Home Buying & Real Estate Thread

[moderndarwin]

By how much did you underestimate your monthly housing expenses? And what specifically did you not account for or what came up unexpectedly? What would you have done differently to feel otherwise?

Let’s have a discussion to help others in their rent vs. buy decisions. Personally, our property taxes are expected to balloon. It’ll be a few extra hundred a month but it’s not a surprise to me. Comes with the territory in booming areas.

I’m simply of the opinion you shouldn’t go into a six, seven figure/15-30 year commitment without having a very firm grasp of what comes with it.

We didn’t underestimate anything. I’m actually a CPA so i calculated it down to the cent lol and the 10 year projection of what buy vs rent would mean. I was saying that not everyone prefers home ownership. I know long term this is the best financial decision. I’d rather live in a city and in a new 3 bedroom apartment than in the burbs in a nice area 3 bedroom townhouse. It’s just a preference. We love to walk and be spontaneous. I love our spot though so it’s not a bad decision it’s just we view it differently than others who say home ownership is a dream goal. It’s not for us.

 

[mplsdunk]

My grandparents are about to sell their house for an apartment in Florida because insurance it through the roof and they need to downsize anyways. In some ways renting is nice.

 

[moderndarwin]

Related to the above are there any true home maintenance all inclusive companies?

Like a company that will do all regular maintenance on all aspects of the house (HVAC, plumbing, dryer vents, garage, water heater etc). I really dislike having to individually manage each of these assets and different websites / logins etc. Understood that it’s financially worse but i strongly believe in a time vs money concept at this point of life. Any mental energy i don’t have to put toward home ownership i can put toward solving challenging problems at work.

 

[s0lefunk]

We didn’t underestimate anything. I’m actually a CPA so i calculated it down to the cent lol and the 10 year projection of what buy vs rent would mean. I was saying that not everyone prefers home ownership. I know long term this is the best financial decision. I’d rather live in a city and in a new 3 bedroom apartment than in the burbs in a nice area 3 bedroom townhouse. It’s just a preference. We love to walk and be spontaneous. I love our spot though so it’s not a bad decision it’s just we view it differently than others who say home ownership is a dream goal. It’s not for us.

Just as you said, you know for you it is the best financial decision long term. Despite your preference for city living you chose to become a homeowner in the burbs fully aware that it would mean paying almost twice as much monthly vs renting in your state. That is insight some may find useful in their decision making.

Rent for a similar property to our house would mean paying 40% more monthly. If I were to downsize and get a downtown apartment I could pay maybe 30% less monthly.

Renting is usually more affordable but the opportunity costs have already been stated: building equity, tax deductions, etc. Do what’s best for you and within your means.

 

[MakeNTGreatAgain]

Related to the above are there any true home maintenance all inclusive companies?

Like a company that will do all regular maintenance on all aspects of the house (HVAC, plumbing, dryer vents, garage, water heater etc). I really dislike having to individually manage each of these assets and different websites / logins etc. Understood that it’s financially worse but i strongly believe in a time vs money concept at this point of life. Any mental energy i don’t have to put toward home ownership i can put toward solving challenging problems at work.

find urself a trustworthy handyman that u can depend on

 

[you go boy]

I found a good handyman on thumbtack… I used them for a lot of projects… stopped using them though once they started nickle and diming with the pricing and was late all the time or not showing up…

 

[had pants]

 

[REALPLAY]

Related to the above are there any true home maintenance all inclusive companies?

Like a company that will do all regular maintenance on all aspects of the house (HVAC, plumbing, dryer vents, garage, water heater etc). I really dislike having to individually manage each of these assets and different websites / logins etc. Understood that it’s financially worse but i strongly believe in a time vs money concept at this point of life. Any mental energy i don’t have to put toward home ownership i can put toward solving challenging problems at work.

Depends where you’re located. Over here in North New Jersey. The utility company (PSE&G) has plans where they perform maintenance & repairs on those different systems

 

[Raji Lowenthal]

I bought the worst house in a good neighborhood. I'm handy enough, and with enough contracting connections, that I was able to do most of the renovating myself. It was a lot of work but financially worth it. I bought a 2 family so that someone who wants everything taken care of can, and in return I get my mortgage paid for me. A win win for everybody.

 

[Mark Antony]

I don't think I live anywhwere near a decent duplex but that would be cool.

 

[HarlemShakeStory]

“Maintenance concierge“ may be a pretty good business idea for the right market, similar to the role that a property manager plays on rentals. This probably already exists for very wealthy people but would make a lot of sense for professionals as well.

 

[moderndarwin]

“Maintenance concierge“ may be a pretty good business idea for the right market, similar to the role that a property manager plays on rentals. This probably already exists for very wealthy people but would make a lot of sense for professionals as well.

Found a company that does it for $399/year but looks like it’s only for SF Bay Area

Plan Features | Hello Handy

hellohandy.com

Exactly what i was looking for hopefully this becomes a thing.

 

[Raji Lowenthal]

I don't think I live anywhwere near a decent duplex but that would be cool.

I'll also admit there are challenges being a live in LL. Went thru 4 tenants in 7 years and found the "ideal" tenant 3 years ago. So much so I've renewed the lease twice with only 1 minimal increase on the current 2 year lease.

 

[steeeeeeven]

Before and after

 

[206to813]

I'll also admit there are challenges being a live in LL. Went thru 4 tenants in 7 years and found the "ideal" tenant 3 years ago. So much so I've renewed the lease twice with only 1 minimal increase on the current 2 year lease.

I never really got into real estate til I had a family (although I was pretty young when I did that)
But once I did I was like damn if I was into this earlier, had a little bread (and no family) house hacking a multi family would’ve been a nice way to come up.

 

[MakeNTGreatAgain]

Before and after

those two posts are asking for a hammock

did u consider removing the posts? to make it "open" as the current generation says

 

[Raji Lowenthal]

I never really got into real estate til I had a family (although I was pretty young when I did that)
But once I did I was like damn if I was into this earlier, had a little bread (and no family) house hacking a multi family would’ve been a nice way to come up.

Honestly if you don't have children and owning a house plan accordingly, If you don't have anybody to leave it to the state just gonna come up.

 

[steeeeeeven]

those two posts are asking for a hammock

did u consider removing the posts? to make it "open" as the current generation says

2 post used to be the wall that separated the kitchen and a small bedroom, this was as open as we could get it structurally.

For the budget at least lol

 

[MakeNTGreatAgain]

2 post used to be the wall that separated the kitchen and a small bedroom, this was as open as we could get it structurally.

For the budget at least lol

nice work mane

 

[sneakaprince]

It's open for sure fam. I get the beam critique but honestly most buyers won't be dettered from those.

If they want those gone they can pay after acquisition imo.

 

[onthenephs]

Where did the kitchen go? It’s kind of a weird space if left empty

 

[steeeeeeven]

Going back where it was, waiting on the cabinets and island next

 

[had pants]

 

[slaughterx]

‘Rigged’: Federal US court awards $1.8B in damages after major realtor firms found guilty of conspiring to inflate commissions on home sales — and it turns out that was only the beginning

The realtor association is once again in the legal spotlight after a landmark guilty ruling.

finance.yahoo.com

Jeff Bezos Donates $120 Million to Fight Homelessness, Then Invests $500 Million to Make It Worse

"The last thing Americans need is a Bezos-backed investment company further consolidating single-family homes and putting homeownership out of reach for more and more people. Housing should be a right, not a speculative commodity."

www.commondreams.org

 

[wayniac211]

Been working downtown Oakland & SF past year and noticing so many open commercial properties not being used. Why don't they covert them to affordable housing?