people with homes never keep it 100. It's always "It's was the best decision I ever made!"

People talk about home ownership the same way they talk about being a parent. Everything is sunshine and rainbows in public but in private people be sliding down doors.

Any topic where the majority of people who participate in it downplay the negatives is something you should take a long hard pause before doing it. There is a reason that.

 

[SoulController]

everything is relative, theres going to be 'The Burbs' like stories of shyt properties, and stories of doubling and tripling your worth all off a house flip

im 43 and got in during the low interest rates, my house is worth 240% more than it was in 2011. if a young person asked i would simply say hire the best house inspector in the area and try to project out your costs over the first few years. if you think you can make it, give it a try. yes there's going to be risk, but if you can avoid disaster the first couple years you should be fine. in time you can use that equity in a few ways

it's not all rainbows and profits, tho. last year was light stuff, new gutters and some plumbing work in the basement. still about 2500, it can really add up. you need a place that's going to allow you to save along the way. that's the ideal situation

 

[SoulController]

the hidden dangers of home ownership are clear, for the most part. but people who rent have also had some issues in the US too, more and more properties are getting bought by these faceless venture groups who do not care if you want to stay or go. they are going to jack the rents at first crack and dare you to say you want out. the whole time they hired a firm to gauge how many people can afford to live there and how close they are

 

[™BlackPearl The Empress™]

the hidden dangers of home ownership are clear, for the most part. but people who rent have also had some issues in the US too, more and more properties are getting bought by these faceless venture groups who do not care if you want to stay or go. they are going to jack the rents at first crack and dare you to say you want out. the whole time they hired a firm to gauge how many people can afford to live there and how close they are

The "hidden dangers" are clear?

No they are not which is why so many people get jammed up and lose their homes or end up house poor.

 

[Mike Ock]

I hate blanket advice. It's not a good situation for everyone and it's not a bad situation for everyone. People get foreclosed on every day P.

A home is a long term commitment where things can go very wrong or very right.

This issue with this topic is people with homes never keep it 100. It's always "It's was the best decision I ever made!"

People talk about home ownership the same way they talk about being a parent. Everything is sunshine and rainbows in public but in private people be sliding down doors.

Any topic where the majority of people who participate in it downplay the negatives is something you should take a long hard pause before doing it. There is a reason that.

You can look at the glass two ways - half empty or half full. Everything involves a risk.

In both situations we all know the bad comes with the good, but if the good outweighs the bad, no need to push an overall negative narritive about 'em.

If things go bad, you just pivot, adjust and make changes. It won't be the end of the world, just a moment in life.

 

[™BlackPearl The Empress™]

You can look at the glass two ways - half empty or half full. Everything involves a risk.

In both situations we all know the bad comes with the good, but if the good outweighs the bad, no need to push an overall negative narritive about 'em.

If things go bad, you just pivot, adjust and make changes. It won't be the end of the world, just a moment in life.

Making life long commitments deserve a bit more thought than that. Telling people to just "deal with it" isn't good advice.

Life is nuanced and major decisions deserve real adult conversation and consideration.

YOLO is not a life strategy.

Also outside of just money, homeownership has other implications including timing, mental health, mobility etc.

 

[Greenhornet]

I said this a few years ago in a landscaping thread and everyone laughed


nothing you need in life has to be extravagant ... you can buy the most average house you can find and it works
I have a 4 bedroom house with 2 people. I have literally 10 rooms in the house and dont use 80% of the shyt. I am not saying this, I am TELLING YOU THIS

so both sides of the argument are straight facts. you shouldnt buy a dumb house or get a house for a flex or level up. you should indeed buy the right how that you are comfortable in. Nobody that has bought property should be dumb enough to not know what the TAX is for property and school. It did increase by 300% but if you werent stupid. You didnt buy the most expensive piece of shyt for no reason in the first place. Its no different than a car, you can buy a Toyota Corrola for the rest of your life and be fine. You dont need a benz. Dont be mad when you buy a terrible benz and nobody wants to trade the shyt in... all them horses and german engineering just to drive to the grocery store. You could have had 2 Corolla's ... money left over and wiggle room.

