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Forum » What's with the misc obsession with home ownership ?
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Thread: What's with the misc obsession with home ownership ?

post 1518321571 09-03-2017, 03:23 PM
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#31
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idk what it's like in the US but I bought an 2 bedroom apartment next to a College and the mortgage is pretty much the same as renting cost

why would I give some guy that money every month when I can give the bank that money and still have an apartment in my name at the end of the day? I can rent it out if I move and the tenant will pay the mortgage in rent money. My future children will inherit the apartment and since it's in a developing city the rent will keep going up not to mention the value of the apartment
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post 1518321611 09-03-2017, 03:23 PM
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Originally Posted By Fuqdatass⏩
Lmao. I bet you'd like that to be true so it could justify you giving away money renting every month but it's just not true. Cope more.
I pay $425 for a nice 1 bedroom in Cleveland. You pay that in tax and mortgage interest.

mortgage payment + tax + interest + upkeep

that is what you have to calculate monthly
post 1518321701 09-03-2017, 03:24 PM
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You know the value of a house doesn't stay the same forever right? So you're not merely slaving away for the bank. Any equity built is yours to keep - also your legacies' to keep. Instead of getting pimped by a landlord.
post 1518321731 09-03-2017, 03:24 PM
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Originally Posted By OliverTwisterJr⏩
Thats just an excuse, nothing is absolute. You could have a house paid off anywhere and the County decides they need tear down houses in your vicinity for a greater good (like a highway).

Your situation is different since you actually save money. The average rentcel spends $1000 a month on a 1 bedroom and can't fathom owning anything bigger than their small ass apartment because they can barely afford where they are right now, or they blow all their savings every weekend. Hence rentcels use the 30 Year argument because they act like 15/20 year mortgages don't exist or paying principle isn't an option. So a $200k house makes the average millennial renter piss their pants, plus the housing market sucks right now. Housing prices will settle eventually, rent prices will always rise (or will get torn down and replaced with even more expensive apartments).
People don't get it, the bank excuse is always comical.
post 1518322191 09-03-2017, 03:30 PM
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#35
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Originally Posted By refsum⏩
You are setting your money on fire every month paying property tax you guys are not subtracting out costs in your "profits". You are breaking even at best
We don't have property tax. We have council tax (for refuse services etc).

£1k pa it costs here. People who rent also have to pay it.
fist yourself
post 1518322461 09-03-2017, 03:33 PM
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#36
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Originally Posted By BustaCapp⏩
We don't have property tax. We have council tax (for refuse services etc).

£1k pa it costs here.People who rent also have to pay it.
cheap as fawk, im at just under 3Gs here wtf, are you getting discounts for kids in education or is your property a low banding?
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post 1518322481 09-03-2017, 03:34 PM
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#37
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Lol the average house goes up .02 percent in value a year for the last hundred years. Alot of inflated numbers and delusion ITT. Warren Buffet himself says real estate is an awful investment. Carry on young misc bachelors.
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post 1518322521 09-03-2017, 03:34 PM
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Originally Posted By refsum⏩
I pay $425 for a nice 1 bedroom in Cleveland. You pay that in tax and mortgage interest.

mortgage payment + tax + interest + upkeep

that is what you have to calculate monthly
Do me a favor, run those numbers and tell me what you're getting.

Median home price in Cleveland is $70,000 and that is going to get you something bigger than your tiny 1 bedroom apartment.

Average property taxes are 1.52% there, so $70,000 x .0152 = $1064/year / 12 = $88/month in property taxes

You're gonna put 20% down to avoid PMI which is $14,000 down, so the mortgage amount is $70,000 x .8 = $56,000/year

Using a mortgage calculator for a 30 year fixed rate mortgage at 4.5% APR, your monthly payments (Principle AND Interest) are $284.

