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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 1518485421 09-05-2017, 10:13 AM
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#151
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who was inflation? I've met nearly-retired people paying $500/month for their mortgage. When you buy you lock in your housing cost

today renter pays $1k/month, homeowner pays $1.5k

In 10 years they both pay $1.5k

in 20 years the renter is paying more than the homeowner
post 1518511961 09-05-2017, 02:21 PM
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#152
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Home ownership =Asset
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post 1683138363 05-21-2023, 06:26 PM
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#153
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Originally Posted By BustaCapp⏩
People who rent are mentally ill and need electroconvulsive therapy. Blows my mind how people literally cannot see that purchasing a house is an investment whilst renting is like setting your money on fire every month.

Euthanasia or sterilization should be standard for people who rent.
Once you make a true apples to apples comparison, you'll see this endless rent vs buy debate is basically a wash financially. They're the same. You're either renting a space to live in or renting money (mortgage/foregoing alternative investments). A homeowner has lumpy costs that are paid over time (or via a reduced selling price if maintenance is neglected). These costs are amortized into a renter's monthly payment. People make a lot of stupid, meaningless comparisons e.g. 4 bed 3 bath house with double garage on acres of land by a lake vs a 1 bedroom downtown apartment. Obviously that is stupid but when you make a true, fair comparison you'll see what I mean. Having said that - if you choose, you CAN buy a tiny shoebox in the sky and likewise you could rent a large single family home, if you wanted to.

So it comes down to a matter of lifestyle preference. You're young and likely to be moving around? Renting likely makes sense. Older and planning to stay put for a while? Buying is likely better.

Buying amounts to a sort of forced savings program, and it works given that most people have zero self control. A disciplined renter who properly invests the difference has the chance to come out at least even if not ahead over time.

And yes of course, if you're truly a poorcel then yeah you'll likely have to rent.
post 1683138623 05-21-2023, 06:32 PM
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#154
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Until it's paid off, you're renting from the bank.
post 1683138663 05-21-2023, 06:34 PM
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#155
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Originally Posted By mattb717⏩
Until it's paid off, you're renting from the bank.
Exactly. And once it's paid off, that money is tied up in your house versus any other investment. Sure, a house can be a good investment for many, but if you're aware you'll understand this capital "could" potentially have been deployed more productively.
post 1683139073 05-21-2023, 06:42 PM
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#156
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Originally Posted By CityJaeger⏩
I'm 27 and have about 20K in savings and I'm not even thinking about buying a home yet.

What is every guy in here obsessed with having their homes paid away before 35 ?

I could not careless as for now, I don't want to spend the next 20 years slaving away for the bank (Until you have paid your loan, the house belong to your bank).

I'am not a marriedcoper and have no kids so why should I buy a big home with garage when I could just rent a two bedroom appartement at a moderate rent and save the rest until my life perspectives change and pay 80% of the cost of my future house upfront ?
If you don't own, you're still paying someone's mortgage, just not your own. And do you see how dumb that is?
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1683142433 05-21-2023, 07:48 PM
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#157
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Originally Posted By Godfrd824⏩
If you don't own, you're still paying someone's mortgage, just not your own. And do you see how dumb that is?
He could buy a property sized to suit his needs and tastes, or continue to rent and allocate the excess capital to a more productive use. It's not black and white, there's no one size fits all answer. I think people are insecure and get dug in on both "sides" looking to try and validate their own decisions. Weak!
post 1683142513 05-21-2023, 07:50 PM
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#158
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Misc is just Johnny from Entourage in message board form.
post 1683146073 05-21-2023, 09:00 PM
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#159
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Originally Posted By Redundanteater⏩
He could buy a property sized to suit his needs and tastes, or continue to rent and allocate the excess capital to a more productive use. It's not black and white, there's no one size fits all answer. I think people are insecure and get dug in on both "sides" looking to try and validate their own decisions. Weak!
What excess capital? Renting is always more expensive than buying. If it weren't, then landlords wouldn't exist.

BRB Rent is $2500/m, mortgage is $1500/m, let me rent instead and somehow invest negative money.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1683157653 05-22-2023, 04:05 AM
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#160
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Originally Posted By Godfrd824⏩
What excess capital? Renting is always more expensive than buying. If it weren't, then landlords wouldn't exist.

BRB Rent is $2500/m, mortgage is $1500/m, let me rent instead and somehow invest negative money.
That would be an extremely unusual market, and I wouldn't expect such a condition to persist. Think about it. There's no free lunch anywhere. If such an opportunity existed, people would promptly arbitrage it out of existence.

I think if you take an honest look at the total costs of carrying a similar properties for a significant period of time (say 10 years or more), also factoring in insurance, transaction costs etc., you'll find they work out to have similar costs (rent vs buy).
post 1683157883 05-22-2023, 04:17 AM
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#161
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Originally Posted By Redundanteater⏩
That would be an extremely unusual market, and I wouldn't expect such a condition to persist. Think about it. There's no free lunch anywhere. If such an opportunity existed, people would promptly arbitrage it out of existence.

I think if you take an honest look at the total costs of carrying a similar properties for a significant period of time (say 10 years or more), also factoring in insurance, transaction costs etc., you'll find they work out to have similar costs (rent vs buy).
No dumbass that's normal. If you want to rent something for $1500 a month or whatever the mortgage equivalent is in your town, you're getting a shoebox on the wrong side of the railroad tracks infested with roaches and bedbugs.

If you think getting roommates is cheaper guess what?

If you own a 3 bedroom house you can get 2 roommates and let them pay your mortgage for you.

