Current Events > Homeownership is overrated.

(+) Yeah! (+)

You have to pay property taxes, and have to keep up maintenance which could literally cost upwards of tens of thousands of dollars per issue.

In the end, its probably cheaper to just rent vs own plus maintenance and your time to do DIY maintenance.

---

*rant, as I spent my last four hours collecting leaves on my house...*

---

IdiotMachine posted...

*rant, as I spent my last four hours collecting leaves on my house...*

Thats why I'm getting a condo
---

It nuts how much a home appreciates, I highly recommend owning.

---

I don't see myself owning a home anytime soon

nothing against it, im just not a handyman so I enjoy home related issues being fixed by management rather than myself. also like not being tied down to something. don't have to worry about selling my house if I don't want it anymore.

but with that said, there's a lot of benefits to owning a home. if you can afford it and you don't plan on moving anytime soon, it's a much better option

---

KiwiTerraRizing posted...

It nuts how much a home appreciates, I highly recommend owning.

https://www.moneyunder30.com/why-your-house-is-not-an-investment

---

IdiotMachine posted...

https://www.moneyunder30.com/why-your-house-is-not-an-investment

I bought my first home in 2011 for 100k and sold it last year for 185k, inflation my balls

---

100% agree TC the vast majority of the time. There is a topic in the advice board where I explain in detail why. Topic titled Buying is better than renting....right?. Of course there are going to be those with stories about buying a house and it appreciating a lot within a few years but throws tend to be market specific and no market consistently has that kind of appreciation.

---

Twin3Turbo posted...

100% agree TC the vast majority of the time. There is a topic in the advice board where I explain in detail why. Topic titled Buying is better than renting....right?. Of course there are going to be those with stories about buying a house and it appreciating a lot within a few years but throws tend to be market specific and no market consistently has that kind of appreciation.

Here I was not knowing that there is an advice board.

---

IdiotMachine posted...

https://www.moneyunder30.com/why-your-house-is-not-an-investment

It definitely is an investment. I wouldn't call it a particularly great one, but hey, you gotta live somewhere.

---

KiwiTerraRizing posted...

I bought my first home in 2011 for 100k and sold it last year for 185k, inflation my balls

Inflation also works in your favor of you have a fixed mortgage. If you're a renter your rent is gonna go up every year

---

Solid Snake07 posted...

Inflation also works in your favor of you have a fixed mortgage. If you're a renter your rent is gonna go up every year

Taxes go up every year as well.

---

Its probably the best investment anyone can make if you want a family someday

If youre not really into that then probably not


---

if i could do it all over again i'd buy a condo

my decision to get a house was spurred by the desire to get away from the noise of neighbors in the apartment

joke's on me, the ride never ends

---

IdiotMachine posted...

Taxes go up every year as well.

Not anywhere near the rate rent does. Also property tax is pretty nominal compared to rent. I pay like 600 a year in property taxes, one month of rent in a townhouse like mine would be atleast 1000 a month

---

TheMikh posted...

my decision to get a house was spurred by the desire to get away from the noise of neighbors in the apartment

You really think a condo is better if that was the problem you had with yer neighbors? >_>

---

Property tax + annual HOA + insurance + the mortgage still gives me a house that's larger than apartments being rented out at the same price point.

---

Always buy new. Unless you are an experienced DIYer. Always buy what you can handle. Don't want to mow? Don't want to rake up leaves for 2-3 months straight? Get something without a yard. Most newly built homes barely have a yard these days. Or change out lawn with pavers and crap. Remove trees. Whatever. Sell the home in less than 10 years and do it again.

This is how I made my first million dollars after what little maintenance costs I spent (first house upon selling, I spent under 5k maintenance to spruce everything up- you get the picture).

I'm on my 4th house and this is the one where I am doing DIY all myself. Bought it for 600k (cash), right now its about 1m. Will eventually sell it. Going to buy 40 acres and start over again. Oh yeah, I haven't actually worked since 2005.

---

IdiotMachine posted...

You have to pay property taxes, and have to keep up maintenance which could literally cost upwards of tens of thousands of dollars per issue.

In the end, its probably cheaper to just rent vs own plus maintenance and your time to do DIY maintenance.

In most cases i disagree.

As long as you bought the house for around what it's worth, any repairs/improvements you make you can gain back when you go to sell.

With renting you never have an option to sell.

---

At the end of the day most times with houses are end up paying less per month and at the end of the day you own something unlike rent when you just giving your money to some rich person .

---

L_S_P posted...

Always buy new. Unless you are an experienced DIYer. Always buy what you can handle. Don't want to mow? Don't want to rake up leaves for 2-3 months straight? Get something without a yard. Most newly built homes barely have a yard these days. Or change out lawn with pavers and crap. Remove trees. Whatever. Sell the home in less than 10 years and do it again.

This is how I made my first million dollars after what little maintenance costs I spent (first house upon selling, I spent under 5k maintenance to spruce everything up- you get the picture).

I'm on my 4th house and this is the one where I am doing DIY all myself. Bought it for 600k (cash), right now its about 1m. Will eventually sell it. Going to buy 40 acres and start over again. Oh yeah, I haven't actually worked since 2005.

So forgive me for asking, but you must be at least into your 40's then? I just bought my first home....a trailer home with a double lot, I got a great deal (the property might be worth more if there wasn't a trailer on it tbqh) and plan on making some money off it. Um....what do you suggest? At the moment the home is in better shape than I would think for a 25 year old trailer. New roof on it although siding is starting to look bad and tear in some spots.

okoko i know i came off asking a lot but what you are doing is literally my goal.

---

Solid Snake07 posted...

Not anywhere near the rate rent does. Also property tax is pretty nominal compared to rent. I pay like 600 a year in property taxes, one month of rent in a townhouse like mine would be atleast 1000 a month

I literally pay $12k in property taxes a year.

---

IdiotMachine posted...

I literally pay $12k in property taxes a year.

breh that's on u bae

I pay $600 a year

---

RedJackson posted...

You really think a condo is better if that was the problem you had with yer neighbors? >_>

my rationale is that if noisy neighbors are an inevitability regardless of whether i own a condo or a house, a condo would be the less expensive option

---

*That* is probably dependent on where you live. Condos in this area are as expensive as houses, oftentimes with outdated kitchens and bathrooms, and the monthly association fees are absurdly high.

---

F1areaGaman posted...

breh that's on u bae

I pay $600 a year

Geez, where do you live?

---

Better than renting

---

More space, less overall cost than renting, and the value's nearly doubled since I bought 5 years ago... but hey, you do you.

---

I paid $455 in property taxes last year and I live on 10 acres. Remote mountain areas of TN are insanely inexpensive to live on.

---

IdiotMachine posted...

I literally pay $12k in property taxes a year.

Well, then you're obviously living in a much more expensive house than mine and probably have a higher property tax rate where to live aswell

---

MC_BatCommander posted...

Better than renting

Your equity could be wiped away on a whim and you could be much worse off than a renter.

---

KiwiTerraRizing posted...

I bought my first home in 2011 for 100k and sold it last year for 185k, inflation my balls

How much does the current house you live in cost?

KiwiTerraRizing posted...

It nuts how much a home appreciates, I highly recommend owning.

have to start young to have a chance at buying a home. unless born into wealth.
30 year fixed mortgages are a whole lifetime :(.
---

BlingBling22947 posted...

Your equity could be wiped away on a whim and you could be much worse off than a renter.

Well when you're renting all that money is just thrown away to line the landlord's pockets so meh.

---