Became a home owner today

[POWER2]

no for real

these neighbors had 6 dogs that they left in backyard while they were gone 3 months

they left a giant bucket of water and a giant bag of food and left

The game pit wound up killing one of the dogs and dragged its body all over the house

Two years after my family moved into our current house, the neighbors sold their house. The new neighbors have got to have at least 1 cat and four dogs currently. Over the last eight years alone, at least three more dogs have come and gone. And every one of them, expect one, is a fucking maniac. LOL. The only way I can get them to not bark is to completely ignore them when I walk in the backyard. Then, get this, they get sad. LOL I ignored the biggest one for six months and he started whimpering so much I started looking at him again. He immediately got back to growling and barking like a fucking demon. LOL

 

[Oblivian]

Ummmmm what happens if you miss a mortgage payment ? The fact is, until you pay off every last penny to the bank, you don't own anything. You're just rent-to-owning it from the lender. I would say home owners have more to worry about than renters given the costs of upkeep, broken appliances, heaters, new roof every 10 years. Not to mention you still pay about $300/month in property taxes even if you pay off the entire loan.

You have a valid point with big expenses like repairs, but the mortgage payment argument doesn't really make any sense. We are comparing this to the other option - renting. You can be kicked out on your ass for missing a rent payment, but even worse, your landlord may not be paying rent or his taxes. On top of that, he can sell whenever. You have zero control on who your landlord is as he can be foreclosed on or sell at any time. Also, in regards to repairs, at least you have some control over that as an owner. If something major breaks, you better hope your landlord is decent and fixes it in a timely fashion.

 

[Long Dark Blues]

Ummmmm what happens if you miss a mortgage payment ? The fact is, until you pay off every last penny to the bank, you don't own anything. You're just rent-to-owning it from the lender. I would say home owners have more to worry about than renters given the costs of upkeep, broken appliances, heaters, new roof every 10 years. Not to mention you still pay about $300/month in property taxes even if you pay off the entire loan.

A world of hurt happens, I suppose.

I completely disagree.

Mortgage, taxes, and liability have eroded any peace of mind I've ever had. I look at it as a bet. I'm putting up all the equity I've ever worked for saying to the bank I bet there will never be financial situation so bad I can't come up with 3 grand every single month.

Every night when I go to sleep I'm thinking about stacks of thousand dollar chips on the felt. Every payment I make I'm building that pile up, betting more and more on my continued success.

Of all the benefits of home ownership I wouldn't list peace of mind.

I'm sorry to hear that, bro.

I don't have those same worries, but they sound very stressful. I can certainly see and understand where you are coming from.

 

[jx820]

I'm sorry to hear that, bro.

I don't have those same worries, but they sound very stressful. I can certainly see and understand where you are coming from.

Do you just not worry about those things, or do you have bullet proof financial independence?

 

[Long Dark Blues]

Do you just not worry about those things, or do you have bullet proof financial independence?

I don't owe very much on my mortgage anymore.

I've been wheelin' and dealin' in precious metals since I was a kid in the 90's. I had paid down and/or off a lot of my financial liabilities back in 2012.

 

[boingyman]

Ummmmm what happens if you miss a mortgage payment ? The fact is, until you pay off every last penny to the bank, you don't own anything. You're just rent-to-owning it from the lender. I would say home owners have more to worry about than renters given the costs of upkeep, broken appliances, heaters, new roof every 10 years. Not to mention you still pay about $300/month in property taxes even if you pay off the entire loan.

Of course you own your home, it's just that most people (unless you can buy a house with cash) require a loan to obtain it. What happens if you don't pay your mortgage? well, what happens if you don't pay your rent? Yes, there can be unexpected (and expected overtime) maintenance cost to a home and repairs, but most homeowners know that (or should know that). At the same time you are building equity overtime in addition to the tax advantages you get from owning a home. Also you must have a shitty roof if it needs to be replaced every 10 years. The one thing I do agree on though is property tax sucks and it's even worse these days since there is a limit for tax deductions that they decided to bundle with state income tax unless you live in a state that doesn't have state income tax. Also some newer areas have ridiculous property tax due to Mello Roos and other local taxes attached to it. I would love to only pay $300/month on property tax, lol....