Owning is always the best option. You get more for your money and you get all your money back when you sell. Apartments are garbage lifestyle and zero return on all that money invested.
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post 1683158213 05-22-2023, 04:37 AM
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#162
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Originally Posted By Kev1972⏩
No dumbass that's normal. If you want to rent something for $1500 a month or whatever the mortgage equivalent is in your town, you're getting a shoebox on the wrong side of the railroad tracks infested with roaches and bedbugs.

If you think getting roommates is cheaper guess what?

If you own a 3 bedroom house you can get 2 roommates and let them pay your mortgage for you.

Owning is always the best option. You get more for your money and you get all your money back when you sell. Apartments are garbage lifestyle and zero return on all that money invested.
/Thread

I don't get why it's so hard to understand.

lol @ rencel mental gymnastics

"But but you pay so much for mAiNtEnAnCe"
post 1683159833 05-22-2023, 05:38 AM
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#163
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My mortgage on a 3bed/2bath in a rural area 45mins to a major city is half of what I’d pay to rent a 2 bedroom apartment. Property tax is 1500 a year, I do all the maintenance and repairs myself, have a private yard and woods I can do whatever the fuk I want on, my kids have their own yard to play in.

Maintenance on a house is cheap, and I don’t have to worry about some landlord doing a half assed job, or waiting to have things fixed.

Currently finishing my basement and converting to a 1bed/1bath apartment, I’ll be able to rent it out and basically pay my mortgage.

But yes, keep telling me how I’d be better off renting some tiny box apartment surrounded by currycels and asiancels in some dirty city.
Lol @ rentcels
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post 1683160033 05-22-2023, 05:44 AM
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#164
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Originally Posted By Redundanteater⏩
Exactly. And once it's paid off, that money is tied up in your house versus any other investment. Sure, a house can be a good investment for many, but if you're aware you'll understand this capital "could" potentially have been deployed more productively.
RedundantCoper
post 1683160393 05-22-2023, 05:54 AM
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#165
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Originally Posted By Kev1972⏩
No dumbass that's normal. If you want to rent something for $1500 a month or whatever the mortgage equivalent is in your town, you're getting a shoebox on the wrong side of the railroad tracks infested with roaches and bedbugs.

If you think getting roommates is cheaper guess what?

If you own a 3 bedroom house you can get 2 roommates and let them pay your mortgage for you.

Owning is always the best option. You get more for your money and you get all your money back when you sell. Apartments are garbage lifestyle and zero return on all that money invested.
For many people it will be. Maybe most, largely because of the "forced savings" aspect. To be clear, you COULD rent a large SFH home if you wanted to. My point is that when you make a true objective comparison, renting vs owning financially works out very similar over time so it becomes a lifestyle choice.

And yes I do own my own home, fully paid off bc I am past the point of trying to optimize every single penny. Owned rental properties in the past but have divested for more lucrative/scalable options. Might consider a large apt building someday if the location and numbers were right.
post 1683160913 05-22-2023, 06:13 AM
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#166
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there is so much freedom in renting guys.


you can rent from this guy, or you can rent from that guy.

you a way more stuck owning
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post 1683162613 05-22-2023, 07:02 AM
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#167
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Originally Posted By Redundanteater⏩
That would be an extremely unusual market, and I wouldn't expect such a condition to persist. Think about it. There's no free lunch anywhere. If such an opportunity existed, people would promptly arbitrage it out of existence.

I think if you take an honest look at the total costs of carrying a similar properties for a significant period of time (say 10 years or more), also factoring in insurance, transaction costs etc., you'll find they work out to have similar costs (rent vs buy).
I own a condo, I have said condo rented for $2400/m. My mortgage, insurance, and HOA/condo fees are $1500/m. I also pay a management company $100/m to collect the rent and deposit it for me. So every month I'm making $800 for doing nothing. And that's without factoring the equity the house is building as well as the market making it's worth go up year after year.

So yeah, not even close to the same.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1683162763 05-22-2023, 07:06 AM
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#168
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Fuark. Buying at 2017 prices and then refinancing in 2021 would have been goat. Should have listened to this thread.....
post 1683227653 05-23-2023, 05:59 AM
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#169
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Originally Posted By thesloshedman⏩
My mortgage on a 3bed/2bath in a rural area 45mins to a major city is half of what I’d pay to rent a 2 bedroom apartment. Property tax is 1500 a year, I do all the maintenance and repairs myself, have a private yard and woods I can do whatever the fuk I want on, my kids have their own yard to play in.

Maintenance on a house is cheap, and I don’t have to worry about some landlord doing a half assed job, or waiting to have things fixed.

Currently finishing my basement and converting to a 1bed/1bath apartment, I’ll be able to rent it out and basically pay my mortgage.

But yes, keep telling me how I’d be better off renting some tiny box apartment surrounded by currycels and asiancels in some dirty city.
Lol @ rentcels
But but but home maintenance is so expensive and things break constantly!

lmao @ landlords profiting and the rentcels calling it a better deal.
post 1683227893 05-23-2023, 06:06 AM
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#170
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Originally Posted By CityJaeger⏩
I'm 27 and have about 20K in savings and I'm not even thinking about buying a home yet.

What is every guy in here obsessed with having their homes paid away before 35 ?

I could not careless as for now, I don't want to spend the next 20 years slaving away for the bank (Until you have paid your loan, the house belong to your bank).

I'am not a marriedcoper and have no kids so why should I buy a big home with garage when I could just rent a two bedroom appartement at a moderate rent and save the rest until my life perspectives change and pay 80% of the cost of my future house upfront ?
Here's the why:




But 100% based about paying upfront. Do cash deals. Don't trust the banks. Buy what you can afford, and make your move when you are ready. If there's one thing in life I deeply hunger for, it's more and more land.
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