Homeowner/House Thread: It's going to cost how much, now?

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  • MugsleyMugsley Registered User regular
    I would personally just pay for 1-2 nights at a hotel, or go shower at the Y. Even if you have to pay a nonmember fee each time you go to the Y, it's worth the cost.

    Or maybe try something like Planet Fitness? I don't know if they have showers.

    Then again, I loves me some showers; even on weekends.

  • CorvusCorvus . VancouverRegistered User regular

    I so envy the home prices some of you guys have in your areas. The cheapest single detached home in Metro Vancouver is over $500k

    :so_raven:
    AbsoluteZero
  • The WolfmanThe Wolfman Registered User regular
    Tomanta wrote: »
    So, the water department messed up setting up my account when I bought my house last May. I should have called b/c my bill showed $0 but it's hard to find an hour in the middle of a work day.

    Today, I get my water shut off for "illegal usage". Spend my lunch break calling them. They were fairly pleasant (no fees, set up a correct acct, etc) but it won't be turned back on for 24-48 hours. Tonight may be tough.

    If you have neighbors that are willing to help you out, you can make due with a bucket or two of water. The obvious big worry is the toilet. But you can flush a toilet so long as there's water in the back tank.

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  • bowenbowen How you doin'? Registered User regular
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Ah yeah, if you're in the major metros that is definitely your reality.

    Rent on a 2 bedroom apartment here is like $1200-1600 depending on if you want to live in the shitty area or not. You can get it cheaper but you really, really do not want to live in those places. My mortgage + taxes is $1100, and I live in a village where I pay extra taxes on top of the already crazy high NY property taxes you're probably intimately aware of. It went up about $5 a month this year for the tax increase. If I was in an apartment still that would've been $50.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
    Cauld
  • bowenbowen How you doin'? Registered User regular
    Or you could commute like 45 minutes and get it under 1k maybe.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • CauldCauld Registered User regular
    bowen wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Ah yeah, if you're in the major metros that is definitely your reality.

    Rent on a 2 bedroom apartment here is like $1200-1600 depending on if you want to live in the shitty area or not. You can get it cheaper but you really, really do not want to live in those places. My mortgage + taxes is $1100, and I live in a village where I pay extra taxes on top of the already crazy high NY property taxes you're probably intimately aware of. It went up about $5 a month this year for the tax increase. If I was in an apartment still that would've been $50.

    We've been thinking of moving upstate somewhere, but it would have to be pretty far to make a real difference.

  • TomantaTomanta Registered User regular
    Tomanta wrote: »
    So, the water department messed up setting up my account when I bought my house last May. I should have called b/c my bill showed $0 but it's hard to find an hour in the middle of a work day.

    Today, I get my water shut off for "illegal usage". Spend my lunch break calling them. They were fairly pleasant (no fees, set up a correct acct, etc) but it won't be turned back on for 24-48 hours. Tonight may be tough.

    If you have neighbors that are willing to help you out, you can make due with a bucket or two of water. The obvious big worry is the toilet. But you can flush a toilet so long as there's water in the back tank.

    Yeah, going to have to figure out a plan with the wife tonight. We could probably grab a gallon or two of water for the toilets and be fine tonight (but she for sure will want a shower), I wouldn't want to do that for two days, though, so hopefully it's back on tomorrow.

  • MugsleyMugsley Registered User regular
    Take her to a hotel for early Valentine's Day! Bonus: it'll be a little cheaper

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  • DelzhandDelzhand Hard to miss. Registered User regular
    Another fun thing I saw locally - house listings where the included photos had a handful of prominently visible confederate flags.

    That would fuck me up. Like I can perform the logic of "they're not part of the house and they won't be there when you move it" but then another part of my head says "yeah, but... fuck those people".

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  • MNC DoverMNC Dover Game Designer/Stay-at-home Dad Seattle, WARegistered User regular
    Delzhand wrote: »
    Another fun thing I saw locally - house listings where the included photos had a handful of prominently visible confederate flags.

