Is home ownership a huge responsibility with stuff breaking all the time and endless taxes?

[BrianNole777]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

 

[The Tradition]

Yes

 

[CoachH]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

Keep living with your parents as long as they will let you.

 

[funksouljon]

You sound like a condo is more your speed, but it certainly has it's own challenges. And if you have the freedom, wait until the market tanks and then buy.

 

[LuciousBDragon]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

Things break regardless if you own or rent and you still have to pay for it one way or the other.

The difference is one offers you an equity stake and the other offers nothing.

In your case, you have a sweet deal now but it still is not guaranteed. Your landlord could sell or die at anytime and without a contract, your arrangement could change.

Home ownership is one of the most painful AND most rewarding experiences. Think risk/reward. Homeownership is high-risk/high-reward. I would argue renting is medium-risk/zero-reward.

 

[beanerhawk]

Of course it's a huge responsibility, but it's also a great investment. Well worth it for me. King of your own castle!

 

[OrlandNole]

We just sold our 3,000 square foot home and will move into a townhome with exterior maintenance 100% covered by the HOA. I've got better things to do on my weekend than worry about landscaping and gutters.

 

[BrianNole777]

Of course it's a huge responsibility, but it's also a great investment. Well worth it for me. King of your own castle!

Do you have to pay property taxes for life?

 

[BrianNole777]

Keep living with your parents as long as they will let you.

My landlord isn't related to me.

 

[beanerhawk]

Do you have to pay property taxes for life?

Depends on your state and all of that. Here in Iowa yeah we have pretty decent property taxes. I have a lot of family that live in Louisiana, one cousin has a $500k home and their property taxes are something like $50 bucks a month. Just depends where you're at.

 

[Finance85]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

Trust the government to provide for you.

 

[bhawk24bob]

Maryland has a limit on how much your property taxes can increase per year on primary properties. iirc it varies by county

 

[Sharky1203]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

I think the mortgage is the worst. It takes forever of paying just the minimum payment, to make any headway on the equity. On a $1000 payment (example) you will put like $10 towards the equity on the first payment. Banks are really ripping off the people.

 

[BrianNole777]

Things break regardless if you own or rent and you still have to pay for it one way or the other.

The difference is one offers you an equity stake and the other offers nothing.

In your case, you have a sweet deal now but it still is not guaranteed. Your landlord could sell or die at anytime and without a contract, your arrangement could change.

Home ownership is one of the most painful AND most rewarding experiences. Think risk/reward. Homeownership is high-risk/high-reward. I would argue renting is medium-risk/zero-reward.

My reward of renting is living in a nice place way below market rate and not having to pay for property taxes, landscaping, cleaning, maintenance, etc.

My landlord is almost 60 years old and says he will leave the house to his son. His son is 35 and lives in St. Louis.

You're right anything can happen, though. It'd be very hard for me to find a similar rental deal.

If I buy a house, I'd easily be paying triple per month including all the expenses.

 

[BrianNole777]

You sound like a condo is more your speed, but it certainly has it's own challenges. And if you have the freedom, wait until the market tanks and then buy.

A realtor I know said condos don't go up much in value and the fees increase often.

What do you think?

 

[Next_In_Line]

WWJD? Thanks for sharing this.

 

[Hawgk]

Homeownership is great if you have the cash reserves to make repairs and plan to be there 5+ years.

If not, or uncertain, renting an economical apartment and disciplined investing of the money saved is an under-appreciated alternative.

 

[BrianNole777]

Homeownership is great if you have the cash reserves to make repairs and plan to be there 5+ years.

If not, or uncertain, renting an economical apartment and disciplined investing of the money saved is an under-appreciated alternative.

Good points.

I also like the stock market.

 

[NoleATL]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

1. Decade or so? lol
2. Are in you investing the 30% under market amount?
3. Home ownership is still the best way for the average Joe to gain wealth. If you are not investing that 30% then you are an average Joe.
4. Have you found any of the cameras they have installed?

 

[BrianNole777]

1. Decade or so? lol
2. Are in you investing the 30% under market amount?
3. Home ownership is still the best way for the average Joe to gain wealth. If you are not investing that 30% then you are an average Joe.
4. Have you found any of the cameras they have installed?

1. Yes

2. Yes in a Roth IRA

3. OK

4. He has a front door camera and that's it, I think

 

[millah_22]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

Home ownership is a pain, but honestly not that bad. Things break down, but that's just life. I'd rather have my own space and do what I want with it than rent.

Taxes suck, but I'd rather be building my own equity and putting the monthly payments back into myself rather than handing over cash to a landlord my whole life.

You can always pay for a handyman for dangerous or labor intensive things or hire a lawn service.

 

[millah_22]

Do you have to pay property taxes for life?

yes, but think of it this way. Yo owe 300,000 on a house for 30 years and each year you pay like.. $5,000 in taxes. So your mortgate is 2,200 + 400 per month. Once you pay it off, your monthly goes down to 400 per month.

or

you pay rent until you die.

 

[Hawkeyenuts66]

Why pay for something you will never own?

 

[Joes Place]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

I pay ~$800/month on a mortgage for an $850k home.
By the time the mortgage is paid off, it'll be worth $1.5M or more.

Appreciated in value >$400k since 2014. Have I spent money on upgrades/fixes? Yep. Nowhere close to $400k, though.

