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What's with the misc obsession with home ownership ?
09-04-2017, 11:20 AM
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#121
09-04-2017, 11:23 AM
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#122
09-04-2017, 11:27 AM
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#123
- XabstractX
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For those of you who are wondering when renting may be cheaper than owning:
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
09-04-2017, 11:32 AM
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#124
- Ken-O
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Originally Posted By XabstractX⏩
He's not profitting from the rent you pay, he may have to pay a bit of it with his own money as well. He will profit in XX years when the house is paid and he can sell it for cash, and 70-80% of the house was paid by rentcels like you anyway.For those of you who are wondering when renting may be cheaper than owning:
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
People that rent dont break even, they just get other people to pay their mortgages, they get the profit WHEN they sell the house.
26 year old brah here checking in, bought first home and gonna rent it. Gonna have to pay an extra 300 bucks every month after rent but thats okay, i have a cheap lifestyle, a good job and i plan on paying it off in max 2 years anyway. Life's good.
"The flowers bloom, then wither... The stars shine and one day become extinct. This earth, the sun, the galaxies and even the big universe, someday will be destroyed. Compared with that, the human life is only a blink, just a little time. In that short time - people are born, laugh, cry, fight, are injured, feel joy, sadness, hate someone, love someone. All in just a moment. And then, are embraced by the eternal sleep called death."
09-04-2017, 11:35 AM
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#125
- BuckNakedinBama
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Originally Posted By XabstractX⏩
That's a very short-sighted comparison.For those of you who are wondering when renting may be cheaper than owning:
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
You do realize he's also building equity in an appreciating asset and deducting mortgage interest from his tax burden, right?
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09-04-2017, 11:43 AM
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#126
- XabstractX
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Originally Posted By Ken-O⏩
Highrise condo. That sh*t ain't appreciating in value. People are primarily interested in modern new condo developments, and as the maintenance problems build up in the building, the condo fees increase which lowers the value of the unit. Give it 10 years and this place will still list for $300k while comparable brand new developments might be fetching $400k.He's not profitting from the rent you pay, he may have to pay a bit of it with his own money as well. He will profit in XX years when the house is paid and he can sell it for cash, and 70-80% of the house was paid by rentcels like you anyway.
People that rent dont break even, they just get other people to pay their mortgages, they get the profit WHEN they sell the house.
26 year old brah here checking in, bought first home and gonna rent it. Gonna have to pay an extra 300 bucks every month after rent but thats okay, i have a cheap lifestyle, a good job and i plan on paying it off in max 2 years anyway. Life's good.
People that rent dont break even, they just get other people to pay their mortgages, they get the profit WHEN they sell the house.
26 year old brah here checking in, bought first home and gonna rent it. Gonna have to pay an extra 300 bucks every month after rent but thats okay, i have a cheap lifestyle, a good job and i plan on paying it off in max 2 years anyway. Life's good.
For a detached home on land I would be far more inclined to agree with you.
09-04-2017, 11:52 AM
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#127
- fleeceitout
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ITT poor people cope.
Good job spending money and ending up with nothing while I own an appreciating asset and can use the equity to buy more property.
Good job spending money and ending up with nothing while I own an appreciating asset and can use the equity to buy more property.
Your favorite miscer’s favorite miscer.
09-04-2017, 12:01 PM
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#128
- Dan_Staat
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I'm 24, 25 in october.
I've worked full time since 19 and have been in an apartment since 19. I'm a 5th year pipefitter apprentice making 72k + benefits.
I've lived in an apartment for 4 years and will end up at 5 years by the end of this lease. I'm tired of living in someone else's property. I have to let maintenance folks come in when they need to, I get stupid letters on my door about picking up dog poop in the area (I do..others dont), and I have curry eating indian neighbors.
If you're a poorcel who will never afford a house I can see how you'd be "against" it....because you'll never have it. But until you've actually got a place that you OWN, you're just getting cucked by the property OWNERS who laugh all the way to the bank with your monthly rent check.
I've worked full time since 19 and have been in an apartment since 19. I'm a 5th year pipefitter apprentice making 72k + benefits.
I've lived in an apartment for 4 years and will end up at 5 years by the end of this lease. I'm tired of living in someone else's property. I have to let maintenance folks come in when they need to, I get stupid letters on my door about picking up dog poop in the area (I do..others dont), and I have curry eating indian neighbors.