    That would fuck me up. Like I can perform the logic of "they're not part of the house and they won't be there when you move it" but then another part of my head says "yeah, but... fuck those people".

    The only redeeming part would be to cover the house in rainbow colors or something.

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  • Stabbity StyleStabbity Style Warning: Mothership Reporting Richland, WARegistered User regular
    Delzhand wrote: »
    Another fun thing I saw locally - house listings where the included photos had a handful of prominently visible confederate flags.

    That would fuck me up. Like I can perform the logic of "they're not part of the house and they won't be there when you move it" but then another part of my head says "yeah, but... fuck those people".

    I'd also be concerned about whether their neighbors harbored similar views, too.

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  • DoodmannDoodmann Registered User regular
    I saw a nazi flag in the garage on my final walkthrough. That was...fun.

    Whippy wrote: »
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  • DelzhandDelzhand Hard to miss. Registered User regular
    Delzhand wrote: »
    Another fun thing I saw locally - house listings where the included photos had a handful of prominently visible confederate flags.

    That would fuck me up. Like I can perform the logic of "they're not part of the house and they won't be there when you move it" but then another part of my head says "yeah, but... fuck those people".

    I'd also be concerned about whether their neighbors harbored similar views, too.

    Yeah I hadn't considered that. That's probably really valid. I need to know that if I put a Bernie yard sign or bumper sticker on that I'm not going to be subject to harassment, vandalism, or theft. I don't need all my neighbors to agree with me but I do need to know I and my shit are safe.

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  • VishNubVishNub Registered User regular
    Doodmann wrote: »
    I saw a nazi flag in the garage on my final walkthrough. That was...fun.

    Orange County?

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  • DoodmannDoodmann Registered User regular
    VishNub wrote: »
    Doodmann wrote: »
    I saw a nazi flag in the garage on my final walkthrough. That was...fun.

    Orange County?

    twist: gay long beach

    Whippy wrote: »
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  • AbsoluteZeroAbsoluteZero The new film by Quentin Koopantino Registered User regular
    edited February 12
    Doodmann wrote: »
    I saw a nazi flag in the garage on my final walkthrough. That was...fun.

    It's weird to me that a seller wouldn't take down or hide shit like that when trying to sell a house. What's more important? That people know you're a shit-head or selling the damn house?

    AbsoluteZero on
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  • Stabbity StyleStabbity Style Warning: Mothership Reporting Richland, WARegistered User regular
    Doodmann wrote: »
    I saw a nazi flag in the garage on my final walkthrough. That was...fun.

    It's weird to me that a seller wouldn't take down or hide shit like that when trying to sell a house. What's more important? That people know you're a shit-head or selling the damn house?

    If I've learned anything these past 4 years, it's letting people know you're a shit-head.

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  • chromdomchromdom Why do bad things keep happening to me? Oh yeah, because of the things I've done.Registered User regular
    Also, they want to sell to someone who agrees with them; leaving flags up attracts like minds. They don't have to ask, just look at each other's flags flying.

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  • ShadowfireShadowfire Vermont, in the middle of nowhereRegistered User regular
    MNC Dover wrote: »
    Delzhand wrote: »
    Another fun thing I saw locally - house listings where the included photos had a handful of prominently visible confederate flags.

    That would fuck me up. Like I can perform the logic of "they're not part of the house and they won't be there when you move it" but then another part of my head says "yeah, but... fuck those people".

    The only redeeming part would be to cover the house in rainbow colors or something.

    My in-laws had neighbors who hated them basically for being gay. So to try and keep some space between their neighbors, the in-laws put up a fence.

    And made sure to paint a huge rainbow on it.

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  • MichaelLCMichaelLC In what furnace was thy brain? ChicagoRegistered User regular
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  • notyanotya Registered User regular
    When your agent talks to the seller's agent, and the seller's agent says they have an offer that's x dollars over asking... how often do you think they're just straight up lying to fish for more money?

