hilld
Ready to race!
Depends on the size of the garage and room/height for a lift.
8
Bad things about owning a house.
- Thread starter rx4brdm
- Start date
Depends on the size of the garage and room/height for a lift.
blankwavercade
Ready to race!
I now own my house as of 6 hours ago. The worst part of home owner ship is spending an hour an a half signing your name over and over again. Saturday move in.
Desert MVIGTI
Go Kart Champion
If you like working on home improvement projects as much as your car....sure!
Historic/older homes...(like 1930s and earlier) can often be very satisfying....but you have to buy them right. This can be done one of two ways:
1. Have an inspector tell you the shit-ton of money in repairs that will be needed and buy it dirt cheap OR preferably
2. Buy a turn key one that somebody spent WAY too much money on, and can't get all of it back out.
Historic homes usually suck in terms of energy efficiency...and unless a mega remodel has occurred...(see #2) ....the layout modern folks prefer is often lacking.....you won't be finding master baths with jacuzzi tubs and so forth...or even a master bath!
Desert MVIGTI
Go Kart Champion
I would love to own a home like this for sure, if I had the money
The strong sense of community that spans back decades is one aspect that can never be replicated.
This home costs 3 thousand bucks a month to heat and cool.
donefor
Go Kart Newbie
...and i'm guessing costs about $5M.
rx4brdm
Ready to race!
Thanks for the suggestion, I'll have to look into that. Hmm, remodel my garage...:thumbup:
DUBPL8
Go Kart Champion
It's in Dallas' Historic Swiss Avenue district, so not that much lol
andy_uranium
Go Kart Champion
Our house is 90 years old. Honestly it really depends on the house and the neighbourhood. Our neighbourhood is very solid. Good mix of housing, everything from 4 million dollar houses on the river to 100k starter homes. Something that doesn't happen in newer subdivisions anymore. I honestly could never live in a neighbour hood that a. doesn't have sidewalks and b. everyone's house looks exactly the same.. f,ing giant garage with some cheap ass brick and vinyl siding on it. I am an architect and pretty handy, so we did most of our renovations ourselves. Different strokes for different folks, but if I was going into a newer home it would be one that I had designed. link to a little video of our kitchen renovation.
t'sGTI
Go Kart Champion
Might not have a rent increase every year but here in NJ you can count on property tax increases every year to the point of it almost being a mortgage payment in itself.
danielj1
Go Kart Champion
True, there will always be property tax increases and insurance premiums will increase over time.
But if you look at a 30 year fixed mortgage and the span of rental increases over 30 years, owning will almost always be the better option. And in the end, you own your property. At the end of renting, you own nothing.
If home buyers are really smart, they'll divide their mortgage payment in two and pay twice a month. Paying half of your mortgage payment early yields savings in interest that can reduce the payoff of a 30 year fixed by 7 years.
andy_uranium
Go Kart Champion
don't know if you have the option in the states of making weekly payments on your mortgage, that is what we did and it did speed up the process significantly.
BlueDubbinTDI
Go Kart Champion
So you're saying if I get 1000 a month mortgage for 30 years and pay 500 twice a month that would benefit much greater than 1000 all at once?
andy_uranium
Go Kart Champion
yes that is what he is saying. Alot of your payment at first goes to interest. if you can pay more regularly you chip away more of the principal and it makes a difference.
troyguitar
Go Kart Champion
This is a common misconception that is based on a true statement. Part of the savings is due to the way compound interest works, but the bulk of it is because you are making extra payments. The savings is also reduced due to today's low interest rates.
The correct statement for today is:
If you pay half your payment every 2 weeks you will save money and reduce the payoff of a 30 year fixed by 4 years.
Note that every 2 weeks is NOT the same as twice a month. Every 2 weeks means 26 payments per year, which is 13x your monthly payment - you are paying just over 8% more per month this way. A payoff reduction of 7 years would only be correct with an interest rate of just over 7%. Rates right now are more like 3.5% which makes the strategy less effective. You only save about 4 years.
danielj1
Go Kart Champion
I was too lazy to break out the math. I'm paying 4.125% and my reduction is 6.5 years according to my lender.
Even it the early payoff is 1 year, that is 1 year less of paying a mortgage.
I bought my current place during the mortgage crisis and was originally paying 6.125%, I did a refi last year reducing my rate to 4.125% which reduced my payment by $357 a month. A reduction I would have never seen if I were a renter unless I moved into a smaller/cheaper place.
Even it the early payoff is 1 year, that is 1 year less of paying a mortgage.
I bought my current place during the mortgage crisis and was originally paying 6.125%, I did a refi last year reducing my rate to 4.125% which reduced my payment by $357 a month. A reduction I would have never seen if I were a renter unless I moved into a smaller/cheaper place.