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Why are some of you getting so upset about the status symbol comment? It's true. If you own a house, it does say something about your status in our society.
Quote:
Originally Posted by Magritte25
I think owning a home is a status symbol in the same vein as having a car. Many people think "badly" of those who choose to do neither. Owning a home and having a car is supposedly a sign of being an adult, being successful, etc.
Why are some of you getting so upset about the status symbol comment? It's true. If you own a house, it does say something about your status in our society.
Please elaborate. What does it "say" about someone if they own versus rent?
I bought mine for $35,000 and sold it for $575,000. I guess I bought a lot of status.
Okay, but try growing up in today's times. There isn't the lifelong job that you'll retire from anymore unless you start your own business and even then you're likely going to fail once or twice before you eventually start a successful one.
Younger folks these days do go through many jobs (I think the last number I heard is 11-17) before they'll retire. If you want to continue to work after having been laid off or fired you need to be flexible.
There's a lot of changes going on and have been since the 70's and 80's due to globalization. Industries that were once "safe" are all up for grabs.
As mentioned in the video, owning a home is merely a status symbol.
Already responded to, but I'll second what someone else said. Is a youtube video the final word on this subject?
Quote:
Originally Posted by knowledgeiskey
Just two?
Washington DC is home to the capital of the most powerful nation. Of course, its economy is doing good. However, PG County has a foreclosure problem.
Pittsburgh does not have a sprawling problem. Its metro did not grow like the ones in the Sunbelt. The Sunbelt's population boomed in the last decade.
Pittsburgh is sprawly in some places. The city population is 1/2 of what it was at its peak, in, I believe, 1950. The burbs have grown, and in some cases have continued to grow despite the overall population loss in that area. It has the typical northeastern suburban layout of arterials with cul-de-sacs, 1/2 acre lots in many places in the burbs, etc.
Quote:
Originally Posted by Sunnysee
My case against home ownership is that when and if we have a major repair, all of the sudden I remember the good 'ole days when we were renters.
If BO and his bunch actually do start to incrementally take our mortgage interest deduction away, then that's sure to be a large part of "the case" against it.
My case against renting is the memory of how long we sometimes had to wait for a landlord to do anything about a problem and the crappy quality in some (most) rentals.
Quote:
Originally Posted by Magritte25
Why are some of you getting so upset about the status symbol comment? It's true. If you own a house, it does say something about your status in our society.
Well, your comment is not quite the same as what people think of as a "status symbol" such as a fancy car, designer clothes, backyard pools, etc. Owning a house is also a good tax shelter. It's about the only thing you get a deduction on any more. Our mortgage is far less than what the market rent would be for our house.
Our mortgage is far less than what the market rent would be for our house.
That's probably true in a lot of places, however, you have to take into account routine and land maintenance, property taxes, common area electrical bills ($3,000 a month), etc. It's something completely lost on the "renters are throwing their money away crowd."
Water heater goes out, HVAC system dies, electrical panel catches on fire or a buss-bar is compromised at your meter. All of those things are in the $1,000's of dollars (if done correctly with permitting) and in some cases, like with a buss-bar compromise, can be as high as $20,000.
Property taxes? $150,000 for a 22 acre 256 unit complex in the area where we're at (just one complex).
Landscape contract? $38,000 for the common areas and removal of snow ($5,500 last year), mulching, etc are all extras. Mulching alone is $55/yard (for the landscapers that we like to use because they do what they say they will) and it takes anywhere from 450 to 600 yards (depending on the depth of the mulch) to do that one 22 acre property.
Then of course you can demand things like carpet cleans, accent walls, repaints, etc on renewals. The landlord doesn't want to do those? Then move to somewhere that's better kept up. Things like carpet cleans increase the life of the carpet and any landlord that doesn't understand that is there for just just to collect the monthly rent and cares nothing about the capital they have.
Please elaborate. What does it "say" about someone if they own versus rent?
What it says to me is that the homeowner is more likely to be a long term resident than the renter.
Some prefer to be transitory, moving to where ever it is most convenient for them. Others prefer a more permanent residence, even if it means a longer commute. However, it is more than just convenience for most homeowners. It is also about building equity.
Why rent and pay the mortgage for someone else, when you can buy and build equity? If one is not sure about their location, or have the kind of career that requires them to move around a great deal, then it might make more sense to rent. Otherwise, it makes more sense to buy.
That's probably true in a lot of places, however, you have to take into account routine and land maintenance, property taxes, common area electrical bills ($3,000 a month), etc. It's something completely lost on the "renters are throwing their money away crowd."
Water heater goes out, HVAC system dies, electrical panel catches on fire or a buss-bar is compromised at your meter. All of those things are in the $1,000's of dollars (if done correctly with permitting) and in some cases, like with a buss-bar compromise, can be as high as $20,000.
Property taxes? $150,000 for a 22 acre 256 unit complex in the area where we're at (just one complex).
Landscape contract? $38,000 for the common areas and removal of snow ($5,500 last year), mulching, etc are all extras. Mulching alone is $55/yard (for the landscapers that we like to use because they do what they say they will) and it takes anywhere from 450 to 600 yards (depending on the depth of the mulch) to do that one 22 acre property.
Then of course you can demand things like carpet cleans, accent walls, repaints, etc on renewals. The landlord doesn't want to do those? Then move to somewhere that's better kept up. Things like carpet cleans increase the life of the carpet and any landlord that doesn't understand that is there for just just to collect the monthly rent and cares nothing about the capital they have.
Just some thoughts...
I am not one who ever thought renting was "throwing one's money away". As my mom liked to say regarding that issue, "you're getting a place to live". I'm well aware that landlords have their expenses. However, they wouldn't be doing landlording if they weren't making money at it. I know several people who have done so and admitted they did pretty well, financially. Regarding moving if the landlord won't accede to your wishes, that may be the solution in a drastic case, but moving ALWAYS costs money, and more than just pizzas for the people who help you.
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