  • chromdomchromdom Why do bad things keep happening to me? Oh yeah, because of the things I've done.Registered User regular
    I suspect that does not happen very much. Sales agent are about speed and turnover, getting on to the next commission. For their percentages, and increase of $10k (or whatever) does not increase their take home all that much, certainly not as much as getting a commission on another house. The risk of a party walking away to not get caught in a bidding war isn't worth the extra $100 (or whatever) they'd make.

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  • chokemchokem Registered User regular
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

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  • SkeithSkeith Registered User regular
    notya wrote: »
    When your agent talks to the seller's agent, and the seller's agent says they have an offer that's x dollars over asking... how often do you think they're just straight up lying to fish for more money?

    Depends on the market. I'd believe it without a second thought in any major city. Small town? I'd think they were full of it, depending on how nice the house in question is, whether there's other stuff available, etc.

    mts wrote: »
    heres how i see it being a total win situation for you
    1. stay with your wife while she dog sits. this wins husband points since she knows its out of your comfort zone
    2. have sex all over her friends house so that the next time you see her friend look at you condescendingly, you can wink back knowing you did the freaky deaky where she eats her cheerios.
    Simpsonia
  • CauldCauld Registered User regular
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

  • SimpsoniaSimpsonia Registered User regular
    Cauld wrote: »
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

    I can't imagine maintenance alone costing that much. Are you thinking of co-op/condo dues? Those usually cover a lot more than maintenance in those old pre-war buildings, such as water, hot water, trash, and likely even heat if it's a radiator/boiler building.

  • CauldCauld Registered User regular
    Simpsonia wrote: »
    Cauld wrote: »
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

    I can't imagine maintenance alone costing that much. Are you thinking of co-op/condo dues? Those usually cover a lot more than maintenance in those old pre-war buildings, such as water, hot water, trash, and likely even heat if it's a radiator/boiler building.

    That's true, those things are usually included in the fees. Coops also have weird underlying mortgages that are rarely ever paid off, which is part of why maintenance is usually so high. Condo's have lower maintenance, but the monthly fees (including property taxes) are close to the same.

    Either way, when compared to renting all those things are also usually included.

  • daveNYCdaveNYC Why universe hate Waspinator? Registered User regular
    Cauld wrote: »
    Simpsonia wrote: »
    Cauld wrote: »
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

    I can't imagine maintenance alone costing that much. Are you thinking of co-op/condo dues? Those usually cover a lot more than maintenance in those old pre-war buildings, such as water, hot water, trash, and likely even heat if it's a radiator/boiler building.

    That's true, those things are usually included in the fees. Coops also have weird underlying mortgages that are rarely ever paid off, which is part of why maintenance is usually so high. Condo's have lower maintenance, but the monthly fees (including property taxes) are close to the same.

    Either way, when compared to renting all those things are also usually included.

    A big chunk of the coop's maintenance is that when you buy a coop, you're buying shares in the building itself, so you're paying off a chunk of the building's mortgage. It comes with some tax benefits and allows for minor corruption when it comes to picking who to go with when they refinance the mortgage.

    Shut up, Mr. Burton! You were not brought upon this world to get it!
  • djmitchelladjmitchella Registered User regular
    chokem wrote: »
    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    One thing we've found useful is that when we got our mortgage in the first place, it was for the value of the house (minus the value of our previous house we were moving out of, but still a whole big lot of money). So the amount of "pay down some more mortgage if you have extra cash one month" was based on 20% of that original amount -- which was ridiculously high, but gave us some breathing room.

    Because we've just renewed the mortgage with the same company for the last couple of terms, now that we're in the closing stretch, the 'extra pay it down' allowance is still based on 20% of the original amount, not 20% of the (significantly smaller) amount we're on now, which would be small enough we might run out of space. I don't know how that sort of thing works when refinancing with a different company, but it's useful enough that we haven't wanted to shop around for the absolute lowest possible rate.


