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Thread: buying a house is stupid

post 1583947051 07-15-2019, 01:40 PM
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#121
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Originally Posted By Pisdauf⏩


u mad?
Keep that noise down! I’m trying to argue on the misc!
post 1583948111 07-15-2019, 01:58 PM
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Originally Posted By nvrstopworking⏩
So why not do this AND keep your index fund investments?
If you can afford to do this then that's great and you probably didn't overextend yourself by buying a house that's far too big, unlike 95% of home owners.

When I went to get my first mortgage the bank was willing to offer us 560k even though our combined income was about 100k, which would have made us insanely house poor. And if anything went wrong we would have been underwater in a heartbeat.

For some people there are WAY more benefits to renting. Like I said before, it all depends on your financial position, market and a bunch other factors.
post 1583949261 07-15-2019, 02:21 PM
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I LOL how people act like as soon as you pay your house of it's all smooth sailing.
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post 1583949651 07-15-2019, 02:28 PM
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#124
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Originally Posted By WoofieNugget⏩
If you can afford to do this then that's great and you probably didn't overextend yourself by buying a house that's far too big, unlike 95% of home owners.

When I went to get my first mortgage the bank was willing to offer us 560k even though our combined income was about 100k, which would have made us insanely house poor. And if anything went wrong we would have been underwater in a heartbeat.

For some people there are WAY more benefits to renting. Like I said before, it all depends on your financial position, market and a bunch other factors.
Sadly I have friends and close family who went underwater on their house. Got one the bank said they could afford but they really couldn’t, and when 2008 happened it ruined them financially


There is no guarantee your house will appreciate strongly if at all in value


There is no guarantee your income will go up in the future or you’ll have more disposable income (unforeseen expenses, medical bills, etc can pop up)


Taking the maximum the bank clears you for which a TON of people do is like forcing yourself to max out your credit card every month because your limit is that high. It’s beyond ridiculous.
post 1583949781 07-15-2019, 02:32 PM
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#125
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Originally Posted By WoofieNugget⏩
If you can afford to do this then that's great and you probably didn't overextend yourself by buying a house that's far too big, unlike 95% of home owners.

When I went to get my first mortgage the bank was willing to offer us 560k even though our combined income was about 100k, which would have made us insanely house poor. And if anything went wrong we would have been underwater in a heartbeat.

For some people there are WAY more benefits to renting. Like I said before, it all depends on your financial position, market and a bunch other factors.
The only benefit to renting is ability to easily move and someone who sees a greater than 50% chance of relocation within 3 years is better off renting. But all other "factors" are just cope for poverty renters.

You either pay rent and own nothing while investing your money to help someone else own a considerable asset or buy a house or pay a mortgage and own a considerable asset yourself. It's that simple. Just LoL@ all the rent cope ITT. Some of the posts I am reading come off as straight mental retardation.
post 1583949861 07-15-2019, 02:33 PM
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#126
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OP there is only one real reason why owning a home may not be the best financial decision, explained nicely in this short graphic.

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post 1583949901 07-15-2019, 02:35 PM
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#127
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Originally Posted By Kev1972⏩
OP there is only one real reason why owning a home may not be the best financial decision, explained nicely in this short graphic.

that's not the updated version man. it gets worse.....
post 1583950021 07-15-2019, 02:37 PM
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#128
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Originally Posted By Kev1972⏩
OP there is only one real reason why owning a home may not be the best financial decision, explained nicely in this short graphic.

Insecurity level 1000
post 1583950151 07-15-2019, 02:40 PM
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#129
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Originally Posted By meanstringbean⏩
Sadly I have friends and close family who went underwater on their house. Got one the bank said they could afford but they really couldn’t, and when 2008 happened it ruined them financially

There is no guarantee your house will appreciate strongly if at all in value

There is no guarantee your income will go up in the future or you’ll have more disposable income (unforeseen expenses, medical bills, etc can pop up)

Taking the maximum the bank clears you for which a TON of people do is like forcing yourself to max out your credit card every month because your limit is that high. It’s beyond ridiculous.
Well mortgage limits are based on debt:income ratios and credit cards are not, so it's not quite the same. But you make a good point about people maxing out their approved amount


There's some risk involved for sure, but there's risk inherent in renting as well. Rent can go up, landlords can change their plans, etc etc etc
post 1583950341 07-15-2019, 02:42 PM
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#130
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Originally Posted By mgftp⏩
The only benefit to renting is ability to easily move and someone who sees a greater than 50% chance of relocation within 3 years is better off renting. But all other "factors" are just cope for poverty renters.