I think apartment and renting standards get mixed into house buying, im just speculating though. Some people want crazy apartments to brag without the burden. then they purchase the same way and realize they dont need the burden and the extra shyt that came with owning it. Look at it like cars and my rooms. I use 3-4 rooms and have 10... that's like owning 10 cars and not using 6 of them. You just wasted so much money on shyt you still have to maintain and pay tax on. Just buy what you need.
I save alot owning compared to renting but the money has to be budgeted incase of emergency. People think it takes alot and it doesnt. but you have to have at least a few G's for repairs, driveway sealing, hot water tank breaking etc. In 2020 I had my budget on taxes and bills to 9k with phone and cable. You save alot of money, but you have to have the right house with lower taxes and sensible shyt. Back in the day shyt is over too, I got the house paid 1500$ a year... that's fukking nothing in taxes. Now I'm paying 6500-8000$. That's a huge difference when budgeting, before I could pay taxes off in a week or 2 ... now you cant risk falling behind or not saving... but its still way cheaper than renting. I always say, the shyt I would have to fix 1 time in 15 years, like a dryer, fridge, furnace etc... is just as much as someone who pays rent to not even walk away owning anything they are surrounded by.
All of these houses people skip by to own, end up being fixed and increase in value and location anyway, being scary about it doesnt give you opportunity you should be realistic and own some shyt

 

[Greenhornet]

it was just said nobody talks about the negatives, its because if you dont buy overly expensive bullshyt you are 100% in the clear
last year, my car engine blew... I lost a job, my dryer that was 20 years old finally broke, my hot water tank rotted through, my driveway cracked and needed to be patched and sealed to save it, the water inlet spigot rotted out and had to be replaced at the meter, the furnace broke, shower valves needed to be replaced due to leak and I had back taxes due to a court case
I guarantee I still paid less fixing that than owning an apartment and all my shyt is brand new now and under warranty for years. Water tank was only 1500 with 5 year warranty and that was the most expensive thing to fix. People laughed about the tax shyt, but I paid it back and a year ahead, most people dont even realize you have to pay it every year for life. Its not a thing that you really care about or dont expect. If I lived in a warmer place I could literally just pay taxes and have no air or internet etc. It would be like 6k a year just to have a house .... I only say that because I'm sick of the internet, I canceled my phone and turned most of my shyt off besides electricity last year. I just watch basic TV and come home from work and play music, order food and chill. You dont need all that excess shyt.
I can see why people think "theres gotta be something wrong with owning" but its just them. you gotta buy in budget. if you pay 1400 for a place. I pay like 400. I can live for 4 months off what you pay in 1.

The double mirror effect is actually the person. You will always hear horror stories from people that cant do it right, and always hear great endings in people who plan and know how to budget. I have enough space where I rent out a room and just have someone else pay all my bills for like 400$ and 400$ is still a steal for them for payment

 

[™BlackPearl The Empress™]

When they start over explaining, making assumptions and getting defensive about the "best decision" they ever made...



God forbid someone does not choose exactly what you want to do. God forbid someone doesn't want to struggle and scrap just to say they have a house and save some money.

People swear they have the best strategy in life while glamorious their suffering.



It's a great decision for many and it's a horrible decision for just as many. These same people never talk about foreclosures, being upside down, liens etc.

 

[Givethanks]

The thing is people never talk about the downsides of things, or are ever honest. It's pros/cons to both you know.

In the end it all depends on how much debt you have and the type of lifestyle you live, not want to live but life you actually live.


Plus videos with thumbnails like that are always shyt lol

 

[Mike Ock]

Making life long commitments deserve a bit more thought than that. Telling people to just "deal with it" isn't good advice.

Life is nuanced and major decisions deserve real adult conversation and consideration.

YOLO is not a life strategy.

Also outside of just money, homeownership has other implicationsincluding timing, mental health, mobility etc.

Ahh, twisting my words 'eh. Seems like you just want to dwell on things going wrong. Thats on you. We view life different and are in different situations. I understand problems come with everything in life and I dwell on solutions rather than problems.

I'm a dad and homeowner, and am living out both decisions and am happy overall with both. But I do believe people can rent, be kid-less and happy without making it seem negative.

I think you may be overthinking things without experiencing both personally, possibly just due to some fear in your mind.