Home › Forums › MGTOW Central › How more vulnerable would I be in a house ?
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DarkRyu 2 years ago.
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But would you lose more money than what you would’ve paid in rent had you rented an apartment instead ?
Once again, it’s going to depend on the situation.
You’re paying a mortgage calculated using the house’s price when you bought it. That means you’re paying the price of the house plus whatever amount above that your particular mortgage rate and term requires. If there’s a “hiccup” to that purchase price, you’re going to end up owing and paying far more than the house ever will be worth.
You might remember talk about mortgages being “underwater” several years ago. That’s what they were referring too.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
Since an apartment is not an asset, I believe it’s easier to ghost while renting.
In my experience it’s easiest in a house in the far suburbs. Most of my neighbors think I’m just the guy who mows the lawn.
With the mortgage, taxes, insurance, etc. it costs the same (or more!) than renting.
When you rent you are paying your landlord’s mortgage, taxes, insurance etc.
I wish I never bought my house. It costs a lot more dough to maintain a home and pay for utilities than an apt. Been here over ten years, wouldn’t get my money back. As for a chick magnet, unless it’s a mansion in like Los Angeles or Miami, I think you’d be fine. I’m halfway decent looking, and women do not knock down my door. Then again, this is NY women…
You have to play the long game think 30 years to regain the investment or start renting a part of your house if you want to make more money out of it. A house will always have added costs that you need to deal with but it comes with the territory of owning a house.
Forgot to add also in the above post if it is a older house get a mold test done on it especially if you are buying a house that needs to be fixed up and the roof is in bad shape. I did this and found mold in the walls of the kitchen where there was a leak in the roof and had to tear it all down and replace it. They will tell you the work needs to be done by mold specialists screw that get a mold suit and a good respirator that is rated to handle mold and do the work yourself.
Don’t be afraid to get messy I saved myself 10k just by doing the work alone and it took me 2 days to do it. If you can stay away from moldy houses though do it I had no clue and bought it to late. Or you can use that to your advantage and negotiate a lower purchase price for the home if you do end up finding mold in it. If you get a house with a chimney make sure that it was cleaned prior to purchase as well and vents too if you can. The home inspector should be able to tell you if any work was done recently. If there are too many red flags walk away and find another home. I know I am still missing something if I remember I will add to it.
Anyway I hope this helps if you have any other questions feel free to ask. If I remember anything else I will add it at a later time good luck with your decision brother.
Wow, it definitely helps, man. Thank you for taking the time to type all this.
I thought I was pretty realistic for factoring in the costs of lawn mowers, shovels, a leaky roof in the spring, s~~~ty neighbours and such, but wow, this sounds like a such a pain in the ass.
I could even consider “renting” as the price to pay to remain BS-free. lol
Nice to see both sides though. Thank you so much again, Rhino.
When you rent you are paying your landlord’s mortgage, taxes, insurance etc.
When you “own” a house you’re doing the same.
The difference occurs when or if the little part of what you’re paying which isn’t earmarked for the mortgage, interest, insurance, taxes, and whatnot accrues enough to turn a “profit”.
I’ve owned and rented. In each case, I decided on whether to own or rent depending on the unique hows, whats, and wheres of my personal situation at the time.
There’s no single answer to SpiderHerder’s question.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
When you “own” a house you’re doing the same.
The difference occurs when or if the little part of what you’re paying which isn’t earmarked for the mortgage, interest, insurance, taxes, and whatnot accrues enough to turn a “profit”.
I’ve owned and rented. In each case, I decided on whether to own or rent depending on the unique hows, whats, and wheres of my personal situation at the time.
There’s no single answer to SpiderHerder’s question.
Thanks so much for your input, OldBill.
One thing’s for sure, I wouldn’t be buying something expensive. So it would be less of a long-term hassle, it would probably be paid off quickly starting with a big downpayment.
But yeah, I understand it’s incredibly hard to answer without knowing all the details (which I do not know myself). I only looked at a few houses on one real estate website and used their embedded “Payment Calculator” app.
Thanks, man.
Wow, it definitely helps, man. Thank you for taking the time to type all this.
I thought I was pretty realistic for factoring in the costs of lawn mowers, shovels, a leaky roof in the spring, s~~~ty neighbours and such, but wow, this sounds like a such a pain in the ass.