If you're a poorcel who will never afford a house I can see how you'd be "against" it....because you'll never have it. But until you've actually got a place that you OWN, you're just getting cucked by the property OWNERS who laugh all the way to the bank with your monthly rent check.
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09-04-2017, 12:13 PM
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#129
09-04-2017, 12:25 PM
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#130
- Sinan09400
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I barely lived at any home since 18 srs.
After 18 I moved out; began living in university dorms; on summers lodging of hotel I worked and now I live in barracks.
Almost forgot comfort of a home now
After 18 I moved out; began living in university dorms; on summers lodging of hotel I worked and now I live in barracks.
Almost forgot comfort of a home now
09-04-2017, 12:27 PM
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#131
- MrSchons
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I'd rather pay a mortgage for 20 years and own it at the end, I refuse to pay for someone else's house for them.
You can sell anytime and the value generally goes up.
My mortgage is about half of the current renting rate as well. Its a no brainer for me.
You can sell anytime and the value generally goes up.
My mortgage is about half of the current renting rate as well. Its a no brainer for me.
09-04-2017, 12:41 PM
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#132
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Originally Posted By TreyTrey⏩
lmao this. rent is sky high where I live. renters are literally low level peasants.In Toronto you have two choices: mortgage a 300-500k condo or pay someone else's mortgage at 2k a month rent
You can walk outside and listen to all kinds of talk, get told you're a god or a total bastard. The iron always kicks you the real deal. It's the great reference point, the all-knowing perspective giver. I have found it to be my greatest friend. It never freaks out on me, never runs. Friends may come and go. But 200 pounds is always 200 pounds.
09-04-2017, 12:46 PM
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#133
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Originally Posted By BrahPlease⏩
You gonna live in an apartment your whole life? There's a lot of benefits to home ownership and you'll probably end up getting a house sooner or later anyway so the money you "saved" could've been better invested in a good home that you won't have to still owe money on when you're an old man.lmao @ have "home paid for" but still gotta pay for upkeep and yearly $10k prop taxes.... would rather spend $1k a month and rent and save the rest.
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09-04-2017, 12:58 PM
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#134
09-04-2017, 01:14 PM
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#135
- nightmare69
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My taxes are $1,600 a year no HOA or any of that chit. Homestead FTW
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09-04-2017, 01:28 PM
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#136
Originally Posted By XabstractX⏩
Where I am, it's 450/month per 100k to loan on a 25 year mortgage. After 20% down payment to avoid pmi, your condo is a 240k mortgage or $1080/month. I'll take you at your word on fees, the strata fees seem high for a condo with that valuation but maybe it has some good perks or a fat reserve fund or just works differently in your locale. Add 600/month.For those of you who are wondering when renting may be cheaper than owning:
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
I rent a condo for $1650 per month. This is the going rent for units in this building, I've seen others. Comparable units sell for between 300k and 350k, and last time I ran a quick mortgage calculation that would be about $1500 to $1700 per month.
Now on top of that, the property taxes are $250 per month and the condo fees are $350 per month. That's not even considering repairs (we had to have the landlord replace an appliance already) or surprises related to any condo fund mismanagement.
Assuming half the mortgage is interest, my landlord is not even profiting once you factor in the taxes and condo fees, let alone maintenance and rental management fees.
$1680/month is your payment. You're literally paying $30 less than that for your rent per month.
Half your mortgage goes to principal, roughly. You're now up 510/month in equity and you'll catch any appreciation as well.
09-04-2017, 01:38 PM
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#137
- Ken-O
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Originally Posted By skinnyFAT91⏩
How did you "lose" a house? What happened.I think buying a house is one of the things people really need to sleep on before jumping in, it will be the biggest decision of your life. I lost a house during the 2008 collapse, people buy on the high note of their lives but dont plan when something out of their control takes the rug right out under their feet. Worst feeling ever being locked in a once booming area then goes bust 6 months later. No one wants to buy it, your job is suddenly decreasing in rage, risk of being layed off. You find yourself stuck between a rock and a hard place.
In my experience, yeah your throwing money away renting and it wont ever be yours. The freedom of being able to bounce out there if things go to chit. Plus not having to deal with property taxes, maintenance, keeping up with city codes, insurance, or natural disasters. Having all those things on the back of your mind adds up and to me doesnt seem worth owning a house just to say you own a house.
