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The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 55 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Personally, I can connect to that. When I began working with Annette Marie Holt a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds. that’s what works for my spouse and I. We've made over 30% capital growth minus dividends.
People will have to accept reality that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts, I look towards the stock market to fuel my FIRE goal at this point.
after studying the trajectory of great assets like real estate, dividend paying stocks and gold, my conclusion is to buy and invest in what you can afford today! working with a financial planner can certainly help
@maria_casey real estate prices exploded, interest rates exploded, but my wage the same, i'm screwed.. who is the professional guiding you if you dont mind me asking please?
The benefits of owning a home, - Your mortgage payment stays the same. - You’re not subject to rent increase, like now. - Property value increases over time. - After 2 years you can refinance and get a lower monthly payment. - After it’s paid off, it’s yours and no more rent 😎 - You can leverage the equity for another property. - You can sale it and make a profit. - You can rent it out to this guy 😂
I still do not see the benefit of owing. The house is never yours because you have to pay property taxes, insurance, maintenance, in some areas HOA fees. If you can’t pay the taxes-the city will take the home anyways. 🤷🏾♂️
@@msbeautyboss3784 why wouldn’t someone be able to pay their property taxes if they’re home is paid off? If they can’t, they have other problems. Even if property taxes were $4K a year, that’s less than $400.00 a month with no mortgage . If you have a mortgage paying taxes and insurance is built into your monthly payment via escrow .
What a lie. No mortgage stays the same year over year unless you’ve only Owned for less than that. What expenses does a renter have besides the rent itself ? If you rent and pay for repairs or maintenance you’re a fool.
@@AlaskanApple well spoken? I wouldn’t let this man sell me a f’ing number two pencil. But then again crypto exist and millions got tricked into that stupidity.
Yeah but when you rent they can kick you out whenever they want, they can raise your rent whenever they want, they can cheat and exploit you whenever they want and it’s all legal. When you own a home you pay yourself.
Yeah your message is by black rock because they make money when you make their banks create money out of thin air for your mortgage. And when it steals from everyone through inflation that's also them profiting.
It's also brought to you by math. Tons of people buy a house they can barely afford and end up spending more in interest, maintenance, insurance, new roof, HOA fees, etc compared to if they just stayed in an apartment. Not to mention the opportunity cost of not using that money for stocks which return far more than home equity.
I bought my home for 320k in 2012 I sold that same home for 1.2 million in 2021 Even with all the maintenance and taxes My home practically paid me each month for the last 10 years. If I would’ve taken advice from a guy like this 10 years ago I wouldn’t be where I’m at today. All advice isn’t good advice. Do your own research…
@@brandonleesanders you're assuming this is just a normal up down cycle. You don't know that. Took 5o years for ppl in stock market to recover after great depression. And sometimes ppl sell. Job change. Marriage/divorce/retirement. Just stating If u sold at the peak of the bubble it means someone else bought. I'm not fear selling my house. I bought in 2017 and I have a 2% rate. I'm in a good position, regardless of what happens.
@@tammyturowski6703 - Your information is completely inaccurate. The Great Depression started in 1929 and lasted till 1936. After the Second World War the USA was absolutely booming in the late 40’s and early 50’s. If we’re doing simple math… That’s 20 years which is a normal cycle. As it pertains to economic cycles all of this is public information. These economic cycles have been roughly consistent for the last 200+ years. I’d also like to add… if a person is buying a home for 1.2 million dollars chances are it’s not their last 1.2 million dollars in their bank account. All of this boils down to making smart decisions with your money and not over extending yourself. If you never build wealth then you’ll never have wealth. You’ll just end up on RU-vid taking advice from a guy that has more money than you… Sometimes it’s better to do less talking and more listening then ultimately formulating your own Analysis based on the information that’s been presented to you. The people that lost everything in the Great Depression were the ones that invested every dime they had without diversifying. All of my money is not tied up into my home. Neither should yours or the person that purchased my home. I’ll leave it here because your theory is just that… “Theory”. My experience comes from just that… “Experience”. I can only educate. It’s not my job to convert a naysayer into a believer. If you believe that it’s not possible. Then it won’t be possible for you. Good day to you.
