Is buying a house a waste of money for a single man

[051AV]

Buy yourself a chunk of land ya its hard to get a mortgage on a piece of property, I thought the crash already happened in the USA? the market revive itself?

Where I'm in Western Canada, the market is absolutely fvcking stupid the money being spent would make your head spin, retired couples building 2000-3000 square foot houses costing a million plus. Foreign money floating around they buy houses and not even live in them just jack up the prices in the area.

Live as cheap as you can, save as much as you can, I made financial mistakes that I'm paying for now I'm 40 its taking me a long time to recover, got my finances sort of into shape. I don't need to live like a high roller no way in fvck do I need to live in a 3000 square foot house, looking at building myself a 700 square foot house.

 

[marmel75]

Buy yourself a chunk of land ya its hard to get a mortgage on a piece of property, I thought the crash already happened in the USA? the market revive itself?

Where I'm in Western Canada, the market is absolutely fvcking stupid the money being spent would make your head spin, retired couples building 2000-3000 square foot houses costing a million plus. Foreign money floating around they buy houses and not even live in them just jack up the prices in the area.

Live as cheap as you can, save as much as you can, I made financial mistakes that I'm paying for now I'm 40 its taking me a long time to recover, got my finances sort of into shape. I don't need to live like a high roller no way in fvck do I need to live in a 3000 square foot house, looking at building myself a 700 square foot house.

Housing prices have skyrocketed in the US, even in areas that didn't really get hit hard by the housing crash.

 

[Vantagepoint34]

Buy yourself a chunk of land ya its hard to get a mortgage on a piece of property, I thought the crash already happened in the USA? the market revive itself?

Where I'm in Western Canada, the market is absolutely fvcking stupid the money being spent would make your head spin, retired couples building 2000-3000 square foot houses costing a million plus. Foreign money floating around they buy houses and not even live in them just jack up the prices in the area.

Live as cheap as you can, save as much as you can, I made financial mistakes that I'm paying for now I'm 40 its taking me a long time to recover, got my finances sort of into shape. I don't need to live like a high roller no way in fvck do I need to live in a 3000 square foot house, looking at building myself a 700 square foot house.

It was a minimum crash. I think you can do a two part loan like a ferrari owner I know. And drive around live the life dream...

 

[BeExcellent]

based on the understanding that Renters will save the extra-money that aint used ''for mortgage and housing''' but 80% of renters don't save.

Correct. That assumption skews the statistics horribly. Vast majority of people don't ever think about their housing expense this way, they see the extra in the budget as additional discretionary income, and thusly they spend it, therefore turning up with no benefit in the end (over time.)

Buying a place can actually force you to invest money into something that has intrinsic value. Your payment is locked in for decades and although HOA fees or taxes or insurance costs my climb, your housing cost itself is fixed.

Rents, on the other hand, float based upon the market. In sought after areas the only direction rents go is up, and you as a renter have no control over this (leases may fix your cost for the short term - but only for the short term.)

Depending on your own personal situation it may make some sense to rent...but you have to weigh your own personal factors and take into account what you think makes the most sense with your individual variables.

 

[greatsnake]

It depends. Buying a home can be an asset or liability, depending on what you do with it.

Asset: renting out rooms, selling the house when the market is good or running your own business from home.
Liability: Decide to keep the house until you retire

 

[bigdave17]

Correct. That assumption skews the statistics horribly. Vast majority of people don't ever think about their housing expense this way, they see the extra in the budget as additional discretionary income, and thusly they spend it, therefore turning up with no benefit in the end (over time.)

Buying a place can actually force you to invest money into something that has intrinsic value. Your payment is locked in for decades and although HOA fees or taxes or insurance costs my climb, your housing cost itself is fixed.

Rents, on the other hand, float based upon the market. In sought after areas the only direction rents go is up, and you as a renter have no control over this (leases may fix your cost for the short term - but only for the short term.)

Depending on your own personal situation it may make some sense to rent...but you have to weigh your own personal factors and take into account what you think makes the most sense with your individual variables.

renting isn't any cheaper than mortgage payments nowadays anyways


renting is a joke. Imagine leasing a car except leasing is 30% cheaper in the payment and you can buy it afterwards for a reduced amount

 

[wifehunter]

Wait for the crash. Put your money into US dollars, Gold, and Bitcoin until then.