In my experience, yeah your throwing money away renting and it wont ever be yours. The freedom of being able to bounce out there if things go to chit. Plus not having to deal with property taxes, maintenance, keeping up with city codes, insurance, or natural disasters. Having all those things on the back of your mind adds up and to me doesnt seem worth owning a house just to say you own a house.
Aware of the whole crisis of course but i want to hear your particular story
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09-04-2017, 01:38 PM
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#138
09-04-2017, 01:49 PM
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#139
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Originally Posted By BrahPlease⏩
Depends where you are.you can pay $300k for a house, and yearly $10k prop taxes + upkeep forever
or $1k a month comparable rent forever and save the difference
renting is way cheaper and easier.
or $1k a month comparable rent forever and save the difference
renting is way cheaper and easier.
In the UK rental prices in the cities are way out of sync with mortgages.
I live in a 2 bed 2 bath apartment on the edge of a city centre by the river.
My mortgage is £325 and I rent out the second bedroom bedroom for £500.
The going rate to rent my whole apartment is £850.
We don't have property tax over here, but my Council Tax is £82 a month and you pay that if you own or rent.
In the UK it's nearly always way cheaper to own.
I bought it brand new three years ago and the area around it is undergoing a lot of redevelopment and the values gone up £40k.
I could've been renting the last 3 years and my income would be less and my outgoings more and I wouldn't have any equity.
09-04-2017, 02:08 PM
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#140
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Originally Posted By ectobruh⏩
Weren't you sleeping in your car and homeless not that long ago?90% of miscers have no concept how much a home really costs.
brb hoa fees
brb interest
brb upkeep and installing sh*t
unless you're making 75k/year you have ZERO reason to throw your life savings in a house you're gonna move out of 5 years later
brb hoa fees
brb interest
brb upkeep and installing sh*t
unless you're making 75k/year you have ZERO reason to throw your life savings in a house you're gonna move out of 5 years later
09-04-2017, 02:13 PM
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#141
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For me it depends on what state you live in for property taxes (IE it's like 1k a year here vs 10k in Texas), and how long you plan on living there.
I won't buy a house till I'm settled down with a fam
I won't buy a house till I'm settled down with a fam
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09-04-2017, 02:19 PM
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#142
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Originally Posted By NoraaBrah⏩
Who was taxes? Who has house repairs? Who is stuck with crappy neighbors? Who is mortgage interest hike? Who is house poor? Who is realtor % of sale fee?Who was rent
Yes a property is a greatinvestment but OP is right, if you don't need a house right away his approach can also work really well.
how can she neg... HOW CAN SHE NEG!!! HOW?!
09-04-2017, 02:20 PM
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#143
- hoganrulz
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Originally Posted By BronsonStorm⏩
what the fucck is going on hurr, is this just another north/south divide thing? i have a corner terraced where ive split into a shop front im renting out and my office in the rest of the building, im getting £500/month for two floors in a 4 floored terrace, youre getting £850 for an apartment? goddamn where is this place? is it a badass apartment?Depends where you are.
In the UK rental prices in the cities are way out of sync with mortgages.
I live in a 2 bed 2 bath apartment on the edge of a city centre by the river.
My mortgage is £325 and I rent out the second bedroom bedroom for £500.
The going rate to rent my whole apartment is £850.
We don't have property tax over here, but my Council Tax is £82 a month and you pay that if you own or rent.
In the UK it's nearly always way cheaper to own.
I bought it brand new three years ago and the area around it is undergoing a lot of redevelopment and the values gone up £40k.
I could've been renting the last 3 years and my income would be less and my outgoings more and I wouldn't have any equity.
In the UK rental prices in the cities are way out of sync with mortgages.
I live in a 2 bed 2 bath apartment on the edge of a city centre by the river.
My mortgage is £325 and I rent out the second bedroom bedroom for £500.
The going rate to rent my whole apartment is £850.
We don't have property tax over here, but my Council Tax is £82 a month and you pay that if you own or rent.
In the UK it's nearly always way cheaper to own.
I bought it brand new three years ago and the area around it is undergoing a lot of redevelopment and the values gone up £40k.
I could've been renting the last 3 years and my income would be less and my outgoings more and I wouldn't have any equity.
