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Old 04-19-2021, 02:08 PM
 
Location: Round Rock, Texas
12,567 posts, read 12,627,585 times
Reputation: 17282

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That's what we'll probably do down the road - an apartment style condo that's waterfront. But as renters.

My mom has willed her SFH in the Austin area to me, so there's that option if we wanted to remain owners.
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Old 04-19-2021, 02:10 PM
 
Location: OC
9,801 posts, read 5,766,470 times
Reputation: 7933
Quote:
Originally Posted by ilovemycomputer90 View Post
This is exactly what happened to me. Being at the whims of a landlord and rental market certainly doesn't feel very secure. The last thing I want to be thinking about is if my rent will go up or if I'll even be living here in x number of months. No thanks.
And generally, in desirable areas, rent goes up. Actually, cost of ownership goes up as well.
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Old 04-20-2021, 04:57 PM
 
Location: NW Minnesota LOL
1,529 posts, read 1,678,076 times
Reputation: 1785
Forget the fact that you're responsible for ALL utilities(unless you're in a certain HOA), maintenance, etc.

If you have a bunch of student loan debt at least 40K(and I'm being generous), you can't and shouldn't afford to own a house until you get a higher income.
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Old 04-20-2021, 06:11 PM
 
Location: Sierra Vista, AZ
17,461 posts, read 22,784,531 times
Reputation: 9762
I did, twice, still wound up needing our little part of the planet. I have given up, I will own it.
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Old 04-21-2021, 12:12 AM
 
Location: Bakersfield, Ca
2,002 posts, read 1,668,896 times
Reputation: 4565
Quote:
Originally Posted by Eeko156 View Post
If you think homeownership is expensive, try renting. All those repairs and taxes would not be 'free', either. They are simply absorbed into rent increases.
I really don't know why people say things like this ^^^ most adults know its not free .

Its not about being "free". Its more about splitting the cost and its worth it to me to have a landlord with the capital to fix major things .
I lost alot of my income due to this terrible sickness ( covid )

Yes op I am thinking about this too . I love my house and my neighborhood but I am recovering ( multi year ) from a severe rx drug injury and I am not the same anymore and VERY vulnerable .
I learned this last year when I needed a part for my 3 yr old ac unit and a company told me it couldn't be fixed and that I would need a 20,000 new ac .
I can't do that , fortunately I called someone else and had the neighbors husband come over and suddenly all it was was a 40.00 part .

I can afford my house like it is but I really dont have the cash if I needed a new roof or a new a/c etc . I rented from 2005 to 2019 when I bought this .. I've thought to rent again or to maybe buy a town home where I could still garden . I just don't know .
The garden is the only thing that keeps me from just renting right away ( mines a container garden ) , I dont need to be terrified to need an entire new ac or roof . We had over 90 days last year of 100 + so I cant go without one .
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Old 04-21-2021, 06:18 AM
 
Location: Florida
8,231 posts, read 14,202,098 times
Reputation: 11529
Quote:
Originally Posted by DutchessCottonPuff View Post
I really don't know why people say things like this ^^^ most adults know its not free .

Its not about being "free". Its more about splitting the cost and its worth it to me to have a landlord with the capital to fix major things .
I lost alot of my income due to this terrible sickness ( covid )

Yes op I am thinking about this too . I love my house and my neighborhood but I am recovering ( multi year ) from a severe rx drug injury and I am not the same anymore and VERY vulnerable .
I learned this last year when I needed a part for my 3 yr old ac unit and a company told me it couldn't be fixed and that I would need a 20,000 new ac .
I can't do that , fortunately I called someone else and had the neighbors husband come over and suddenly all it was was a 40.00 part .

I can afford my house like it is but I really dont have the cash if I needed a new roof or a new a/c etc . I rented from 2005 to 2019 when I bought this .. I've thought to rent again or to maybe buy a town home where I could still garden . I just don't know .
The garden is the only thing that keeps me from just renting right away ( mines a container garden ) , I dont need to be terrified to need an entire new ac or roof . We had over 90 days last year of 100 + so I cant go without one .
Its the same scenario for me with the house. Its affordable much more so than rent. Its just the thought of replacing roofs and the AC etc etc. Is what the problem is. Here in Florida because of hurricanes Insurance Companies force you to replace the roof. Even before it needs one at around 15 years. If it's not done they increase the premium hundreds of dollars, or canx you. Insurance here is outrageous. Many can afford the house but not the insurance. You can imagine how big the roofing business is down here. Its a racket. Same with the HVAC system. I've already replaced that. They tell you the whole system needs replacing, yet a new part could fix the problem. With so many seniors in Fla. You can imagine how many are taken advantage of. Seniors are nothing more than a source of income for Florida businesses. It's sad to see that.