I could even consider “renting” as the price to pay to remain BS-free. lol
Nice to see both sides though. Thank you so much again, Rhino.No problem brother as I said before though even with everything I mentioned I still would buy a house because these things happen over time once a year I would say for a minor to mid size repair and every 10 years or so for a major one if you properly plan ahead and budget for it you will do fine. As I was typing that long list ForeverDone posted and I didn’t see but he confirmed what I wrote with the property taxes that will cause you a lot of pain on your monthly cost.
Just to give you an example in my area I pay almost $4000 a year in property taxes and about $2000 a year on house insurance (in Canada we get gouged but I am sure it is probably like that too for people living in the U.S.) That about $500 a month added on top of your mortgage and not including utilities for me so you can see it gets to be expensive. As OldBill said it depends on the area and size of house you want to buy there are so many things to look for but it is worth it to buy. Just shop around and ask what property taxes will be before you decide to buy the house to get an idea of what area you should target your real estate agent should give you all these answers if you ask.
Thanks so much for your input, OldBill.
No problem, brother. I guess I’m just more aware of both sides of the question because I’ve answered the question for myself in both ways.
I chose to own because I knew could build equity quickly. What I was being paid – plus the lack of a wife – meant I could dump money into a mortgage. I also bought using a VA loan which provided me with other benefits like being able to pay down the principle faster so there would be less interest. Every dollar I paid above my monthly payment was applied to the principle. Finally, I chose to buy a condo despite the fact their prices don’t increase as much as homes do if at all.
I also chose a condo because I traveled for work and thus wouldn’t be home for maintenance, security, etc. If condos weren’t an option, I wouldn’t have bought. Duplexes weren’t an option either. I was very interested in living in half and renting the other through a management company, but none of the duplexes in my area and at the time I was looking were worth buying.
I did make money on my condo because housing prices essentially exploded in the region during the period I owned it and because I’d been making the larger payments I mentioned on it. During this period I also own a small part of a large apartment complex but sold my shares after a few years.
After that I rented because housing prices were too high. That didn’t keep many others from buying and “sinking” themselves, but anyone who paid attention knew it was a bubble that would break.
When housing prices crashed, I bought a small cape which, in hindsight, caused me no end of trouble. I was still traveling for work which led to all sorts of issues. I solved most of them by renting to a series of male graduate students but I still eventually sold the property and rent to this day.
The next time I buy – and I will – it will be for my retirement. I’m very interested in the off-grid and tiny house movements because all I’ll need is pied a terre with no mortgage.
I made the decisions I did based on my unique situation, where I was located, and what was occurring at the time. You’ll make your decision on the same basis.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
In my experience it’s easiest in a house in the far suburbs. Most of my neighbors think I’m just the guy who mows the lawn.
Nice. That sounds perfect.
And @rhino. I live in Canada too and in a fairly rural area. As an example (the real estate website provided this info), a 100,000$ house that I looked at had 1700$ worth of property and school taxes for a year. It’s bearable. I could handle it financially, no problem.
I’ll just crunch the numbers and keep saving until I’m ready. Or not.
p.s. That 100,000$ house I’m talking about is actually on my commute to work and it’s in a terribly noisy spot. About 15 feet from a busy road with trucks 24/7, and a loud slaughterhouse in the back. I’d have to soundproof the heck out of it, hahaha.
That 100,000$ house I’m talking about is actually on my commute to work and it’s in a terribly noisy spot. About 15 feet from a busy road with trucks 24/7, and a loud slaughterhouse in the back. I’d have to soundproof the heck out of it,
All of that is going to substantially effect any resale value it may have, brother. You can hold onto it for 25 or 30 years but that busy trucking route isn’t going to go away. The slaughter house might but, seeing as that parcel is zoned for industrial use, who knows what will replace it.
There’s a very old joke about the three most important things in real estate being location, location, and location. Like all jokes, that one contains a kernel of truth.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
So DarkRyu, if I understand correctly, if I bought a bigger house (let’s say 200,000$) and would only keep it for five years and tried to sell it (assuming the value remains the same), I would’ve paid more interest than anything else, so I’d lose regardless.
It’s NOT about interest. When you rent, you’re paying the mortgage (including the principal and interest), taxes, insurance, and repair costs of the landlord. Maybe a little extra to help pay for the landlord’s time and effort for having to rent out the property.