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09-04-2017, 02:30 PM
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#144
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Originally Posted By Condyle⏩
New Zealand's the same wayIt's a joke in Oz. Home ownership occupies a similar place in the Aussie national psyche as freedom and guns do in the US. A friend is a corporate loans manager for a major bank and he says the Aussie tendency to a) pay whatever is asked for a house and b) service the loan even when there is no money for food or heating means our real-estate market is custom-made for speculative bubbles which last like a fkn Duracell.
You know how the US had that bubble that burst and the whole world was plunged into recession? Australia was ahead of the US in the bubble stakes when the US dipped out, and we've only added to it since. The bubble blots out the fkn sun. Multiple millions for utter chit-tips, as in fumigate before renovation, hole in the wall, chase off the squatters chit-tips. I recall a parking space selling for not much less than a half a million, just fkn lol. Local right-wing rag tried to run a 'young businesswoman shows scumbags how it's done' story, turns out she was a dead-set baroness with a parcel of land in Scotland which came in handy as leverage for the loan on her first investment property while she lived with mummsy and daddsy. Oh how we laughed.
This bubble is different and will never burst, though. So that's a relief.
You know how the US had that bubble that burst and the whole world was plunged into recession? Australia was ahead of the US in the bubble stakes when the US dipped out, and we've only added to it since. The bubble blots out the fkn sun. Multiple millions for utter chit-tips, as in fumigate before renovation, hole in the wall, chase off the squatters chit-tips. I recall a parking space selling for not much less than a half a million, just fkn lol. Local right-wing rag tried to run a 'young businesswoman shows scumbags how it's done' story, turns out she was a dead-set baroness with a parcel of land in Scotland which came in handy as leverage for the loan on her first investment property while she lived with mummsy and daddsy. Oh how we laughed.
This bubble is different and will never burst, though. So that's a relief.
Both our countries have been run by socialists/eugenicists since the beginning
Brb any land not owned by a person the government automatically owns
Brb draconian zoning regulations
Brb can't build the house you want because might affect the price of neighbouring properties (LOL at the belief you have a right to an appreciating asset)
Brb fascist immigration laws so we can't get cheaper labour to build a regular house
Brb senseless building codes that no one except the builders wants
Brb Central banks that permit fractional reserve lending to trick the oldies into thinking they're getting wealthier
Brb chit on of free land that no developer will build on because it knows council will always pony up with the "infrastructure" spending needed. Seriously all they have to do is wait and HODL. This is actually such a huge issue in my mind, one day i'll write a big document exploring it.
Brb 4.7m people on a land mass bigger than japan
Brb no constitution so government owns your land even if you have title to it (but who was "public good") - Ausbrahs have a written constitution
Brb Treat of Waitangi completely ignored and so Maori people with "Maori freehold" land cant sell it so it just sits there being uneconomical
Brb can 3d print a house in 24 hours for like $50k (Apis Cor - russian company that does this)
Residential housing is all about finding ever greater fools who want "the ___ dream"
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09-04-2017, 03:09 PM
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#145
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Originally Posted By Mythenthefang⏩
New Zealand's the same way
Both our countries have been run by socialists/eugenicists since the beginning
Brb any land not owned by a person the government automatically owns
Brb draconian zoning regulations
Brb can't build the house you want because might affect the price of neighbouring properties (LOL at the belief you have a right to an appreciating asset)
Brb fascist immigration laws so we can't get cheaper labour to build a regular house
Brb senseless building codes that no one except the builders wants
Brb Central banks that permit fractional reserve lending to trick the oldies into thinking they're getting wealthier
Brb chit on of free land that no developer will build on because it knows council will always pony up with the "infrastructure" spending needed. Seriously all they have to do is wait and HODL. This is actually such a huge issue in my mind, one day i'll write a big document exploring it.
Brb 4.7m people on a land mass bigger than japan
Brb no constitution so government owns your land even if you have title to it (but who was "public good") - Ausbrahs have a written constitution
Brb Treat of Waitangi completely ignored and so Maori people with "Maori freehold" land cant sell it so it just sits there being uneconomical
Brb can 3d print a house in 24 hours for like $50k (Apis Cor - russian company that does this)
Residential housing is all about finding ever greater fools who want "the ___ dream"
Governments really are the greatest threat to civilization
Both our countries have been run by socialists/eugenicists since the beginning
Brb any land not owned by a person the government automatically owns
Brb draconian zoning regulations
Brb can't build the house you want because might affect the price of neighbouring properties (LOL at the belief you have a right to an appreciating asset)
Brb fascist immigration laws so we can't get cheaper labour to build a regular house
Brb senseless building codes that no one except the builders wants
Brb Central banks that permit fractional reserve lending to trick the oldies into thinking they're getting wealthier
Brb chit on of free land that no developer will build on because it knows council will always pony up with the "infrastructure" spending needed. Seriously all they have to do is wait and HODL. This is actually such a huge issue in my mind, one day i'll write a big document exploring it.