    (for what it's worth, when we set our mortgage up, we set it up with the smallest monthly amount that we could pay with that term and interest -- then, when we do our budget at the end of each month, if we have money left over for one reason or another, we put it on the mortgage. That way we can still pay it down faster than expected, but it gives us a bit more slack on a month-by-month basis for budgeting. It does rely on us to actually _do_ the extra payment, whereas going on 'accelerated bi-weekly' or whatever would mean we couldn't forget, but it's turned out to be okay as part of our general budgeting strategy. (I get paid every two weeks, for example, so in a three-paycheque month there's a bit of spare room in the budget to put on the mortgage, for instance).)

  • HeirHeir Registered User regular
    Corvus wrote: »
    I so envy the home prices some of you guys have in your areas. The cheapest single detached home in Metro Vancouver is over $500k

    Denver is out of control as well now. We put down offers on several homes over the past few months and just now FINALLY had an offer accepted in Denver. $900k. Just insane. Thank goodness our current home's value has gone up by a bunch over the last 6 years.

    camo_sig2.png
    Cauld
  • CauldCauld Registered User regular
    daveNYC wrote: »
    Cauld wrote: »
    Simpsonia wrote: »
    Cauld wrote: »
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

    I can't imagine maintenance alone costing that much. Are you thinking of co-op/condo dues? Those usually cover a lot more than maintenance in those old pre-war buildings, such as water, hot water, trash, and likely even heat if it's a radiator/boiler building.

    That's true, those things are usually included in the fees. Coops also have weird underlying mortgages that are rarely ever paid off, which is part of why maintenance is usually so high. Condo's have lower maintenance, but the monthly fees (including property taxes) are close to the same.

    Either way, when compared to renting all those things are also usually included.

    A big chunk of the coop's maintenance is that when you buy a coop, you're buying shares in the building itself, so you're paying off a chunk of the building's mortgage. It comes with some tax benefits and allows for minor corruption when it comes to picking who to go with when they refinance the mortgage.

    You're typically just paying for the interest on the building's mortgage. Most coops don't actually pay off their mortgage. I would think the tax advantages are much lower now with the new tax laws, but I admit I can't remember from when I was looking at buying a couple years ago.

  • evilmrhenryevilmrhenry Registered User regular
    Cauld wrote: »
    daveNYC wrote: »
    Cauld wrote: »
    Simpsonia wrote: »
    Cauld wrote: »
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

    I can't imagine maintenance alone costing that much. Are you thinking of co-op/condo dues? Those usually cover a lot more than maintenance in those old pre-war buildings, such as water, hot water, trash, and likely even heat if it's a radiator/boiler building.

    That's true, those things are usually included in the fees. Coops also have weird underlying mortgages that are rarely ever paid off, which is part of why maintenance is usually so high. Condo's have lower maintenance, but the monthly fees (including property taxes) are close to the same.

    Either way, when compared to renting all those things are also usually included.

    A big chunk of the coop's maintenance is that when you buy a coop, you're buying shares in the building itself, so you're paying off a chunk of the building's mortgage. It comes with some tax benefits and allows for minor corruption when it comes to picking who to go with when they refinance the mortgage.

    You're typically just paying for the interest on the building's mortgage. Most coops don't actually pay off their mortgage. I would think the tax advantages are much lower now with the new tax laws, but I admit I can't remember from when I was looking at buying a couple years ago.

    Basically, the standard deduction increased to the point where you have to spend Rich Person Money on deductible items in order for itemization to make sense, and most people don't. (The usual expense that tipped people over the line was mortgage interest.) The current standard deduction is over $24k, or $2k/month for married filing jointly. ($12k for single.) This is basically double the previous value.

    CauldBlackDragon480
  • CauldCauld Registered User regular
    Cauld wrote: »
    daveNYC wrote: »
    Cauld wrote: »
    Simpsonia wrote: »
    Cauld wrote: »
    chokem wrote: »
    Cauld wrote: »
    bowen wrote: »
    Cauld wrote: »
    Skeith wrote: »
    bowen wrote: »
    I mostly just can't understand retiring and having to account for roughly 20k+ a year in rent in your income. That would give me fucking panic attacks.