So $284 + $88 = $372/month

Unless you think you'll be paying $80/month in upkeep, I'm just not seeing how the numbers are working in your favor here.
post 1518322591 09-03-2017, 03:35 PM
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#39
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Originally Posted By DrWilliam⏩
In Arizona, the average property taxes are $2600 on a $200,000 house. That's $216/month in property tax, and comparable rent would probably be $1400ish assuming it's a 3/2. That's a big difference. Even with other repairs, insurance, etc. I don't see where you'd be breaking even. You'd be ahead in most cases.
$216 + $400 of interest per month + $50 HOA + $208 upkeep/maintenance +$15 insurance = $889/mn

even in north glendale, there is no apartments listed for $1400/mn. $750-$1200 is more realistic.
post 1518322601 09-03-2017, 03:35 PM
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#40
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Originally Posted By hoganrulz⏩
cheap as fawk, im at just under 3Gs here wtf, are you getting discounts for kids in education or is your property a low banding?
I live in the North.
fist yourself
post 1518322631 09-03-2017, 03:36 PM
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Owning a house is nice but my lawn is getting overrun by crabgrass. Any misc brahs here know ways to handle it? I'm about ready for scorched earth tactics and rebuilding from the ashes
post 1518322771 09-03-2017, 03:37 PM
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Originally Posted By SirBetalot⏩
Lol the average house goes up .02 percent in value a year for the last hundred years. Alot of inflated numbers and delusion ITT. Warren Buffet himself says real estate is an awful investment. Carry on young misc bachelors.
Not sure where you are getting the .02% for appreciation. Live anywhere that's not out in the middle of no where and that won't be the case.

Also, buying your own home where you are actually going to live and investing in real estate are not the same thing. You have to either pay a rent or mortgage no matter what.
post 1518322951 09-03-2017, 03:39 PM
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#43
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Originally Posted By BustaCapp⏩
I live in the North.
im in yorkshire, merseyside is that much cheaper? brb rightmove.co.uk
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post 1518322981 09-03-2017, 03:39 PM
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#44
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Originally Posted By HMFIC_BROWSIN⏩
$216 + $400 of interest per month + $50 HOA + $208 upkeep/maintenance +$15 insurance = $889/mn

even in north glendale, there is no apartments listed for $1400/mn. $750-$1200 is more realistic.
Are those your actual numbers? And I am assuming you're looking for a 3 bedroom apartment to compare to your 3 bedroom house so I'd love to see you get a nice 3 bedroom for $750 a month.

Not sure if you're agreeing or disagreeing with me here but I'd take those house numbers any day over the rent numbers if I was in a position to do so.
post 1518323121 09-03-2017, 03:40 PM
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Its not the misc, its North Americans. Apparently it's a part of the american dream I hear
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post 1518323191 09-03-2017, 03:41 PM
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Why do people always say the bank owns your house until you've paid off the mortgage.

That's not how a mortgage works.
Make Misc Great Again

dhawkeye1980, March 3rd, 2017 at 12:44pm: Um not really most of ACA members are part of the medicaid expansion, i would imagine very little are on obamacare.
post 1518323291 09-03-2017, 03:42 PM
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Originally Posted By 7rmr⏩
Why do people always say the bank owns your house until you've paid off the mortgage.

That's not how a mortgage works.
They say it because the bank does have the option to foreclose if you don't make your payments.
post 1518323501 09-03-2017, 03:45 PM
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#48
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Originally Posted By DrWilliam⏩
They say it because the bank does have the option to foreclose if you don't make your payments.
Sure. But that doesn't mean the bank owns the house. They just have a charge on the property as security for the loan.
Make Misc Great Again

dhawkeye1980, March 3rd, 2017 at 12:44pm: Um not really most of ACA members are part of the medicaid expansion, i would imagine very little are on obamacare.
post 1518323511 09-03-2017, 03:45 PM
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#49
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Originally Posted By DrWilliam⏩
Are those your actual numbers? And I am assuming you're looking for a 3 bedroom apartment to compare to your 3 bedroom house so I'd love to see you get a nice 3 bedroom for $750 a month.

