10/24 Dear $200K man. Don't buy a home unless you are seriously prepared
for it. Sure there are countless good reasons for buying a home
but you need to ask yourself whether the purchase will fit your
lifestyle. It may be the right decision for many people out there
but you need to evaluate YOUR own needs. Data point: We purchased a
home last year when we were all hyped up by our friends, HGTV,
Extreme Makeover shows, etc. Things were great for a few months.
We were excited about our new home, new furnitures, and upgrades.
When the honeymoon period was over reality started to hit.
After paying property taxes, countless expensive trips to Home
Depot, HOA, Adjusted Supplemental Tax, reassessment fees, and many
unexpected and surprising $$$ maintenance work, we were basically
burning through our life long savings within one year. This year,
I'm totally stressed out because our entire savings account is
approaching $0 and unless I get a 15% raise or get a nice bonus this
year I may simply have to take out loans and find other means to
extend my current lifestyle, which already means not going out to
eat out, no vacations, no PS3, and no Christmas toys. Unless you buy
a cheap home AND make over 1/3 of the total loan AND enjoy going
to Home Depot every other weekend and pay unexpected costs associated
with homes, I don't recommend buying one as an investment. Good luck
and please tell us what you ended up doing!
\_ I think you are right about this being a "lifestyle" choice. I
hate it with the typical rent vs. buy debate. Most of the time
people are comparing apple to orange. It is like saying
leasing a Kia is cheaper than buying a Lexsus because both are
cars and get you from point A to B. Renting an apartment is
not the same as buying a house soley based on the fact that
they provide shelter. You buy a home because you want the
benefits associated with it such as not sharing a wall with
your loud and inconsiderate neighbor. Housing is one of the
\_ You can rent a home, you can buy a condo.
\_ Yes, but most "debate" about rent vs. buy is about
renting something smaller and buying something bigger.
Either way, the OP didn't do his homework before jumping
into property owership. Do you think his last landlord
only charged his PITI as rent and not included any
of the "unexpected" expense?
few necassity in life where you could potentially "make"
money from. It is not totally an investment.
money from. It is not totally an investment nor is it
just an expense. So, if you don't want the hassle associated
with ownership, by all means, go rent an apartment or a house.
Just realize that, at the end of the month, all the same
expense you have now, your landlord has it too. You will
ultimately pay the same thing thru rent.
\_ op is exhibit one for "dumbass", but that doesn't mean that buying
a home is necessarily a good investment. You can easily spend more
these days on the _non-principal_ parts of home ownership than you
would (total) on rent. Think about that. The home is only remotely
an investment when either:
a) it's increasing in value
b) you're putting money into the principal
(a)'s not really true right now and if you're spending more money
on not-(b) than you'd spend renting, you're better off renting and
putting the difference into a good investment that _is_ increasing
in value. (Yes, yes, of course count interest and property tax as
deductions before you come up with your final numbers.)
\_ Pray tell, what are you doing to spend that much money on
"non-principal parts of home ownership"?
\_ I think he means maintenance and repairs. I probably
spend more each year on that sort of stuff than I would
to rent a cheap studio apartment somewhere. An apartment
would cover trash and water, too.
\_ OP mentioned new furnitures. -- !PP
\_ Mortgage interest, points, PMI, Property Tax, Utilities that
might be otherwise included in rent, maintenance, repairs,
homeowners insurance... --pp
\_ If you didn't include intrest, points (one time fee that)
PMI (there's a reason you should always do 20% down)
property tax and insurance into account when you bought,
well, you were a moron. And I'm amazed your mortgage
broker didn't point those all out to you before you bought.
\_ I never said these were surprise fees; I was just listing
possible sources of non-principal expenditures related
to owning a home. Nice strawman, though.
\_ I never said these were surprise fees; I was just
listing possible sources of non-principal expenditures
related to owning a home. Nice strawman, though.
\_ sorry, I thought you were the person complaining
about unexpected costs.
\_ Plus homeowners association fees.
\_ I just want to point out that if I have to pay some
motherfucker money for the privelage of having them
tell my to cut my lawn, paint my house in a certain way,
and generally buy into their little cult, I don't really
consider that ownership. Paying taxes to the local
government which will put the fire out if your house
catches on fire is one thing, but once some fucking
corporation starts asking for money and enforcing rules,
you're taking one step backwards towards serfdom. I'd
rather own a little bunker outright in a piece of remote
swampland than be a fucking serf in your suburb no matter
how much square footage I get. Some day you bastards
realize you are on the path to slavery. Until then
good luck.
swampland than be a fucking serf in your suburb no
matter how much square footage I get. Some day you
bastards realize you are on the path to slavery. Until
then good luck.