Exactly! My rent is $1.2K, I make $95K per year, total monthly expenses $1.5K, and I invest $25K yearly into my ETFs and 401K. I decided to live life way below my means so I can be rich in real life not fake Debt Rich!
Where in this video did he say that? You can't answer that question because he did not say that and he did not imply that. He very clearly stayed that for most young people the main "dream" is to be financially free and to not be tied down with responsibilities associated with one geographic location. That includes not owning a house where you are not planning to live long term. You may want to practice your active listening skills.
@@thesig301 no. If that is the extremely superficial surface level point you took from it then you aren't listening. Refer to my previous comment and rewatch.
@@alrbredwall so why in the last 5 seconds did he say you’re paying someone else’s mortgage, home tax, and maintenance fees, how about you rewatch the video..
@@alrbredwall such a pointless argument tho, you’re basically agreeing with me. He’s saying you shouldn’t rent, and then he gives the reasons why you shouldn’t rent, which is effectively the same thing as what me and the original commentor said.
Owned a home outright paid for in Pensacola Florida, got behind on my taxes due to health and the city took it outright and sold it at the courthouse square, so miss a tax payment and you’ll see who owns your house l.
It's always best to take your advice about Marriage or relationship, Parenting, and Home Ownership from people whom are not married, don't have children and don't own a home. 👌🏽
Yea u don't need to be married to understand relationships, and u don't need to own a home to understand real estate... parenting? Simple, keep ur kids on a leash, your welcome 😂
@@YaBoyNigeMakinMoves Thinking u need to first own a home in order to know how real estate works is like saying you need a business degree in order to start a business lmaoo 😂 "Phuck them kids"
@@mroctober3583 With the exception of Fuck them Kids... I have kids, you may not, I would agree you may not need to own a home or have a business degree to understand. Adam often speaks in "definitive" language on these topics.
You right but I also agree with him, as a loner and someone that's not interested in marriage or having kids ..I like renting...if you getting 💵 unless you planning on having generations and leaving them you earthly possession no need to stress yourself with properties and all the hassles it brings.
Eventually everyone will be renting. It’s been heading that direction for a while. You know there’re more empty houses in America than homeless people?
I would rather continue living in my truck than rent and make a landlord rich. Can't wait for the housing market (and economy as a whole) to crash again so that I can finally buy a house. This time I'm ready and have enough money set aside to buy a house outright. I will most likely buy it from a desperate landlord that is in need for some quick cash.
@Beat Mymeat Your handle cracks me up dude, they want the plebs to do much more than that ludicrous nonsense of which it sounds like you're aware. We've already seen many of the useless eaters "disposed" of but also too many loved ones in their first of many planned cullings. Continue to be strong and resist the slave mind. Have a wonderful day Brother!
Rent is going up every year while my mortgage is staying the same. But, as a landlord and real estate investor myself, I love renters. Less competition😊😊😊
Well my $2,500 rent is gonna have to keep going up for 7 years to finally catch up the $5,000 “fixed mortgage” and in 7 years, mortgage is gonna be 9,000 a month or $10,000.
And how’s your taxes and insurance and utilities and upkeep going come on man you can’t come here and say it’s all good when we all know that’s all gone up. A mortgage is just a rent payment your just paying the bank instead of a landlord but really your paying more each month with everything else I just mentioned
@@ryans413you're so much of a loser renter that you're clueless YOU the renter are PAYING all those fees AND MORE for the landlord's PROFIT. If being a landlord is to rent out for less than what you owed the bank and fees and fix problems for free, there wouldn't be landloards.
For you. My rent hasn't gone up in 6 years. And I have economic freedom, able to invest my money with great cash flow. Buying a home is a heavy debt to take on for 30 years.
@@julzcez6669 The appreciation is usually just as good or better than another type of investment. Stocks go up, they go down, and maybe go up. RE goes up, it goes down, the general trajectory is up, up, up, down, up, up, up and up...
So much conflicting info…but the statement of “you’ll own nothing and be happy” really hits hard! The American Dream is very different than from 75 years ago!