 

[artradley]

yes, but think of it this way. Yo owe 300,000 on a house for 30 years and each year you pay like.. $5,000 in taxes. So your mortgate is 2,200 + 400 per month. Once you pay it off, your monthly goes down to 400 per month.

or

you pay rent until you die.

And your monthly home costs result in a nice inheritance for the kids, while the monthly rent checks leave nothing.

 

[Tenacious E]

Things break regardless if you own or rent and you still have to pay for it one way or the other.

The difference is one offers you an equity stake and the other offers nothing.

In your case, you have a sweet deal now but it still is not guaranteed. Your landlord could sell or die at anytime and without a contract, your arrangement could change.

Home ownership is one of the most painful AND most rewarding experiences. Think risk/reward. Homeownership is high-risk/high-reward. I would argue renting is medium-risk/zero-reward.

The best part of owning is not sharing walls and not having anyone tell you what you can or cannot do. We have poured way more money into our house than we will ever get out int terms of equity, but that’s okay. We treated a lot of it like entertainment dollars and we just want to be enjoy ourselves.

 

[millah_22]

And your monthly home costs result in a nice inheritance for the kids, while the monthly rent checks leave nothing.

Right, and if you want to move, you can always dump the payments you've already been making into a new home. Rent, you need to prove you have first month, last month, and whatever BS.

 

[millah_22]

The best part of owning is not sharing walls and not having anyone tell you what you can or cannot do. We have poured way more money into our house than we will ever get out int terms of equity, but that’s okay. We treated a lot of it like entertainment dollars and we just want to be enjoy ourselves.

On the flip side, if you buy and end up with shitty neighbors, it will basically come down to who moves first. r/homeowners is full of stories of nightmare neighbors.

 

[BrianNole777]

Why pay for something you will never own?

It's much cheaper and easier overall.

No maintenance.

 

[GES4]

I'm considering buying a house in the next decade or so.

I've been renting a sweet deal since 2014. I pay 30% under market value and my landlord said the rent won't go up ever. My landlord is very good. He takes care of everything like the leaking roof, hot water heater that broke, lawn care, broke toilet etc., etc. All the furniture is his except my TV. I have a monthly cleaning service he pays for.

I live in Maryland and property taxes are high and rising.

Is home ownership a pain for someone that doesn't like handyman work or moving lawns?

Please tell me your experiences.

Is this a trick question?

 

[BrianNole777]

Is this a trick question?

No.

 

[Tenacious E]

yes, but think of it this way. Yo owe 300,000 on a house for 30 years and each year you pay like.. $5,000 in taxes. So your mortgate is 2,200 + 400 per month. Once you pay it off, your monthly goes down to 400 per month.

or

you pay rent until you die.

I see your point but the 300k assumes no new water heater, windows, roof, driveway, appliances, flooring, etc. also does not include maintenance costs, mowers, snowblowers, remodeling, etc. your 300k house could end up costing you 600k eventually. Not that you still wouldn’t be money ahead or that it is not otherwise worth it. It’s just the math isn’t that clean.

 

[artradley]

The best part of owning is not...having anyone tell you what you can or cannot do.

Although with the domination of HOAs in the suburbs this is not really true for a lot of people any more.

 

[GES4]

No.

OK. Then my answer is yes, stuff breaks all the time and taxes never go away. But at least it is my stuff that is breaking and when I repair or replace it, it is still my stuff.

 

[BrianNole777]

Although with the domination of HOAs in the suburbs this is not really true for a lot of people any more.

Same with condos?

 

[Tenacious E]

On the flip side, if you buy and end up with shitty neighbors, it will basically come down to who moves first. r/homeowners is full of stories of nightmare neighbors.

True. Or you could end up with good neighbors. Our position is neutral. I think I have talked to my neighbors 10 times in 20 years. They were old and either retired or on the verge when we bought the house at age 30 - no common interests whatsoever. Now that we are almost 50, we are all still there in the same houses but now they are super old.

 

[Joes Place]

I see your point but the 300k assumes no new water heater, windows, roof, driveway, appliances, flooring, etc. also does not include maintenance costs, mowers, snowblowers, remodeling, etc. your 300k house could end up costing you 600k eventually. Not that you still wouldn’t be money ahead or that it is not otherwise worth it. It’s just the math isn’t that clean.

Those same things apply to any rental, based on the landlord's asset.
And when any of them need upgrades/fixes, those costs WILL end up in your rent check. 100%.

 

[Tenacious E]

Although with the domination of HOAs in the suburbs this is not really true for a lot of people any more.

We live in the Wild West baby, no HOA or hardly any rules. I’ve bee harassed by the city twice in 20 years due to complaints by some bitch or Dick. One because our branches were not trimmed with a 15 foot clearance over the street, and one because I didn’t shovel the sidewalk soon enough after a storm.

 

[Tenacious E]

Those same things apply to any rental, based on the landlord's asset.
And when any of them need upgrades/fixes, those costs WILL end up in your rent check. 100%.

Not really, unless you are renting a single family home. If you are renting in a multi-tenant building, a lot of those costs get spread over many renters.

 

[onlyTheObvious]

A home is an investment in a lifestyle.

When you consider the interest, property taxes, and upkeep it’s a piss poor retirement vehicle vs a basic S&P fund.