    I mean... how many renters do you think believe retiring is in their future at this point?

    I'm renting and am well on my way to retirement. You just factor a payment into your budget. Instead of buying a house I rent, part of that calculation is that I can save more for retirement. It's not so complicated, but then again I'm in a fortunate enough position to save a decent amount for retirement.

    How can you save more for retirement by renting? Is the market _that_ upside down?

    My mortgage payment, with the taxes, is about $400 a month cheaper. And it's just going to get cheaper year after year.

    Even if you don't plan to retire, not having an actual payment per month is worlds better while you're working.

    I live in NYC, renting is definitely cheaper than buying a comparable home here. I think that's true a lot of places. Buying does give you more cost certainty, I agree with you there.

    One thing that became apparent when I was looking to buy is that I also save by renting a smaller apartment/house than I would buy. At the time I was living in a 1BR, but my wife and I wanted a family so buying a 1 br meant we would have to move in a couple years. But, if we bought a 2 or 3 br then until those rooms are needed we're paying a lot of extra money/month for empty space. In both cases I thought it made more sense to just save the extra money.

    I would guess that the price difference for different sizes is normal. I've heard of mystical places where renting is more expensive than buying, but unfortunately I don't live in one of them.

    Just don’t forget about inflation. In 30 years when you’re trying to retire and working to the bone just to pay rent in 2050 dollars there will be people putting the final payments on their fixed rate mortgages valued in 2020 dollars.

    That's definitely a concern. Luckily I'm in a rent controlled apartment, so rent increases shouldn't be terrible. Another issue with NYC ownership is that the monthly maintenance for most apartments is already substantial. For a 500k 2br apartment maintenance would likely be at least 700/month right now, and that's only going up. A lot of those co-ops are already 80+ years old.

    I can't imagine maintenance alone costing that much. Are you thinking of co-op/condo dues? Those usually cover a lot more than maintenance in those old pre-war buildings, such as water, hot water, trash, and likely even heat if it's a radiator/boiler building.

    That's true, those things are usually included in the fees. Coops also have weird underlying mortgages that are rarely ever paid off, which is part of why maintenance is usually so high. Condo's have lower maintenance, but the monthly fees (including property taxes) are close to the same.

    Either way, when compared to renting all those things are also usually included.

    A big chunk of the coop's maintenance is that when you buy a coop, you're buying shares in the building itself, so you're paying off a chunk of the building's mortgage. It comes with some tax benefits and allows for minor corruption when it comes to picking who to go with when they refinance the mortgage.

    You're typically just paying for the interest on the building's mortgage. Most coops don't actually pay off their mortgage. I would think the tax advantages are much lower now with the new tax laws, but I admit I can't remember from when I was looking at buying a couple years ago.

    Basically, the standard deduction increased to the point where you have to spend Rich Person Money on deductible items in order for itemization to make sense, and most people don't. (The usual expense that tipped people over the line was mortgage interest.) The current standard deduction is over $24k, or $2k/month for married filing jointly. ($12k for single.) This is basically double the previous value.

    Right, add that to the SALT limit of 10k and buying in NYC suddenly became much less attractive. That's part of the reason I decided to just keep renting.