I’m a landlord myself and own 5 rental properties. My tenants pay ALL of my expenses plus a few hundred $$$ extra. I have a townhome that costs me $1,350/month for the mortage/taxes/insurance and I rent it out for $1,900. So I’m making $550 in profit over what it costs me.
The townhome cost me about $250,000 and I put 20% down ($50,000). I’m making $6,600/year in profit, or a 13.2% return on investment. This doesn’t include repair costs, but townhomes are pretty maintenance free as most of the major repairs are outside (roof, siding, gutters, etc.).
I also have to figure in a vacancy rate as I can’t have the property occupied 100% of the time. So I’m getting about a 10% ROI. My tenants are paying an extra $6,600/year than if they would have bought the townhome, but they get the flexibility that comes with renting. That’s how the rental game works.
When choosing whether to rent or buy, you need to take a look at the initial cost of the property, then find out how much equity you’ll build over a 5 year period. In general, if it’s equal to or more than 9% of the purchase price, it’s worth it. Why 9%? Because when you go to sell, you’ll have to pay about 6% in realtor fees. You might also be forced to foot the bill for the buyer’s closing costs, which add another 3% on average.
For example, let’s say you bought a home for $200,000 with a 20% down payment. Your mortgage would be $160,000. If your principle goes down by $300/month, that’s $3,600/year, or $18,000 over 5 years. What’s 9% of $200,000? $18,000. So if you’re going to live in the house more than 5 years, you made out. If you’re going to live in the house for 5 years or less, you should rent.
This is oversimplifying things a bit because each month your principle amount goes up. This also doesn’t take into consideration your repair and maintenance costs, nor does it take into account appreciation of your property. But a lot of times these will cancel each other out. But this is why everyone is saying 5 years. That’s the magic number. If you’re going to stay there for more than 5 years, buy it. The longer you stay in it, the more money you make (or save, depending on how you want to look at it).
There’s another layer of complexity here. If you’re able to itemize your deductions (harder to do after the new Trump tax laws, but still doable for me), you can deduct up to $10,000/year in mortgage interest and property taxes. And you can even figure in depreciation. So basically you aren’t taxed on the income you spend on your home. How sweet is that?
Me personally? I wouldn’t give up home ownership for the world. I have actual SECURITY. I can do what I WANT without having to worry about annoying someone or WORSE – asking permission. My house is my castle to do with as I please, and each year when my mortgage stays the same, I remember the yearly rent increases and relish in the fact that I don’t have to worry about that. My payment stays the same, while everyone else gets a $50-$100/month increase in their rent. My taxes also go down. If you have a stable job/life then there really is no reason not to buy unless it’s a bad house or housing is in a bubble where you live (mostly in liberal s~~~holes).
No problem, brother. I guess I’m just more aware of both sides of the question because I’ve answered the question for myself in both ways.
[…..]
I made the decisions I did based on my unique situation, where I was located, and what was occurring at the time. You’ll make your decision on the same basis.That’s awesome. Thanks for sharing your experience.
I know a lot of things on a lot of different subjects, but home ownership isn’t one of them.
Depends. What do you do for a living?
The United States and some other housing and financial markets had a big downturn between 2007 and 2011, where a lot of houses were deemed “under water”.
That means the homes were worth less, sometimes much less, than the amount owed.
The financial strain many were under, like investment losses, job losses and of course, divorce, put men in a difficult situation.There was a great financial advantage in actually “walking away” from the house and the mortgage, thus taking on liabilities and a huge hit to your credit rating. Many newly divorced men had no need for the big house the wife made him buy for his “family”.
Many were so bad off they took the “walk away” option.
Kind of like MGTOW.
Sometimes it’s better to cut your losses and go your own way from your past mistakes.Depends. What do you do for a living?
Well, I’ll have to be vague about this, sorry.
I work in a fabrication shop. The parts I make are then used to build big-ass industrial equipment.
I make a more-than-decent salary, the cost of living is also fairly low in the area. We have nice contracts right now, but it could go slow down after that, who knows. Nothing is certain but I doubt they would fire anybody if that ever happened.