 

[Kowboy Karl]

You have a valid point with big expenses like repairs, but the mortgage payment argument doesn't really make any sense. We are comparing this to the other option - renting. You can be kicked out on your ass for missing a rent payment, but even worse, your landlord may not be paying rent or his taxes. On top of that, he can sell whenever. You have zero control on who your landlord is as he can be foreclosed on or sell at any time. Also, in regards to repairs, at least you have some control over that as an owner. If something major breaks, you better hope your landlord is decent and fixes it in a timely fashion.

the current rent house my fiancé is in they sold
The house with 6 months left on her lease and within 24 hours of being informed of the house being sold the new owners wanted to know if they could show the house to 6 different people the following day. luckily that benefitted her because she got out of the lease early but yea.... we are 38 and 37 , it was time to have OUR place. Focus on the fun stuff not moving every couple years and dreaming

 

[LHWBelt]

No more barking dog neighbors

however I’ve heard your home owns you

anyway

today was a good day

Theres more pros than cons in owning a home. I like mine alright but I cant wait to sell it and upgrade. Its valued 15k more than I spent on it and 40k is paid off so j should be able to do it anytime just biding my time.

 

[Yodhin]

Of course you own your home, it's just that most people (unless you can buy a house with cash) require a loan to obtain it. What happens if you don't pay your mortgage? well, what happens if you don't pay your rent? Yes, there can be unexpected (and expected overtime) maintenance cost to a home and repairs, but most homeowners know that (or should know that). At the same time you are building equity overtime in addition to the tax advantages you get from owning a home. Also you must have a shitty roof if it needs to be replaced every 10 years. The one thing I do agree on though is property tax sucks and it's even worse these days since there is a limit for tax deductions that they decided to bundle with state income tax unless you live in a state that doesn't have state income tax. Also some newer areas have ridiculous property tax due to Mello Roos and other local taxes attached to it. I would love to only pay $300/month on property tax, lol....

The equity you build is offset by the fact owning a home costs about $400/month more than renting. For example, a condo similar to the loft I rent is about $140k. Monthly costs to have said condo is about $1365 if you include utilities, taxes, interest, condo fees. (I was in the market so I know my numbers on this).

Instead, I decided to rent a loft that costs me about $900/month including utilities and renters insurance. I take that $350/month I'm saving by renting and investing it. In five years, my mutual fund will be around $25,000.

Can you guarantee that the condo would make me $25k profit in that same time ?

 

[UrG00d]

Congratulations! I closed on my first home in February as well.

I haven't moved in yet but I do feel better than a renter.

 

[chrisdiaz]

Congrats . Owning a home is awesome . The little things all seem to go wrong at once though, but still worth it .

If you have an extra room to rent out even better .

Ive never understood this logic. I have a 3 bedroom HOUSE, why would you want to share it with someone else other than a S/O? The greatest thing of having a house is land and a barrier to separate you from your neighbors thats all yours. Go live in an apartment or townhouse if you want to share a place with someone unless its a S/O. So many of my friends told me to rent out a room when I got my house, It made no sense. If you cant afford the house on your own dont buy it at that time. I guess I just really hate roommates.

 

[Only Here for Attachments]

I thought I could escape the fucktards by buying a house, too, but they're pretty much inescapable unless you live in the woods or underground.

 

[boingyman]

The equity you build is offset by the fact owning a home costs about $400/month more than renting. For example, a condo similar to the loft I rent is about $140k. Monthly costs to have said condo is about $1365 if you include utilities, taxes, interest, condo fees. (I was in the market so I know my numbers on this).

Instead, I decided to rent a loft that costs me about $900/month including utilities and renters insurance. I take that $350/month I'm saving by renting and investing it. In five years, my mutual fund will be around $25,000.

Can you guarantee that the condo would make me $25k profit in that same time ?

