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Is homeownership a big PITA?

Discussion in 'Fine Living, Home, Design & Auto' started by Connemara, Nov 30, 2011.

  1. SkinnyGoomba

    SkinnyGoomba Well-Known Member

    Messages:
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    Location:
    Princeton, NJ

    100k....sign me up! $500k in this area and $200k in the surrounding areas for a townhouse. IMO It makes perfect sense to buy one in that range, I'd be amazed if the average rent were cheaper in the same area.
     
  2. makushin

    makushin Well-Known Member

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    Nov 6, 2007
    I had a house for 3 years, it sucked. I didn't even lose money on it and it was actually a nice house. I recently sold it and moved into an apartment and couldn't be happier. Of course it took me awhile to find the right apartment though which is key.

    Reasons it sucked: constantly dropping $200 at home depot, property tax increases, neighbors with barking dogs, yardwork, shoveling snow, living in fear of major repairs. I also realized I don't like feeling married to a "thing". These are just a few. I don't think it's a great investment either at this point- the values are being propped up by low interest rates.

    I will never buy real estate again until I have kids. It is simply too much headache and there's other things I enjoy doing with my time.
     
  3. eg1

    eg1 Well-Known Member

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    Jan 22, 2007
    Location:
    Burlington, ON
    For myself, it is unlikely that I would purchase a home. For my wife and children, however, it is much better than renting.

    And yes, it is a pain in the ass. On the other hand, most "stuff" is.
     
  4. globetrotter

    globetrotter Well-Known Member

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    Location:
    greater chicago
    I have never owned, and I don't really regret it. I have always lived in pretty nice apartments, in great neighborhoods. I don't have to worry about the nieghbors, because if they are really shitty, I can move. I now rent from a corporation, so I don't have to worry about maintanance or anything (as a matter of fact, men are painting my bathroom right now). my overall cost of my residence is about 15-18 percent of my takehome, and I save about as much every month as I put into the apartment. I really wanted a yard set up a playground for my kids, and to have barbeques. then, a friend of mine told me how he took down his playground stuff, because his kids prefered to go to the park, and I found out I can rent a park from my city to have barbeques for 35 bucks. so, that killed that reason to own a home.
     
  5. hrb

    hrb Well-Known Member

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    me too. 2mil for a semi-decent house here and 1.3 for a townhouse. Buy at a 100k. Buy.
     
  6. chrisjr

    chrisjr Well-Known Member

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    Jan 31, 2009
    Location:
    Park Avenue
    

    $250-300K in Toronto (desireable locations) for 600SF 1 Bdrm, FYI. Same place would rent for ~$1500.
     
  7. rnoldh

    rnoldh Well-Known Member

    Messages:
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    Houston is inexpensive and wonderful.

    I just sold a home in a good, gentrifying neighborhood ( Washinton strip/ Memorial Park area ) for $299K. I knew a little and bought it a few years back ( for a lot less ) as a teardown on a very good block with lots of new construction. Even with the downturn I sold it to a developer who will build spec town homes.

    I will miss the garage apts I had, and the storage building in the back. I'll also miss no contiguous neighbors. But I am fine with leaving it.

    I moved to a 16th Fl. hi rise in the Galleria area as a rental. A one year lease while I regroup. At first I was neutral about it but now I am beginning to like it.

    For conne I would say that historically it has been wise for young people to buy a house soon out of college.

    But these days I think that is more location sensitive and situation sensitive than ever.

    If you are not sure you want to own conne. And not sure you can comfortably afford a home purchase I would wait.
     
  8. Lord-Barrington

    Lord-Barrington Well-Known Member

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    I had a very good job offer awhile back in Houston and couldn't bring myself to move there. Too much traffic, too many strip malls, and too little of anything interesting, as far as I could tell. The rock bottom cost of living was a definite draw, though.
     
  9. rnoldh

    rnoldh Well-Known Member

    Messages:
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    Well traffic at least is not that bad. Definitely better than NYC and LA.
     
  10. xpress

    xpress Well-Known Member

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    I currently own 8 pieces of residential property. (All Semi-Detached)
    Fortunately, my city is 'home' to amazing property values.

    Each 1500 sqft. semi cost ~129k per side, and rents for $1k-1.5k/month. (Two are next to a university, and thus renting by room yields greater returns)

    All property is less then 5 years old, and repairs are VERY minimal. (I'll sell these prior to the 10 year mark in an effort to avoid roofing bills, foundation issues, etc.)

    I should also mention that I don't take a dime from these properties... I consider them a long term investment... Property has seen an increase of 8% per year for the last 10 years, and shows no signs of slowing down.

    Also, throwing 1k-1.5k a month at a 129k mortgage doesn't take long to pay off!
     
  11. otc

    otc Well-Known Member

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    Yeah...but you've moved from home owner to home investor. Buying real estate as an investment is a very different thing than purchasing a home that you want to live in and then hoping it turns out to be a good investment. Investors can buy homes in areas that have good investment potential even if they wouldn't actually want to live there and they can hold them for whatever time horizon makes sense. Home buyers are going to be restricted to areas they want to live right now (not 10 years from now when the up and coming area actually comes) and once something becomes your "home" it becomes hard to make sound investment decisions about it (it might make sense to sell now...but you would then have to pack up your family and move so you decide not to sell).

    Conne is not a good candidate for home ownership...he doesn't even want to stay where he is in the near future let alone still be there 10 years from now
     
  12. xpress

    xpress Well-Known Member

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    +1
     
  13. hrb

    hrb Well-Known Member

    Messages:
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    Nov 17, 2009
    Where do you live? the equivalent unit here costs 10x that.

     
  14. xpress

    xpress Well-Known Member

    Messages:
    527
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    Feb 12, 2009
    New Brunswick, Canada.

    Average salaries are probably ~30k, so most people can't afford to own... Even at 130k for half a semi.

    Thus, those who have a bit of a bankroll can easily win on real estate.

    PM me for investment opportunities :D
     
  15. Lord-Barrington

    Lord-Barrington Well-Known Member

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    The downside of this investment proposition; You'd have to spend time in New Brunswick.
     
  16. xpress

    xpress Well-Known Member

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    527
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    Is that a bad thing? Bustling out here... Businesses are begging for employees, everything is cheap, best looking women (Acadian French), people are friendly, lots to do (Magnetic Hill Concert Site, Beaches everywhere)...

    PM me and we'll chat about the logistics of your move :happy:


    Anyways, back to topic!
     
  17. eg1

    eg1 Well-Known Member

    Messages:
    5,601
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    Jan 22, 2007
    Location:
    Burlington, ON
    

    :eh: Um, do you mean this New Brunswick? http://m.theglobeandmail.com/report...-of-dependence/article2261879/?service=mobile

     
  18. Lord-Barrington

    Lord-Barrington Well-Known Member

    Messages:
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    Sep 20, 2010
    

    What New Brunswick is this, exactly? I'm a big fan of NB and love the people but that province is as far from economically and culturally dynamic as you can get.
     

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