WOW I JUST SAID ALL OF THIS TO MY HUSBAND JUST LAST NIGHT WHEN DECIDING SHOULD WE RENT OR BUY OUR NEXT PLACE. I SAID, I WANT TO SIMPLY RENT BECAUSE OF THESE THREE REASONS PLUS I DONT WANNA BE HELD DOWN TO A 30 YEAR PAYMENT BECAUSE HELL MY MIND MAY WANNA LIVE IN ANOTHER STATE IN TWO YEARS IDK🤷. IM NOT GOING TO BE FORCED TO BUY JUST BECAUSE MY NEIGHBORS BOUGHT. I WANT IT SIMPLE, WITH NO EXTRA OBLIGATIONS. WE TOO OLD TO BE TRYING TO CUT GRASS AND FIX ISHHHH 🤣🤣🤣
I can't plant a garden in my apartment. I can't paint the walls the color I want. I can't swap the fixtures to something nice. I can't refinish my own floors in my apartment. I have no guarantee I won't be asked to leave 2 hours, or 2 years from now. Owning a home has its own drawbacks, but it's sure as fuck better if you can comfortably afford the payment.
NOT ONLY THAT - and well said by the way, rent is now WAYYY more money than a mortgage payment. I live in FL and rent is out of control - 2.3k on a home that if you took out a mortgage on that home 1year ago would be 1.25k its that simple. This imbalance is now baked into the system so now more than ever renting is throwing your money away.
Facts. I bought what I could afford 18 years ago and people laugh at what I pay for fixed mortgage, after putting down quite a bit up front. Kept us out of trouble in 2008. Keeps us from being brokey's, now
But that's your life tho lol most ppl dnt give a damn about a garden or the color of the walls lol I've lived in 4 different apartments n ain't ever thought about none of that shit that's all extra stuff
For the average person they can’t afford to rent. It makes no sense. How can you say that you can afford to pay 2000$ a month in rent and you have to work for a living. I work for a living and I can’t imagine giving up a quarter million over ten years for housing. I don’t pay anything for housing.
@@jordanpostle8641 the rat race is what most are stuck in. Running that hamster wheel to make end meet. Can’t attain financial freedom without assets/passive income.
And watching your equity erode in the next 2 years. And we don’t know whether the FED will rescue the markets. So in fact, it may take a decade of rents to recover that equity destruction. Selling at the peak of a FOMO market is a much better option IMO. Just like 2006. Only to buy properties at 30-50 percent discount in the years following. Rents are overrated
@@bbustin1747 my house will be paid off in the next 10 years .. and it’s a multiple family with rent coming in. I’ll be living for free with income coming in monthly. If u rent forever, you just help pay the other persons mortage. And end of the day, I can sell and all that money goes to my bank account. It all depends on your situation. I wouldn’t do single family with a 6% interest rate .. be smart and invest , real estate will be here and needed forever
The American RE market along with the stock market has been financialized in the build up to 2008 totally imploding the RE myth has never fallen and was resumed by the FED in 2009 with further debt monetization and near zero interest rates… once the pandemic hit .. the FED was further tested on how they maintain those asset bubbles from imploding… they unleashed over 5T of liquidity to keep the markets stabile …. Results- historic Inflaeion and further building those asset bubbles. End result the 40 year financial engineering experiment of endless debt monetization and engineering by the FED has reached its apex. They cannot continue unless they wish to have hyperinflation and with that, will exhibit societal effects with unrest making 2020 look like small in context. The days of cheap money building fugazi assets are ending. There is not going to be a soft landing as much as the touted transient inflation. It’s a FED lie and govt manipulation pandering to keep stabile markets and appeasing investors. believe only in what they do not what they say.
Good for you . This is what renters don’t understand . At some point you can pay off your house and just pay taxes and insurance and not worry about your rent being raised on you.
@@eliot5220 until your furnace breaks or a waterline burst or the city ups the taxes and utilities or the wind blows the shingles off your roof and now you got leaks destroying the inside of your home. It’s all good when nothing bad happens I’ve seen people lose everything to the upkeep side of things.
@@ryans413 that’s because they didn’t have money in the bank for repairs. I’ve replaced furnaces , roofs and plumbing systems. The key is to have reserves set aside for repairs.