The cost benefit of buying vs renting is very YMMV greatly depending on location and other factors. There are a lot of nuances to consider when making that comparison. The math is not that simple. Condos can often lean towards renting since fees can be very high for homeowners.

Also no one can guarantee anything since we can't predict the future. So I can't guarantee my home will build x amount of equity over a certain timeframe same as you can't guarantee your investments will make x amount of profit unless you are talking zero risk investments such as high yield savings account or CDs. My point is if you bought your home, you own it. At the same time if you don't pay what's due (mortgage, property tax or even HOA) it can easily be taken away from you...eventually.

 

[TeTe]

The one thing I do agree on though is property tax sucks and it's even worse these days since there is a limit for tax deductions that they decided to bundle with state income tax unless you live in a state that doesn't have state income tax. Also some newer areas have ridiculous property tax due to Mello Roos and other local taxes attached to it. I would love to only pay $300/month on property tax, lol....

It's crazy how much more your property taxes are up there compared to SD County. We were just looking at a $524,000 house in La Mesa and the property tax was $450 a month.

 

[boingyman]

It's crazy how much more your property taxes are up there compared to SD County. We were just looking at a $524,000 house in La Mesa and the property tax was $450 a month.

Yeah, every location is different. Even in my city, if you buy a home in a older established neighborhood I've seen some property tax around 1.1% assessed value. In some of the newer developments I've seen property tax over 1.5% because of Mello Roos. On top of that they have a HOA that's about $100/month and all they get is a small park with a play structure. Not even a clubhouse, pool or gym. My previous home had 4000 homes under the HOA. For $70 we got a clubhouse, 3 pools, 2 jacuzzi's, cabana's, a restaurant/bar, a almost full size gym and live entertainment on the weekends. On top of that 24/7 security patrol. Almost like a resort without a golf course. Best HOA ever.

 

[Oliver Clothesoff]

Nice. Congrats!

 

[IIIIIIII]

Before finalizing, did you check if there are any immature fucktard neighbors who obnoxiously loudly burn rubber and create a huge cloud of toxic exhaust first?

that's the thing about finding, "cheap" homes, or houses on the lower-priced side. the neighborhoods are going to be full of overall terrible people. it's better to spend the majority of your money to live in a place you'll feel safe and comfortable in. better that, than putting that money into some fancy car, but living in a shit area with shit neighbors.

 

[scorpiorising]

*reading this thinking "where the fook does he live that $1.5 mill isn't an awesome property?"*



Ohhhhhhh, Vancouver.


It's like Santa Monica with bad weather.

1956 built, 2400 sq. Ft. Not even in Vancouver, in a close suburb. Totally insane.

 

[scorpiorising]

that's the thing about finding, "cheap" homes, or houses on the lower-priced side. the neighborhoods are going to be full of overall terrible people. it's better to spend the majority of your money to live in a place you'll feel safe and comfortable in. better that, than putting that money into some fancy car, but living in a shit area with shit neighbors.

My old neighbours used to do this! Burn tires in their lot. WTF is it about?

 

[Oblivian]

The equity you build is offset by the fact owning a home costs about $400/month more than renting. For example, a condo similar to the loft I rent is about $140k. Monthly costs to have said condo is about $1365 if you include utilities, taxes, interest, condo fees. (I was in the market so I know my numbers on this).

Instead, I decided to rent a loft that costs me about $900/month including utilities and renters insurance. I take that $350/month I'm saving by renting and investing it. In five years, my mutual fund will be around $25,000.

Can you guarantee that the condo would make me $25k profit in that same time ?

This will not be the case at all on most single family homes. For example, the market rent for my house vs mortgage payment (if financed 100% and taxes + insurance escrowed) is around 40% higher. It will obviously be market dependent, but on an apples to apples comparison, you are obviously going to be paying more for rent. The landlord needs to make a profit, assumes a risk, pays higher interest rate, pays higher taxes + insurance, etc. There was actually a thread on this years ago where research was done. In almost all cases in regards to apples to apples, it was more expensive to rent. The exception would be multi-unit condos or other multi-unit buildings.