That's the plan. So many houses are being built here.

What happens when there are too many overpriced homes with no prospective owners?

 

[marmel75]

Correct. That assumption skews the statistics horribly. Vast majority of people don't ever think about their housing expense this way, they see the extra in the budget as additional discretionary income, and thusly they spend it, therefore turning up with no benefit in the end (over time.)

Buying a place can actually force you to invest money into something that has intrinsic value. Your payment is locked in for decades and although HOA fees or taxes or insurance costs my climb, your housing cost itself is fixed.

Rents, on the other hand, float based upon the market. In sought after areas the only direction rents go is up, and you as a renter have no control over this (leases may fix your cost for the short term - but only for the short term.)

Depending on your own personal situation it may make some sense to rent...but you have to weigh your own personal factors and take into account what you think makes the most sense with your individual variables.

Well for the most part people who don't manage their money well don't usually get approved for mortgages, especially after the big crash. In some ways, not owning a house IS a sign of poor money management.

Yes you will save money but if you arent investing it, once the house owner has paid off the house and their payment is only property taxes, the renter will still be paying rent for the rest of their life, and likely will be paying more and more as rental prices increase as they get older, precisely at the time they start earning less money when they retire.

 

[BeExcellent]

Well for the most part people who don't manage their money well don't usually get approved for mortgages, especially after the big crash. In some ways, not owning a house IS a sign of poor money management.

Yes you will save money but if you arent investing it, once the house owner has paid off the house and their payment is only property taxes, the renter will still be paying rent for the rest of their life, and likely will be paying more and more as rental prices increase as they get older, precisely at the time they start earning less money when they retire.

As a long time real estate investor holding dozens of income rental units, trust me I understand. I make bank off the fact that rents rise. I LOVE it when rents increase, especially since my payment stays the same, and that is for properties that are not already paid off. I have units in various price points, and what I see is that life long renters (they exist is every income bracket) end up with less net worth over time because they do NOT invest extra money. If they are responsible financially I eventually lose them because they buy their own place...or they buy my unit, heh.

I agree 100% that in some ways renting is a sign of poor money management. But that is not always the case. Take for example highly transient careers (And I mean transient in the sense of heavy travel or changing post or geographically diverse assignment.) In those instances renting often makes more sense often than buying because property ownership carries responsibilities that can translate into huge hassel factor.

I have a well paid professional consulting income. My assignments may be several months or years, but they are always temporary in nature. And they are all over the place. I'm much better renting myself when on assignment because the risks of buying places in various locations outweighs the benefits of owning properties scattered everywhere. I own in geographically diverse areas already...and that carries extra costs, risks and responsibilities.

All I'm saying is that people need to take into account their individual circumstances and what works best for them.

 

[taiyuu_otoko]

One might consider understanding your own intentions, your own reasons, and putting on your big boy pants and making your own decisions.

Two guys buying the same type of house in the same neighborhood can have completely opposite outcomes. One guy might think it was the best decision in his life. The other guy thinks it was the worst decision in his life.

I LOVE it when rents increase,

As mentioned above, every story has two sides. Some people love something, and that same thing is hated by many others.

Rising Rents Mean Larger Homeless Population

 

[BeExcellent]

renting isn't any cheaper than mortgage payments nowadays anyways


renting is a joke. Imagine leasing a car except leasing is 30% cheaper in the payment and you can buy it afterwards for a reduced amount

In many markets it is cheaper (payment wise) to buy. But all markets are local. In some areas right now rental rates and mortgage payments are equal, in some markets it is cheaper to rent than to buy on a monthly basis. So you have to understand the market in your locale.

What I quibble with on threads like this is the FACT that one size does not fit all. Not from the individual standpoint, and not from a real estate market standpoint either. So nuance is necessary.

 

[bigdave17]

In many markets it is cheaper (payment wise) to buy. But all markets are local. In some areas right now rental rates and mortgage payments are equal, in some markets it is cheaper to rent than to buy on a monthly basis. So you have to understand the market in your locale.