You either pay rent and own nothing while investing your money to help someone else own a considerable asset or buy a house or pay a mortgage and own a considerable asset yourself. It's that simple. Just LoL@ all the rent cope ITT. Some of the posts I am reading come off as straight mental retardation.
Sounds like cope from someone that doesn’t understand finances
post 1583950701 07-15-2019, 02:48 PM
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#131
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Originally Posted By meanstringbean⏩
Sounds like cope from someone that doesn’t understand finances
LoL, tell me how spending money to own nothing beats spending money to own something. Just LoL if you are serious. Please don't have children.
post 1583951111 07-15-2019, 02:55 PM
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Originally Posted By mgftp⏩
LoL, tell me how spending money to own nothing beats spending money to own something. Just LoL if you are serious. Please don't have children.
People who rent more than likely cant afford everything that you have to pay on top of the mortgage. That or they move a lot and dont want to be tied to one area. Its simple. Its not hard to understand that some people just cant afford it. You have no choice but to rent until you possibly get a down payment on something affordable or you get a job that pays you enough to own one.

I would not be able to afford my mortgage if it wasnt for my raise and wife. I'd more than likely be renting somewhere.
post 1583951131 07-15-2019, 02:56 PM
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#133
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Originally Posted By mgftp⏩
LoL, tell me how spending money to own nothing beats spending money to own something. Just LoL if you are serious. Please don't have children.
Tell me how spending money to “own” a house that sits and does nothing beats spending money to own actual income generating and dividend paying assets.


Lol at this idiot
post 1583951151 07-15-2019, 02:57 PM
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#134
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Idk, average rent in my area is 1500 for a 2 bedroom. My home, including everything (mortgage, taxes, insurance, hoa) is a little over $1000. Plus I rent out two of my beds and a bath to a tennant for $600.

You'd be amazed how easy it is to find a decent renter when you're willing to go a smidge below the market value for rent. Especially in a nice 4 bed/3 bath condo that was updated mostly through sweat equity.

Got the home for $180k and its worth $210k now, of which I owe 135k. Nothing special for sure, but it beats being in a renting situation, at least around here.

Have to agree with OP though when he says that a house is not an asset. Too many people depend on their homes like pure autists. Your home is just as much a liability as it is an asset.

Tl;dr if your house is your biggest investment you're certified motard.
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post 1583951631 07-15-2019, 03:06 PM
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#135
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Originally Posted By meanstringbean⏩
Tell me how spending money to “own” a house that sits and does nothing beats spending money to own actual income generating and dividend paying assets.


Lol at this idiot
1) Dividend stocks don't pay out a hefty amount. They are nice supplemental income.
2) This also assumes the Dividend paying stock doesn't go throw a huge spiral in the market causing a loss, which really just offsets the dividends earned
3) Owning a home and then selling it at the end - even assuming value stays the same - still gives you a return. A stock can be good one day, and garbage the next, causing you to lose out immediately.

Of course all miscers invest perfectly and never lose anything.

SMH at people who refuse to ever own property. Unless you truly live with nothing, and just want to move every year, there is really no purpose to not own a home for a short period.
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post 1583951681 07-15-2019, 03:07 PM
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#136
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Originally Posted By l2ambo⏩
Took me like 30 mins to take out a strainer body and all the components with the down pipe, Hand saw new copper down pipe to size, and put it all back new. First time ever. I'm a carpenter BTW. Your girl loves my hands and that's not all.
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post 1583951761 07-15-2019, 03:08 PM
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#137
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Originally Posted By Beararms⏩
People who rent more than likely cant afford everything that you have to pay on top of the mortgage. That or they move a lot and dont want to be tied to one area. Its simple. Its not hard to understand that some people just cant afford it. You have no choice but to rent until you possibly get a down payment on something affordable or you get a job that pays you enough to own one.

I would not be able to afford my mortgage if it wasnt for my raise and wife. I'd more than likely be renting somewhere.
That I get. Someone claiming renting is somehow financially better than owning is some of the stupidest chit I regularly read on the misc.
Originally Posted By meanstringbean⏩
Tell me how spending money to “own” a house that sits and does nothing beats spending money to own actual income generating and dividend paying assets.


Lol at this idiot
Ok, I'll take it you are trolling or actually retarded.
post 1583952491 07-15-2019, 03:24 PM
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#138
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I'd consider buying a homeif

A., that home was within a 20 minute commute of my job and
B., that job was essentially a job for life.