Not sure if you're agreeing or disagreeing with me here but I'd take those house numbers any day over the rent numbers if I was in a position to do so.
no, I'm looking at 1 or 2 BR apartments. Not sure how "write offs" work on a mortgage, but I write off 40% of my income into tax sheltered savings. So writing off is a benefit to a renter just as much as someone contributing to "home equity"
post 1518323721 09-03-2017, 03:48 PM
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Originally Posted By 7rmr⏩
Sure. But that doesn't mean the bank owns the house. They just have a charge on the property as security for the loan.
Right, they have a lien basically.
post 1518323791 09-03-2017, 03:49 PM
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Originally Posted By HMFIC_BROWSIN⏩
no, I'm looking at 1 or 2 BR apartments. Not sure how "write offs" work on a mortgage, but I write off 40% of my income into tax sheltered savings. So writing off is a benefit to a renter just as much as someone contributing to "home equity"
So I'm not seeing the benefit here of renting vs. owning in that situation, or really I'm not sure what you're arguing.
post 1518323811 09-03-2017, 03:49 PM
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Originally Posted By Fuqdatass⏩
But who was equity and not giving away rent money every month?
This. It is like burning money for no reason.
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post 1518323971 09-03-2017, 03:52 PM
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post 1518324071 09-03-2017, 03:53 PM
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1. Paying rent could be a mortgage payment. Every time you pay rent, thats an extra month the bank will own the house.

2. rent money is being pissed away. thats money you will never see again. Mortgage money is going towards an appreciating asset.

im 23 and looking to buy a house before 28.
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post 1518324081 09-03-2017, 03:53 PM
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Originally Posted By zknarc⏩
This. It is like burning money for no reason.
youre not 'burning' money if youre living with in your means and putting away the rest in savings or an investment.

do whatever fits your lifestyle
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post 1518324101 09-03-2017, 03:54 PM
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Originally Posted By DrWilliam⏩
Do me a favor, run those numbers and tell me what you're getting.

Median home price in Cleveland is $70,000 and that is going to get you something bigger than your tiny 1 bedroom apartment.

Average property taxes are 1.52% there, so $70,000 x .0152 = $1064/year / 12 = $88/month in property taxes

You're gonna put 20% down to avoid PMI which is $14,000 down, so the mortgage amount is $70,000 x .8 = $56,000/year

Using a mortgage calculator for a 30 year fixed rate mortgage at 4.5% APR, your monthly payments (Principle AND Interest) are $284.

So $284 + $88 = $372/month

Unless you think you'll be paying $80/month in upkeep, I'm just not seeing how the numbers are working in your favor here.
Property tax rate in Lakewood is 2.49%
You are not getting a house for $70,000 here. check zillow

$90,000 x 0.0249 / 12= $187 per month in tax alone

plus more utilities, oh and looks like your furnace just went out. That will be a quick $6,000. THat tree in the back will need to come down $2,000

It is just not worth it for a single guy in his 20s. You are burning more money than renting
post 1518324111 09-03-2017, 03:54 PM
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Originally Posted By hoganrulz⏩
im in yorkshire, merseyside is that much cheaper? brb rightmove.co.uk
My property is a 4 bed detached.

Do you live in a well to do area?
fist yourself
post 1518324161 09-03-2017, 03:54 PM
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You simply can't compare the quality of life in an apartment to that of someone in a house. Comparing rent to mortgage numbers simply aren't apples to apples.

It's like a guy who owns a porta-potty business and makes 100k a year sucking blue chitpiss out of horrible stinkholes saying he is at the same level as an officel who makes 100k.
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post 1518324171 09-03-2017, 03:54 PM
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Originally Posted By DrWilliam⏩
So I'm not seeing the benefit here of renting vs. owning in that situation, or really I'm not sure what you're arguing.
my argument is that renting is equal or better than buying, and almost certainly better to rent if you don't have kids.
post 1518324241 09-03-2017, 03:55 PM
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lol at equity, just start an account and put everything you spent in maint, taxes, ins and the sweat off your brow


you're just getting your money and labor back, that you could have just invested in an annuity instead

it's a smoke job


buy a 150k house and pay 350k back?


f you
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