What I quibble with on threads like this is the FACT that one size does not fit all. Not from the individual standpoint, and not from a real estate market standpoint either. So nuance is necessary.

the only way I can justify renting is if you think you'll move within a few years


If you plan on living somewhere for 8-20 years, renting is idiotic

 

[ChristopherColumbus]

the only way I can justify renting is if you think you'll move within a few years


If you plan on living somewhere for 8-20 years, renting is idiotic

What's idiotic is buying a house at inflated prices. The prices are pushed up by the creation of bank debt money. The problem is economist assumed managed inflation/ growth, but when deflation kicks it, it will destroy the fickle 'wealth' people think they have in their house. A house if a real asset, not a financial one.

 

[bigdave17]

What's idiotic is buying a house at inflated prices. The prices are pushed up by the creation of bank debt money. The problem is economist assumed managed inflation/ growth, but when deflation kicks it, it will destroy the fickle 'wealth' people think they have in their house. A house if a real asset, not a financial one.

maybe I just timed it perfectly man but my housing situation is phenomenal. I bought my house at 243K, now it's worth 300...i'm gonna pay it off in about 3 years

Long story short, I'll have a very nice 2000 square foot town house that I just gotta pay 600 bucks a month for and that's with them taking care of all yard work and everything

 

[Trump]

I’ve pretty much accepted the fact that I’m not going to get married or have any kids,.

Why not? All you have to do is be presentable, talk clearly, dress well, be educated, and approach girls you are attracted to. If the girl says "no", you move on to the next one.

You guys act like getting married and having children is like brain surgery. Its not, its simple biological attraction. If you take care of yourself, have good height and hair, you should have NO PROBLEM attracting the opposite sex.

Remember men, these girls WANT you to approach them and have sex with them. Go get them!

 

[R.U.G.]

People in big cities are so out of touch with how 85% of the rest of the country lives...I have a 2000 sq foot house, 4 bedrooms, 2 full baths a good sized yard, paid 112K for it about 15 years ago and is now worth about 170K and continues rising...taxes are fairly high but the cost of living is really low here and my interest rate on the mortgage is under 4%. A comparable house in one of these cities would likely go for 500K+ or more, in San Francisco likely 1.3 million. Its ridiculous. I would never move to a place like that, the salary difference doesnt even come close to making up for the cost of living difference. People are basically just paying the interest on a 1 bedroom shack in a lot of these places and not even touching the principal.

I considered dumping money into the mortgage to pay it off early but at under 4% it makes no sense to do so when I can take that money and invest it wisely and make 8-12% back on it even in the worst times.

No doubt. What some people pay is crazy. I am not a fan of the city any more.. I guess I grew out of it. Too much congestion, tolls, parking, high costs and small azz apts. I went to this one apt of a woman and it could not be more than 550 sq. ft. She's paying 1700+ utilities for something the size of my bathroom.. Plus, when they come to my place, they get jealous (of the space). I do not know how people in the city have transformed into living like sardines in a can. Plus, when there is a bad weather or a heat wave (like now), you are either stuck in your box apt., you freeze to death, or you die from the heat because the sh!tty ac cannot compensate for the hot weather. Those wall units cannot do much in weather like today and yesterday (101 degrees / 97 degrees).

 

[Poonani Maker]

You might want to buy a house at every crash. Rent one out, buy another with CASH in a crash, never upgrading into your new big home until you retire. You could own a whole neighborhood. If a female gets behind, have her suck your d!ck.

 

[wifehunter]

If a female gets behind, have her suck your d!ck.

classy

 

[MatureDJ]

You might want to buy a house at every crash. Rent one out, buy another with CASH in a crash, never upgrading into your new big home until you retire. You could own a whole neighborhood. If a female gets behind, have her suck your d!ck.

I recall having a wet dream years ago where I was the manager of a trailer park and one of my tenants couldn't make her rent.

 

[ChristopherColumbus]

maybe I just timed it perfectly man but my housing situation is phenomenal. I bought my house at 243K, now it's worth 300...i'm gonna pay it off in about 3 years

Long story short, I'll have a very nice 2000 square foot town house that I just gotta pay 600 bucks a month for and that's with them taking care of all yard work and everything

It's only worth what you can sell it for. If interest rates go up, and the banks tighten up credit, it could drop in price just as quickly.