  • Stabbity StyleStabbity Style Warning: Mothership Reporting Richland, WARegistered User regular
    edited February 15
    Woo, started installing cabinet knobs! Made a jig out of some plywood and a small piece of wood with a little notch in it so I can line up the middle. Taped up the front and back of the drawer where I'd be drilling with masking tape. And then also taped up the middle of the top part so I could mark the middle line, which I could then line up with the jig. Then drilled through using the jig and then screwed in the screw for the knob and then attached the knob :D Had to size up the jig hole a couple of times to find the right width I needed for the screws. The masking tape was also very useful in picking up the bits of sawdust that poked through into the drawers when drilling. I could take the tape off the drawer and then stick it against the bottom to stick it all to the tape. Anyway, feeling pretty good about it! Got 6 drawers done, now I've got like 24 cabinet doors plus 2 more slightly larger sized drawers I need to figure out what I'm gonna do with. I think I might just use the same jig hole for them and have the knobs a bit higher than middle on those drawers since they'll be lower and it's more convenient to have the knob higher (plus, a small knob in the middle of a big drawer just looks kinda silly, imo). Gonna have to measure out 2 more holes on my jig for left/right doors, but once those are on the jig, actually doing all the drilling should be super easy because I won't have to measure out the middle on them like I had to do for the drawers. There's a couple of oddly shaped cabinet doors, namely the ones over the oven and the ones over the fridge that I think have different sized edges from the regular cabinet doors, so I'll have to measure it out and see if I need even more holes in the jig. But for my first real home improvement project, I think this went great! I also ordered blinds for all the windows which'll get here Saturday, so I'll have to see if I have the energy for another project on Monday.

    A couple of finished drawers plus my tools (minus the masking tape):
    j52Ne6Y.png?1

    A close-up of the jig:
    5rrD0k7.png?1

    Edit: Got everything done. Some of the cabinet ones didn't end up matching quite as well as I'd like, but there's not really anything I can do about it. I think I also screwed up the math for the cabinet ones, too, because they didn't really seem to be in the middle of the corner like I wanted. I think I probably needed to do 1 1/2 inch instead of 1 inch. It was supposed to be in the middle of the corner of two 2 inch edges/face frame. Oh well, I still think it looks pretty nice.

    Example of the cabinet doors:
    Ec0bNSW.png?1

    Stabbity Style on
    SijLqhH.png
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  • CantidoCantido Registered User regular
    edited February 15
    I need to start thinking about this stuff. I'm thinking of leaving the military so I can live, work and die in a big, godless metropolitan area. Somewhere with EDM and people who know how to eat vegetables. Like Austin or Washington DC.

    Cantido on
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  • MNC DoverMNC Dover Game Designer/Stay-at-home Dad Seattle, WARegistered User regular
    Cantido wrote: »
    I need to start thinking about this stuff. I'm thinking of leaving the military so I can live, work and die in a big, godless metropolitan area. Somewhere with EDM and people who know how to eat vegetables. Like Austin or Washington DC.

    We here in Seattle welcome all!

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  • Stabbity StyleStabbity Style Warning: Mothership Reporting Richland, WARegistered User regular
    MNC Dover wrote: »
    Cantido wrote: »
    I need to start thinking about this stuff. I'm thinking of leaving the military so I can live, work and die in a big, godless metropolitan area. Somewhere with EDM and people who know how to eat vegetables. Like Austin or Washington DC.

    We here in Seattle welcome all!

    So expensive, tho D:

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  • MNC DoverMNC Dover Game Designer/Stay-at-home Dad Seattle, WARegistered User regular
    MNC Dover wrote: »
    Cantido wrote: »
    I need to start thinking about this stuff. I'm thinking of leaving the military so I can live, work and die in a big, godless metropolitan area. Somewhere with EDM and people who know how to eat vegetables. Like Austin or Washington DC.

    We here in Seattle welcome all!

    So expensive, tho D:

    Yes, yes it is. :bigfrown: Although to be fair, I don't live in (or even visit) Seattle. Areas further out are better, as long as you stay away from Redmond.

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  • MugsleyMugsley Registered User regular
    I've been to the Seattle area for work tons of times and it's the only other area I'd move to, on a short turnaround.

    But, yes, it's expensive. The Bremerton area is a bit more affordable but it's across the Sound from civilization

  • SoggybiscuitSoggybiscuit At the edge of spacetime lies a path with no end.Registered User regular
    DC ain’t cheap either. My wife is paying $1600 for a 600 sq ft apartment right now, and that’s the cheapest she could find and not be 2+ hours away from work. Most other single bedrooms were 2000+.

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