Brb 4.7m people on a land mass bigger than japan
Brb no constitution so government owns your land even if you have title to it (but who was "public good") - Ausbrahs have a written constitution
Brb Treat of Waitangi completely ignored and so Maori people with "Maori freehold" land cant sell it so it just sits there being uneconomical
Brb can 3d print a house in 24 hours for like $50k (Apis Cor - russian company that does this)
Residential housing is all about finding ever greater fools who want "the ___ dream"
Governments really are the greatest threat to civilization
Peter Schiff is that you? lol
Not sure which group I hate more. Libtards or cuckservative rich *******s like peter Schiff.
You can walk outside and listen to all kinds of talk, get told you're a god or a total bastard. The iron always kicks you the real deal. It's the great reference point, the all-knowing perspective giver. I have found it to be my greatest friend. It never freaks out on me, never runs. Friends may come and go. But 200 pounds is always 200 pounds.
09-04-2017, 03:32 PM
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#146
- OROakley
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- OROakley
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Originally Posted By getbig_ttt⏩
I'd say as soon as you CAN afford a house go for it. If you wait 5 years to buy a house that YOU CAN afford today then you will must likely pay 40K+ for that same house 5 years later.Who was taxes? Who has house repairs? Who is stuck with crappy neighbors? Who is mortgage interest hike? Who is house poor? Who is realtor % of sale fee?
Yes a property is a greatinvestment but OP is right, if you don't need a house right away his approach can also work really well.
Yes a property is a greatinvestment but OP is right, if you don't need a house right away his approach can also work really well.
09-04-2017, 03:36 PM
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#147
- Mythenthefang
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- Mythenthefang
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Originally Posted By WhAtNoWbChSs⏩
Peter Schiff is that you? lol
Not sure which group I hate more. Libtards or cuckservative rich *******s like peter Schiff.
LEL, never written anything by Peter SchiffPeter Schiff is that you? lol
Not sure which group I hate more. Libtards or cuckservative rich *******s like peter Schiff.
Not a modern liberal or conservative either
Classical liberal crew, hence my favouring of the unhampered market. It's painfully obvious to see what happens in markets with too much government involvement - such as the topic of the thread, residential housing.
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A Hayek
Natty poverty maintenance crew
Actual economist crew
Austrian school crew
09-04-2017, 03:42 PM
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#148
- Ratfish
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Originally Posted By getbig_ttt⏩
The upkeep costs are pretty minimal in reality. I've been in my house 4 years and had a few hundred bucks on a washing machine go out. Nothing else.Who was taxes? Who has house repairs? Who is stuck with crappy neighbors? Who is mortgage interest hike? Who is house poor? Who is realtor % of sale fee?
Yes a property is a greatinvestment but OP is right, if you don't need a house right away his approach can also work really well.
Yes a property is a greatinvestment but OP is right, if you don't need a house right away his approach can also work really well.
The odds of having chit neighbors is exponentially higher when you rent
Make Europe Germany Again
09-04-2017, 03:47 PM
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#149
- Dan_Staat
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- Dan_Staat
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Originally Posted By Ratfish⏩
Holy fuk this. Renters don't own their place so they don't care about it. Lifelong renters are 9/10 times chit unsuccessful dirty peopleThe odds of having chit neighbors is exponentially higher when you rent
Everyone can talk chit on the internet until they encounter a 6'7 framed Dorian Yates barndoor boeing747 turtle back freak of nature who drives over 200+ on the autobahn
09-05-2017, 10:05 AM
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#150
- WafflesBrah
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- WafflesBrah
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Parents own properties and rent it out. Literally the people they are renting it out to are paying the money they bought the house for monthly like a mortgage. Keep on paying for other peoples property's rentcels.
NY:Knicks-Giants-Yankees
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