@@eliot5220 unexpected expensive happen all the time you can save for it but you never really now how much the damages will be. I’ll give you an example my parents saved money for the upkeep side of things. A bad hail storm came and destroyed the roof and siding and my dads car and moms car parked outside the insurance covered the house but not the vehicles stating it was an act of weather and insurance on cars is not covered for that the insurance covers accidents on the roads not from storms. My mom needed her vehicle so my dad took the insurance money from the house and used it too get my mom a car because no body shop could fix hail damage it’s a right off. So my parents had to dig into there saving to fix the house. No choice roof had too be done. So what I’m saying is you can be prepared but crazy things still happen
@@randomized559that's what these loser pro renters don't understand, RETIREMENT! After the mortgage is paid off, you only pay taxes and insurance which is probably 400 a month as opposed to their loser ways, maybe 4000 a month by the time 30 years is up. They really just use "maintenance" as a "pro". Funny, i used to live in an apartment. Maintenance fees are included in the monthly rent. If anything is damaged, that's additional fees. No landlord or management is gonna rent to you for less than what the owed or fix your problems FOR FREE. That doesn't exist. They fear the responsibility of fixing their own problems rather than letting the landlord deal with it. Ohhh they'll deal with it financially but not physically.
This is why we don't just listen to anyone just because he sounds like he knows what he's talking about. I know that when I sell my house if ever, I'm going to get all my money back, and then some.
Right. And those who rented for 30 years will be in much worse position come retirement. Passing down real estate is one of the biggest tenants in generational wealth
@@mr.brooks9802 there are plenty of ways to build generational wealth without owning a home. Also what ppl aren’t told is when an economic crisis happens all them payments on those mortgages go down the drain when you lose your job and end up losing your house to foreclosure.
@@mr.brooks9802 A lot of these guys that preach renting want people to be reliant on a landlord. You're tied to the landlords rules and the landlord holds all of the power over you and you own nothing. Right now I can sell my house right now and pay off my morgage and still profit around $230k. Let's say I buy a $500k house and I put 20 percent for a down payment that's $100k, boom I have $130k in my pocket. Not even going through what unknown tax benefits I might have at my disposal. Rents don't have that benefit. I can also just simply stay in my house and pocket the $230k.
There are many benefits to renting. What if you change your job and need to move to another location? What if the location you live in currently isnt expected to appreciate in value? Or you do well in your job and just want to upsize
@Delicious Deviant In my market it’s much cheaper per month to rent than to buy. I’d rather put those savings into out of state cash flowing rentals than sinking it into a home.
@@unvaccinatedmgtowfitnessmy brother just bought a rental property. 20% down and his mortgage(taxes and fees included) is 2000. He rents it out for 2600. That means he profits 600 a month. That's profits for him and in case of maintenance, he has extra cash from the renter to cover the costs. If not, he can charge the renters more after. You understand the landlord business yet?
@@hangguy209ok but he paid 20% down, that’s probably almost 100,000 that he had to pay. If my calculations are right, it will take him like 8 years to get the money he put in down payment back at $600 a month without counting all the maintanance expenses etc. 🤔 Am I calculating something wrong?
Do you live in the woods? How about your property tax/insurance and/or condo fee??? Exempt from that??? Because last time I checked...that is also a monthly or, if you choose so, semi/annual payment.
@@dzordzdzordzinjo1840 that was dumb. Did you not read the social security part? He has those minimal monthly expenses covered. I have paid off my mortgage as well. It is glorious.
@@dzordzdzordzinjo1840 The majority of people with good jobs have some sort of pension. You don’t just retire and have 0 income. Regardless. You should purchase assets in your earlier years so you have some sort of a buffer later in life.
Buying just 1 home and living in it makes it a liability, not an investment that so many people think it is. If it's not bringing in cash flow, it's a liability.
@@donilexington4600 So rent isn’t a liability? My father has been in the same apartment for over 40 years…when he leaves he gets nothing. If he had a house it would’ve been paid off and if he sold it he’d get at least 500k in ny.
@@tamikaphillipgrantspaparaz7730 500k? In the housing market now, sure. But wait for the big crash that's about to happen. Definitely wont be 500k after that. You'll be lucky it will be worth 200k. Housing prices aren't a good wager to Make money. An investment is supposed to bring in a cash flow, not a trickle. Profit is not garenteed when buying a house. Think of all the tens of thousands of dollars you have to put into the house just to maintain the value. You do not add value to your home when the plumber comes by to fix a leak. These are the reasons why a house is a liability. With renting I can go anywhere in the world to make money. I'm not centralized to one place, creating more cash flow everywhere I go. I can make a lot more renting because I don't have to focus on maintaining the property. At the end of the day if you own a house, it's a liability. There's no way around that.
