Things people don't talk about with homeownership

[martin_van_nostrand]

I bought a townhouse a few months ago now. First day I thought there was a major leak and it was only a few days in. Turns out the movers fukked up installing my washer. Called them like “you fukked this up and cost me $250. You know what you’ve gotta do “

Other than that, it’s been all good. I bought the place knowing nothing needs fixing but things will need to be titied up and made nicer. Mortgage rates have shot up here but I bought well under my means.

If and when you buy a house you need to be able to pay for the ongoing costs, this is where people fukk up. You’ve gotta have cash on hand and you need to be handy otherwise you’ll be getting screwed. Literally I sit on YouTube for an hour or so anytime I need to do something I’ve never done and it’s easy as hell.

I definitely do not regret buying my own place and want to keep it forever even if I have a family and we outgrow it. Property too often gets sold in black families by numpties wanting a quick come up. A Jewish old man () at my old job with an investment company put me on game YEARS ago about what they do to teach their kids about money and assets.

 

[seraphx]

I bought a townhouse a few months ago now. First day I thought there was a major leak and it was only a few days in. Turns out the movers fukked up installing my washer. Called them like “you fukked this up and cost me $250. You know what you’ve gotta do “

Other than that, it’s been all good. I bought the place knowing nothing needs fixing but things will need to be titied up and made nicer. Mortgage rates have shot up here but I bought well under my means.

If and when you buy a house you need to be able to pay for the ongoing costs, this is where people fukk up. You’ve gotta have cash on hand and you need to be handy otherwise you’ll be getting screwed. Literally I sit on YouTube for an hour or so anytime I need to do something I’ve never done and it’s easy as hell

Tell me about it. I done diagnosed bad fuses in washers, fixed an icemaker and replaced the chain on the garage door lift lol. All off of youtube.

 

[LowkeyD]

Breh if you’ve gained 200k in equity then let’s do the math.


The little bills add up but even at current rates you could get a HELOC at 7-10% and find a market conducive to cash flow on rentals and see a realized return in the right market above that in rental and expected appreciation against allowed rental depreciation in taxes. It may not be the short term fix that you were looking for but there is no need to fret if your credit is still in tact.

 

[morris]

How often would you say you need to replace a roof? Seems like it would be the most important/expensive part

 

[seraphx]

How often would you say you need to replace a roof? Seems like it would be the most important/expensive part

Like 20-30 years from what I recall. It depends on what type of roof you have though.

 

[Roger king]

At least you have the peace of mind that it is your own home that belongs to you, no landlord can kick you out or make unreasonable demands, there is great value in being independent and owning a home regardless of the maintenance costs,withing reason off course.

 

[bigsausagepizzapapi]

You can do the math on renting (+investing in index funds) vs buying (+avg appreciation). Not all markets are created equal.


If mortgages are lower than rent in the same area then it's almost a no brainer.

But if it's the other way around you gotta do the math to find out if it's worth owning.

This is overly simplistic but you can play with the numbers
Rent vs Buy Calculator: Should I Rent or Buy? - NerdWallet

 

[Yaboysix]

My Ole Lady owns a house and she got a letter in the mail saying that she needs her parking area stained, sidewalk pressure washed gutters cleaned and some mo shyt...

 

[seraphx]

My Ole Lady owns a house and she got a letter in the mail saying that she needs her parking area stained, sidewalk pressure washed gutters cleaned and some mo shyt...

Unless she in an hoa I'd ignore it. Some cities have maintenance stuff but that's normally for the grass.

 

[cheek100]

Thread needed a plumber luckily I know one
You’re in cali, probably no basement? Water service is 3-5’ deep u can dig that shyt up and fix it yourself with home depot parts. Save the 4K for a real problem.

 

[Oatmeal]

As I said earlier I’m the first person in my family to really own a house like that so there was some stuff I didn’t know. Like how trees and roots can destroy your water system and just all the little stuff that occurs that you don’t really have to think about nor associate the cost of because they are someone else’s responsibility.

I learned that from my fam, they had city insurance so they ain't have to pay for it but they had to have the whole yard dug up and part of the driveway and sidewalks removed to get a pipe that broke $13k job that was insured by paying $17 a month

Every house I've looked at I make sure there ain't trees in the yard AT ALL, automatic pass.

 

[OfTheCross]

All of the little new bills that add up. Just found out the house as a leak between our main line water supply and the city connection. shyt is 4k to fix. Last year we had issues with the septic and switched to city waste. shyt was 15k. Between that and all the regular maintenance sometimes I wanna go back to renting lol. We've gained over 200k in equity since the pandemic but those gains aren't really seen unless we sell. Anybody else kinda regret buying?

Should've just replaced your septic system last year

 

[KRayner]

Homeowners insurance which if you live in Florida has gotten to an outrageous point and the government won't do anything about it

this , got my first home in 2021

im
enjoying it but this insurance is beating my ass!

 

[Dameon Farrow]

Ownership will always beat having to answer to somebody BUT ownership also means you are on the hook. So anyone reading this and you're interested in owning?

Start checking out books/watching videos now about basic home repairs. You may even have to switch out a toilet. Which isn't hard from a technical standpoint but if you've never done it can seem daunting.

Many plumbers will gladly tell you most of their money is made from small shyt they know the owner is capable of tackling themselves.

 

[Dameon Farrow]

Great thread

There are some real gems here from time to time!