Life is way too short to spend 2 hours a day sitting on traffic to go wagecuck, and employers are way too capricious for buying property near work to be a good idea. You'll just be fired in 5 years and either end up driving 2 hours across town anyway or taking a bath on your mortgage.
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post 1583957541 07-15-2019, 05:03 PM
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#139
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Originally Posted By Bracket199⏩
3) Owning a home and then selling it at the end - even assuming value stays the same - still gives you a return. A stock can be good one day, and garbage the next, causing you to lose out immediately.

If the value stays the same then you've REALLY lost money because you've paid interest to the bank and property taxes for years. Plus, whatever improvements you spent money on gave you a net zero.

People here seem to forget about those two items that literally double the cost of your house. The on paper value isn't what you spend to own it.
post 1583958291 07-15-2019, 05:18 PM
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#140
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Originally Posted By mgftp⏩
The only benefit to renting is ability to easily move and someone who sees a greater than 50% chance of relocation within 3 years is better off renting. But all other "factors" are just cope for poverty renters.

You either pay rent and own nothing while investing your money to help someone else own a considerable asset or buy a house or pay a mortgage and own a considerable asset yourself. It's that simple. Just LoL@ all the rent cope ITT. Some of the posts I am reading come off as straight mental retardation.
That’s not even a reason NOT to buy tbh... you could buy an apartment and simply rent it out if you have to move for another job in a few years. Should pay for itself and you can rent in your new place until you have enough equity with the old one to buy the new one too.

Again... depends on the market and the location. I think it’s worth it if you’re in desirable downtown area that ISN’T a major city that’s going to break you like Cali or NYC or Toronto/Vancouver.
post 1583958421 07-15-2019, 05:21 PM
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Meh. Owning a house does stress me out so much more than an apartment, but it's mine. 660 sir ft apartment was $1000 after everything. House is $1350 for 1800 sqr feet and half an acre. I have a garage, garden, big shed, and still a lot of open grass in the yard. This house when we sell it will just roll into the next one. All works out.
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post 1583958441 07-15-2019, 05:22 PM
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#142
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single family home ownership is a **** show, will probably never own again in my life. Maybe a 1200sqft or less but :


**** property taxes
**** neighbors
**** HoA
**** covenants
**** title restrictions
**** **** tier "homebuilders"
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post 1583958491 07-15-2019, 05:23 PM
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#143
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$600 rent
2000sq ft house / $1mil
$1000 dryer
$15k roof

These numbers do not add up at all.
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post 1583958541 07-15-2019, 05:24 PM
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Originally Posted By xMetalocalypse⏩
Idk, average rent in my area is 1500 for a 2 bedroom. My home, including everything (mortgage, taxes, insurance, hoa) is a little over $1000. Plus I rent out two of my beds and a bath to a tennant for $600.

You'd be amazed how easy it is to find a decent renter when you're willing to go a smidge below the market value for rent. Especially in a nice 4 bed/3 bath condo that was updated mostly through sweat equity.

Got the home for $180k and its worth $210k now, of which I owe 135k. Nothing special for sure, but it beats being in a renting situation, at least around here.

Have to agree with OP though when he says that a house is not an asset. Too many people depend on their homes like pure autists. Your home is just as much a liability as it is an asset.

Tl;dr if your house is your biggest investment you're certified motard.
4bd/3bth condo is $210k to buy.... and rent for a 2bdm apartment is $1500/mth??? Wtf?? Who the fuk would be dumb enough to rent in that case?

That same condo that you bought probably retails for $700k here in Toronto lol... which makes the renting option a necessity for some.
post 1583958841 07-15-2019, 05:30 PM
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#145
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I know quite a few people that have made ridiculous amounts of money by buying a home, fixing it up, doing add on's, etc. then selling it for a huge profit in a 3-10 year time period. Funny thing is, they usually repeat that process again on a slightly larger scale.




I've also met quite a few wealthy individuals that buy two lots in an up and coming up-scale neighborhood (usually next to each other). They build a home (Often a multi million dollar home) and live in it for 5-10 years. Build their second home next to it, then move into the new one and sell the first for a huge profit. (Sometimes making several million out the deal).



Buying a home is a bad idea if you move around a lot or are too poor to afford a home in your market. Lets assume you make 100K per year and can buy a home for 200K. It would be stupid not to buy, do some additions while living in it, then sell for a profit after a period of time. If you make 50K per year and a **** home costs over 500K then yeah. Home-ownership is out of reach.



If buying houses were stupid, then wealthy people would never buy them.
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