Preach!
Comment on Rent is theft
SoleInvictus@lemmy.blahaj.zone 3 days agoEasy - do it 1970s style. You own a home but pay less than half of what you do now. The extra savings go toward home maintenance and lifestyle improvement.
pipi1234@lemmy.world 2 days ago
TubularTittyFrog@lemmy.world 2 days ago
do you want all the negative externalizes of 1970s too? like leaded gasoline? a much more racist and sexist and hateful society?
Quadhammer@lemmy.world 2 days ago
What does that have to do with affordable housing?
jj4211@lemmy.world 2 days ago
It really depends on how often he is really using that “I want to move” option.
Various fees associated with the purchase of a houae will blow away likely equity gains over a year or two. Over a short time period housing can actually go down, and you sell for less than you paid. Selling the house is a potential exposure that may leave you stuck for months with it, and if you needed to immediately move, you have to own two properties and the associated taxes, insurance, and likely loan payment. If you had to borrow and moved within a year. The interest owed probably outpaced your theoretical equity gains.
So if you are only staying in one place for say 4 years or less, renting may actually make sense. If you are planning longer than that, purchasing almost always makes more sense.
brbposting@sh.itjust.works 2 days ago
The time cost, too. Huge hassle to buy, move, sell. Inspections, agents, viewings… big pressure end to end.
I remember the San Francisco Bay Area threw this old truism off when purchasing became so expensive, it was just about a wash whether you wanted to rent or buy.
These tiny little homes starting at a million bucks or something…
TubularTittyFrog@lemmy.world 2 days ago
buying doesn’t make sense unless you live in a place for 5-10 years.
jj4211@lemmy.world 2 days ago
I will say that as an owner, I have a lot more disposable income and pretty much all the free time I had as a renter.
I paid of my mortgage early, so now that’s just on the ground.
House maintenance is a thing, but it’s not as scary as people sometimes act like it is. Cleaning is far more work than maintenance/repairs and I had to do that either way. I have had three relatively big repair bills that I had to pay for, but that’s over decades, and I could have paid a company some monthly fee if I wanted more predictability (though the home warranty companies tend to be scammy). I have a lawn to mow, but that’s more a function of detached housing rather than renting/owning, renters of detached housing have to mow their lawn too, and a friend who owns a townhouse doesn’t mow but has to pay big HOA fees that include landscaping services.
But absolutely, between closing costs and interest rates and risk of the housing market having a short-term dip, you aren’t going to reliably and meaningfully gain equity in under 5 or 4 years. One could make a persuasive argument that a different system wouldn’t have that much overhead to a purchase, but within the system we have, that’s the timeframe where owning doesn’t make any sense.
Of course, that said, there needs to be healthy choice in the market, so that people aren’t stuck renting when it doesn’t make sense for their situation.
TubularTittyFrog@lemmy.world 2 days ago
It entirely depends on the house. Some people get bankrupted by their homes, some get really lucky and have very low maintenance costs. When I rented I had something like 60%+ disposable income.
Sounds like you are very economically well-off, and you can likely afford to outsource your labor and upkeep. I could not. I had more free money and time when I rented because I cannot afford to higher maids, landscapers, and etc. I do almost every minor repair myself, including plumbing and electrical and I absolutely dread the day I will have to replace a roof or do another very costly repair and it sucks to have to have a pile of money I have to keep aside for that, when I’d rather use it for something enjoyable. Owning a home has seriously impacted my ability to vacation and travel in both terms of money and time to the point I haven’t left the country in 5 years. I am ‘wealtheir’ on paper, but that wealth doesn’t do much for me in my day to day life. My 8 grand a month income does less for me than my 2 grand a month income did for me 10 years ago, because so much of it is sunk into my home.
SoleInvictus@lemmy.blahaj.zone 2 days ago
You make a really good point, thank you.
Honest question because I just don’t know - would those same financial and temporal costs (mentioned in another comment) still be as high in a functional, fair system?