\_ You're confused. My HOA fees are $80 month. That
covers them hiring people to take care of my front
lawn and a bunch of other stuff. You're thinking
condo associations. If you *really* want a purple
and orange house with a glowing green door I didn't
want you as a neighbor anyway. Short of that and
your pig farm, HOAs are reasonably harmless.
\_ Why would a purple and orange house bother
you to that extent? Shouldn't people be free
to paint heir houses other than the same
shade of beige as every other house in the
association?
\_ Because it's tasteless and drives down prices.
They should be free to do whatever they want
as long as it doesn't screw other people. It
isn't for everyone. Don't do it if you don't
want it just don't whine when your neighbor
sets up a pig farm or has chickens and there's
nothing you can do about it. Those roosters
get really loud at sun-up.
\_ Zoning laws address whether one can
raise chickens or hogs. As for whether
it's tasteless to paint your house some
color other than beige, that's just
your opinion. Lots of victorians look
\_ It is the opinion of most home
buyers which is what counts.
\_ It is the opinion of HOA
Nazis, not most home buyers.
great in purple. It also doesn't drive
\_ Seen a victorian in the bay area
recently?
\_ Yes, in this small little
town called San Francisco
for one.
down prices. Prices are determined
mostly by the size of the house and the
location (comparables). Color isn't an
issue, because it's easily changed. Why
\_ Sure it is. If my neighbor is
raising pigs and has 8 cars in
front on blocks in their purple,
orange and green house, then my
home price will drop. I can not
easily change their color.
\_ Again, zoning addresses the
issue of raising animals
and usually the number of
cars one can have. The color
of a house is not significant in
any way, because a new buyer
can change it. How much less
do you think a purple house
is going to fetch relative
to the beige one next to it?
$2K? Oh my God! Your house
is now worth only $710K
instead of $712K. That's really
worth being a Nazi over. You
people who love HOAs
(instead of just tolerate
them) make me sick. I hope
a kid falls down on your HOA
sidewalk and sues the HOA
for millions and you get to
cough up your share. Then
you will appreciate HOAs more.
must you be a Nazi about what color
someone paints his/her house?
\_ See above.
\_ Plenty of condos are like 2-6 units, and the "HOA"
is really just a few people who meet every now and
to figure out how to handle what issues have popped
up. Not all condos are 200 unit monstorsities.
\_ I don't think he's upset about condo HOAs,
but did you realize that if the HOA gets sued
(e.g. someone hurts himself on a cracked
sidewalk) then all owners share in the pain?
\_funny you should mention that, as our HOA
got sued by one of the members, who was upset
that they couldn't get an expansion approved.
\_ Absolutely. Luckily, HOAs aren't all that common
is much of CA, since they tend to be associated
with new development.
\_ New development--in other words the problem is
getting worse. My problem with this is not that
I'm afraid I will have trouble buying a home
with no HOA, it's the value system represented
by people who think that's ok.
\_ I still think you don't know what HOAs are
about but whatever.
\_ HOAs are about people foreclosing on
your house because your grass is too
long.
\_ No, but ok. Whatever. Go find a cabin
in the woods. Just don't send people
bombs.
\_ Yes, they can. If the HOA fines
you because your lawn is too
long and you don't pay that fine
(or you dispute it) then after 12
months they can foreclose on you.
A new law made it such that they
can only foreclose if the amount
owed is > $1800, but before that
it could be any amount and $1800
isn't all that much to lose
one's house over. People have
lost their houses over $120 fines,
which spawned the legislation. I
don't think most HOA members
realize what deep sh*t they are in.
\_ Uh, cut your lawn. In my case,
my $80 covers that so if my lawn
isn't cut I am the one with the
complaint, not them. The sky is
falling!!!! People have been
hit by meteors but no one with a
tinfoil hat has ever been hit by
one. Fact.
\_ Go fuck yourself. I'll bet
anything you also supported
Bush's suspension of habeus
corpus, as well as torture.
Why? Because people like
you hate freedom. You want to
live as a corporate serf with
fucks like you for neigbors?
Fine. But if I catch you
and your fascist budies
trespassing on my swamp, I'll
shoot you right
between the eyes.
\_ I see. So it's perfectly
okay that if you are on
vacation in Europe for
a month and your lawn
gets long that the HOA
can foreclose on your
house? You don't see a
problem with that? Did you
ever read your CC&Rs? |
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