I wish I never bought my house. It costs a lot more dough to maintain a home and pay for utilities than an apt. Been here over ten years, wouldn’t get my money back. As for a chick magnet, unless it’s a mansion in like Los Angeles or Miami, I think you’d be fine. I’m halfway decent looking, and women do not knock down my door. Then again, this is NY women…
You have to play the long game think 30 years to regain the investment or start renting a part of your house if you want to make more money out of it. A house will always have added costs that you need to deal with but it comes with the territory of owning a house.
Forgot to add also in the above post if it is a older house get a mold test done on it especially if you are buying a house that needs to be fixed up and the roof is in bad shape. I did this and found mold in the walls of the kitchen where there was a leak in the roof and had to tear it all down and replace it. They will tell you the work needs to be done by mold specialists screw that get a mold suit and a good respirator that is rated to handle mold and do the work yourself.
Don’t be afraid to get messy I saved myself 10k just by doing the work alone and it took me 2 days to do it. If you can stay away from moldy houses though do it I had no clue and bought it to late. Or you can use that to your advantage and negotiate a lower purchase price for the home if you do end up finding mold in it. If you get a house with a chimney make sure that it was cleaned prior to purchase as well and vents too if you can. The home inspector should be able to tell you if any work was done recently. If there are too many red flags walk away and find another home. I know I am still missing something if I remember I will add to it.
I do not think may ppl will plan to stay in a house 30 years. This is NY, so the prop. taxes are insane. They’ve more than doubled since I moved here. This was unforeseen and that is my biggest obstacle.
Mold can be a tricky issue. If a house is infested with mold, you really should hire a professional. Then again, if you take all the affected materials out down to the studs (like I did), then you should be okay. However, dumping then becomes a HAZMAT issue. If you can avoid this, it’s always best.
That’s awesome. Thanks for sharing your experience.
Again, no problem brother. For another, equally valid take on the question please read DarkRyu’s excellent post. All his points are great ones, especially the rental angle.
As I pointed out, I would have been a landlord if my personal and unique situation at the particular time had been slightly different. (As it was I still was landlord of sorts for a few years because I owned a small part of an apartment complex.)
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
In my experience it’s easiest in a house in the far suburbs. Most of my neighbors think I’m just the guy who mows the lawn.
Nice. That sounds perfect.
And @rhino. I live in Canada too and in a fairly rural area. As an example (the real estate website provided this info), a 100,000$ house that I looked at had 1700$ worth of property and school taxes for a year. It’s bearable. I could handle it financially, no problem.
I’ll just crunch the numbers and keep saving until I’m ready. Or not.
p.s. That 100,000$ house I’m talking about is actually on my commute to work and it’s in a terribly noisy spot. About 15 feet from a busy road with trucks 24/7, and a loud slaughterhouse in the back. I’d have to soundproof the heck out of it, hahaha.
Trust when I say buy a house or prop. away from people and their sounds/ young kids. It’s nothing but trouble. If it is too loud now, it will only get worse over time.
Depends. What do you do for a living?
Well, I’ll have to be vague about this, sorry.
I work in a fabrication shop. The parts I make are then used to build big-ass industrial equipment.
I make a more-than-decent salary, the cost of living is also fairly low in the area. We have nice contracts right now, but it could go slow down after that, who knows. Nothing is certain but I doubt they would fire anybody if that ever happened.
Gotchya. Read Kiyasaki’s books, or listen to the audio tapes. Also Read the Richest Man in Babylon (or listen – much easier). If you buy, I recommend renting what you purchase, and when you have enough rentals to pay your mortgage without working, then and only then buy for yourself. Yes, I am saying rent your own home, and rent our your purchases to others at the same time. This will force you to understand real estate in your area.
What you KNOW is machine fab. Is there a way you can earn more money using what you know? You don’t know real estate… you may as well be asking us if you should buy pearls. A brick-maker KNOWS about bricks. But he does not know about jewelry.
If you dig deep, YOU probably know enough to tell all of us how to earn big in the machine fab world. So the question is… what’s holding you back from doing it that way for yourself?
Trust when I say buy a house or prop. away from people and their sounds/ young kids. It’s nothing but trouble. If it is too loud now, it will only get worse over time.
Thanks for the tip. I hate noise. Unless it’s metal music or dubstep. haha
Sandals: Because I don’t wanna ? I’m not interested in starting and running a business. I just wanna work then go home without worrying about a thing. That kind of thing just isn’t for me.
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