@@danielfrancis1208as someone who's parents kept moving every 2 years, please go for the stability. I didn't really make friends for over a decade and also never learned how to get attached to someone because of this
Being a landlord isn't easy. People don't pay rent or they are late. Things break down. Plumbing, roofs, heating, windows crack. Domestic violence, teenagers & vandalism. If you are unlucky crime and criminals. Robberies etc...
My understanding is renters insurance is for your own belongings in case they are stolen or destroyed. Home insurance is for the literal house if it falls apart from something like a flood, wind, fire, etc. Personal belongings are usually way less expensive than an actual home. Renters insurance is like $100-$200 a year and home insurance is a couple thousand.
Yeah but you get $0 return from renting where as reality is an investment with the average property increases $5000 a yr in value when you do decide to sale its like you were living there for free and I can sale my house before your lease is up hahahah fool.
So let me get this straight... the same channel that doesn't believe in the efficacy of minimum wage because arbitrarily raising wages simply gets passed onto consumers via higher costs, claim that renting is better because you don't have to pay certain things DIRECTLY. How exactly do you think landlords make money? They have to raise rent high enough to still make acceptable profit AFTER all those costs he just listed off. Benefits of renting are lower commitment and less to think about, i.e. CONVENIENCE. You will always pay more for convenience.
Correct me if I’m wrong but isn’t that what he was getting at in the beginning? (being able to move around/up and leave whenever) it make for some in their younger years. Although I will say he could be invested in real estate and this is why he is championing for renting rather than buying.
He’s questioning a paradigm. “Go to college.” “Buy a house.” “Renting is throwing money out the window.” As often as these things have worked out for people, they ought to be questioned. Everyone’s situation is different and it’s best to map out one’s values, current assets:liabilities, and then constructing a decision tree. It isn’t wise to assume the best route for yourself is to go to college, get married, and buy house. It might be or it might not.
@@Ejr82u True, but at least with a property you also have an asset you can lean against, sell, rent out. With an apt you get none of that. Honestly owning a home is harder and more expensive in the short term, but eventually you see some profit or break even on it.
I had a mortgage once, yes it did suck… but after paying that off, it’s been so long since I’ve had a payment I sometimes forget people are out there dealing with that.
My husband and I bought in 2020 when interest was 3.5%. We pay $1600 for a 2300 sq ft 4 bed house in a wonderful area. 30 year fixed morgage, however, we pay one to two extra payment every year. We will be paid off in roughly half the time. Not a bad decision in our eyes. 🤷🏻♀️
Rented for a number of years . We had a condo for 11 which we paid a mortgage on and now a house for the past 9. There's nothing like a house. We don't have to worry about noisey neighbors upstairs, doing laundry across the courtyard in winter, throwing away money for nothing to show for it. To each their own but I'll never ever go back
You should ALWAYS have a place to call your own. Even if it is a small shack somewhere in the middle of nowhere. If you have the kind of job that requires to travel that much, you can definitely afford to buy a nice house somewhere.
For everyone arguing you have to look at the unrecoverable costs. Rent is an unrecoverable cost. That part is easy. Property taxes are an unrecoverable cost. Homeowner's insurance is an unrecoverable cost. Maintenance is an unrecoverable cost. The cost of financing/the cost of locking your cash up in an asset class that's generally going to underperform equities markets is an unrecoverable cost. Add up the unrecoverable costs of owning, divide by twelve to get a monthly number, and if you can rent for that or less you should be renting from a strict best financial decision perspective.
I agree single family homes and the suburban lifestyle of big family and two cars is expensive and arguably unsustainable but that does not mean that renting is good. Alternative is to buy a cheap unit in a multifamily structure like a condo or townhouse.
This is why I am just going to buy a nice mobile home. I don't need a 30 year mortgage and I also still own something. Good balance between apartment and home.
I am 1 year away from paying off my mortgage. Retirement is 20 years away, but, I would never be able to retire paying rent. Think long-term….not short-term. Yes, it is tough early, but buy smart, and grind it out….until it get easier as you increase your earnings.