I don't know what the answer is because rents are more than what I comfortably can pay or qualify for. What I have done and don't know how long I can do it. I went out and got a job 3 days a week. It gives me a cushion for these repairs that are sure to come up in Fla. I notice more and more seniors are returning to part time jobs.That is if they can find an employer to hire an older person. That's another problem in itself.
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Old 04-21-2021, 09:12 AM
 
12,465 posts, read 6,807,007 times
Reputation: 20151
Quote:
Originally Posted by DutchessCottonPuff View Post
The garden is the only thing that keeps me from just renting right away (mines a container garden ).
Couldn't you still have a (small) container or raised garden on any apartment porch, deck, balcony, or rooftop?
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Old 04-21-2021, 09:36 AM
 
Location: OC
9,801 posts, read 5,766,470 times
Reputation: 7933
Quote:
Originally Posted by Jimrob1 View Post
Its the same scenario for me with the house. Its affordable much more so than rent. Its just the thought of replacing roofs and the AC etc etc. Is what the problem is. Here in Florida because of hurricanes Insurance Companies force you to replace the roof. Even before it needs one at around 15 years. If it's not done they increase the premium hundreds of dollars, or canx you. Insurance here is outrageous. Many can afford the house but not the insurance. You can imagine how big the roofing business is down here. Its a racket. Same with the HVAC system. I've already replaced that. They tell you the whole system needs replacing, yet a new part could fix the problem. With so many seniors in Fla. You can imagine how many are taken advantage of. Seniors are nothing more than a source of income for Florida businesses. It's sad to see that.

I don't know what the answer is because rents are more than what I comfortably can pay or qualify for. What I have done and don't know how long I can do it. I went out and got a job 3 days a week. It gives me a cushion for these repairs that are sure to come up in Fla. I notice more and more seniors are returning to part time jobs.That is if they can find an employer to hire an older person. That's another problem in itself.
And rents will go up.
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Old 04-21-2021, 04:36 PM
 
Location: Round Rock, Texas
12,567 posts, read 12,627,585 times
Reputation: 17282
Quote:
Originally Posted by Gaylord_Focker View Post
And rents will go up.
and property taxes and other ancillary costs like homeowner's insurance can go up as well. I have yet to see my monthly payment go down or remain the same.

Our appraised value went up by 150k this year, translating into 1100 more per year in taxes. Comps continue to come in at higher values, which will spark another increase next year and thereafter.

Because of the increased valuation, we have to add more insurance on the home, which is not nominal.


This isn't to say that renting is inherently better but rather I'm making the point that monthly carrying costs on a home you own can go up yearly as well.
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Old 04-21-2021, 04:45 PM
 
Location: OC
9,801 posts, read 5,766,470 times
Reputation: 7933
Quote:
Originally Posted by riaelise View Post
and property taxes and other ancillary costs like homeowner's insurance can go up as well. I have yet to see my monthly payment go down or remain the same.

Our appraised value went up by 150k this year, translating into 1100 more per year in taxes. Comps continue to come in at higher values, which will spark another increase next year and thereafter.

Because of the increased valuation, we have to add more insurance on the home, which is not nominal.


This isn't to say that renting is inherently better but rather I'm making the point that monthly carrying costs on a home you own can go up yearly as well.
Well you're already inheriting a house right? Here in California, our property tax rate is locked in at initial purchase price, so actually my property taxes won't go up.

Rent in high demand places seem to always go up. As does housing. Heck, you live in Round Rock, you should know that. So, when you buy something in 1990, your mortgage is at 1990 prices, not 2021. Can't afford to pay your property taxes? You can sell the home for quite a profit. But again, mommy and daddy already took care of you, so not really sure what you're arguing about. You're the text book case of someone who home ownership has helped, even though you didn't actually pay a dime.

Also, when property taxes go up for apartments, guess who pays? Not the landlord......

You're like the other lady that's banging the rental drum......she happens to live in a rent controlled area. Well heck, in that case I'll rent too!!!
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