My rent charges goes base rent, property taxes fee, their insurance fee, my renters insurance because they require it, all utilities, and maintenance fee so they can change filters and do repairs. So they shifted almost all of their extra costs to me. Also I shopped around and most places around me do the same thing, if they don’t they charge twice as much in rent.
All of those things are factored into most mortgage payments, in the escrow account. You can’t refinance whatever you’re renting, or take a loan against it for any purpose. Try to imagine the position you’d be in if wherever you’re renting the landlord came to you and said “I’m selling this property and you have 30 days to vacate. “ life can get really challenging if you have to find a new place that is available, and you can afford in 30 days. There are pros and cons to renting/owning, but stability means a lot in my experience.
Yeah, as a previous homeowner, I _hated_ accumulating equity as I made my monthly mortgage payment and saw the market value of the home appreciate. That's why I'm _thrilled_ that my ex-wife now has to deal with ~$300k of that icky equity and I'm renting a shitty duplex in another town. Renting FTW!
Lmao but Dave Ramsey usually helps married people that have or want kids. This renting strategy I would say is more for single people and it makes sense.
@@peruvianheat2053 Don't listen to this guy, holy fucking shit. Even if you're single and a techie that can work from anywhere, renting is just paying someone else's mortgage, taxes, insurance, etc, PLUS whatever added cost to allow for landlord's profit. This is shit advice.
You could’ve literally bought a home 3 years ago and then sold it today, paying off your loans and receiving the same amount as your mortgage loan as profit. The only pro to renting is not having technical financial responsibility of the property. If you only want to live there for a year, pay a year lease and leave. But even if you wanted to only live there for a year, if you had purchased and sold it a year later, considering how prices of homes skyrocketed the past couple years, you’d have still came out of it with a profit. Just depends on the housing market, but traditionally prices on property go up. Moral of the story, if you can own, own. If you can’t own, rent but work towards owning. And if an influencer with an audience and a lot of pretty words gives you advice, do your own research and come up with your own opinion.
Can we talk maintenance and upkeep? Lawn mowers, paint, appliances, furnaces ain't free! Not to mention your time and energy. All are costs not figured into home ownership. Rented my whole life. Happily.
Not to mention that in many western states and provinces, It’s not easy for landlords to kick tenants out or even raise the rent by much.. most municipalities are pro tenant. There are tenants that just stop paying but the utilities, taxes and mortgage bill will still come to the landlord and the tenants get a free ride.
Yes with owning there's debt, but because of equity, a lot of the money is still there if needed. With renting, all money is gone. I currently rent but intend to buy the cheapest house in a decent neighborhood to keep my living expenses down and my investments up.
Only reason you don't "pay for maintenance" when renting is because you're actually paying for it in rent. Most of the time the landlord will only fix certain things. When you own a home you can do whatever you want to your home
baddd advice, when you're renting you;re paying someone else’s mortgage!!!! So after you rent for 15 years they own the home and you own nothing!!!!!!! And they got YOU to pay for their asset
I rent everything. My house, my car, and even my vacuum cleaner......at the end of the month I don't have to fix anything but I own nothing. Why am I still broke ?
This message only applies depending on lifestyle and goals. If you rent you're paying the owners bills for them without getting the receipts, why would you want to pay someone else's bills? Most people who rent out their homes/apartments have a mortgage so you're paying that mortgage or at least a chunk of it. If you have a mortgage you can become that landlord and rent it out and have your bills paid for you, WOW BIG BRAIN 🧠 and even if you're house is paid off regardless if you're renting it or not you still have maintenance cost and property taxes. Tell me if you still truly own your home if you stop paying your property taxes, yeah I didn't think so.
We need to stop saying “buying a house” or “home ownership” when you have a mortgage. It’s a straight up lie. You aren’t buying it, you’re financing it, you don’t own it.
Only if you paid cash for it outright do you own it. And even then do you really own it if you have to pay taxes on it every year? The answer is no, try not paying your extorted yearly property tax and it won’t be your house.
The two biggest lies, you have to go to college and own a home, that does nothing but put you in debt. go to trade school and rent apartment. I just paid the HVAC repair guy $200 to tell me I need a new Condensate Pump and it would be $400 for a new or I could buy one for $80 and figure it out myself.
I think one of the biggest scam of modern Western society is living "independently". If you live with family or people you really get along with, people with the same values and split expenses, you can be a lot better off.
As a homeowner at 100% agree I never wanted to rent bought my house right out of school. The problem with those big three is you have no control over it insurance company does what they want government does what they want you can skip on maintenance but later on it will cost you double. The one downside of renting is being able to control how much the landlord goes up every year.
I’d rather take my chances and live in my own home than throw myself at the mercy of living in someone else’s home. Unless you’re kidding yourself, owning your own home is always the preferred route most people will take. It’s harder to get it, but if you’re lucky enough to obtain it, it’s much easier and often cheaper than paying rent.
People forget, paying rent is FOREVER. If your landlord keeps you for 70 years, you're literally their cash flow. You literally paid off their home and STILL paid them market value monthly after that. Forever renters are not smart.
Nope nope nope I’ve moved every 1-2 years since I was 11 all I want is a stable permanent place that’s mine. I want to paint my walls, and buy furniture for a specific space, and build a library without having to worry about moving hundreds of books every year. I’m disabled and physically having to move is exhausting, and I don’t feel like myself for weeks if not longer. I just want roots I want to feel stable and safe. I’m 17 (18 in 2 months) so I’ve also seen rent skyrocket in my lifetime, it’s impossible to keep up with, quite literally rent has doubled in my area over the last decade as a kid people paying 5-8 hundred was very normal, and now I don’t know anyone who doesn’t pay over 1000, also, you are expected to pay renters insurance where I live which is pretty close in price to homeowners insurance. Maybe if this country (usa) had actual rent control and landlords couldn’t just not sign your lease for next year so that they can raise the rent for the next tenants renting might be a good option, but that’s not how it works. I’m so tired I feel like I’m never going to be able to buy a house and I’m honestly terrified I’m gonna end up homeless. Literally every penny I can spare goes into savings for a down payment I need the guarantee that owning property provides.
I used to pay 650 rent, my landlord got cancer and sold me the house. My mortgage payment is 330 a month which includes taxes and insurance. You learn how to DIY and maintenance is very affordable when your paying have as much rent
You do pay those 3 things if youre renting . the difference is its all divided up during the 12 months of your payments. Landlords are not just going to eat those costs.
If you, buy a house, you get freedom at your residence (much more than a renter), a lot of tax deductions, build equity and and you can buy more properties with that. After many years, in an upmarket, you can resell it for a profit. If you rent, then you are paying for the landlord's mortgage, insurance, taxes etc. etc.
If you buy a home your mortgage stays the same or less every month vs renting which increases. If you bought your home 5 years ago that monthly payment is lower than if you were to look for a home to rent today. Time is on your side with real estate.
The equation changes drastically if you do your own remodeling, upkeep. You can buy low and generate equity via calories burned and building materials. It’s just like flipping, minus the selling at the end, and flipping is a viable economic move.
That’s why if you are young ( staying with family) you save as much as you can, cut out everything you can for a couple years, save every single dollar you possibly can. Buy a small house in cash, go from there. In Texas you can buy a home in some areas for 150k. Mobile homes for 30- 100k. You can save for 4 years and basically own a home. But if you drive a new car, have all these bills, you can never ever get there as a regular income 30k a year person. I make 26k a year. Saved for 4 years. Bought some land and a mobile home. At the end of it all I own a home FULLY with NO PAYMENT. I have my entire life ahead of me. I can do whatever I want when I want.
Solution? Save up enough money to afford 50+% (I like 100% but that's me personally. 75% is good too) of the house of your dreams, then get a 20% down payment on it or whatever that way you have a BIG cushion for those rainy days. Budgeting is a must have skill folks
So i got my house pre covid with an interest rate of 2.75% which you will not be able to get probably for a while. It also gained 73% in value. My mortgage payment is lower than most all rental payments and I have my own garage and a 2 story house with a nice chunk of equity. I think it was a good move.
Everyone buys a house over a long lifetime. Either you buy it for yourself, or, you buy it for someone else when your rent payments pays the owners mortgage. Big money - Wall Street, hedge funds, REIT'S, investment companies, etc - have made residential properties (1 to 4 units) an investment asset class. Big money have been buying residential properties for decades. This has changed the historical dynamics of the real estate market, and the rental market.
