I feel like I’m taking crazy pills. It’s easy to get out of this cycle. Most states will have First Time Homebuyers programs, and even if you’ve had a home before, not having a home for 3+ years can cause you to re-qualify again.
Live in a shithole for a while if you have to. OWNING a home is like paying yourself. It’s so much cheaper than renting, yes you have to fix things when they break, but you should want to learn those skills anyhow. Toilets, water pumps, hot water heaters, all that shit is pretty easy to fix yourself. Every penny you put into a house is like a savings account that doesn’t actually count against you. You get done with that loan, and the worth of that house is yours. You’re not paying $2k/month to someone else, with nothing to show for it. You’re literally paying $2k a month to YOURSELF. Want to move? Sell the house. Anything you’ve put into it, you’ll get back and then some.
Just whatever you do, get a FIXED rate mortgage. Or go for owner-financed. There’s lots of options and renters just make excuse after excuse after excuse why they won’t buy a house.
You severely underestimate the number of people who lack ambition, life skills, discipline, and financial responsibility. It may seem easy to you but to people without these things, it’s like climbing a mountain.
Who has time to develop all that when you’re burned out, pushed to your limit at your job that barely covers your primary expenses?
I know, not the whole picture, but neither is what you’re saying. The first thing you list is ambition? I hope that’s not in order of importance because I don’t think most people lack ambition, I think they get stretched too thin and feel its hopeless no matter what.
Financial responsibility, life skills, these are important issues and more should be done to improve quality of them for the population. But discipline and ambition require a world where those get rewarded, and for some lucky people they do, but for many that’s just not the case.
B) you need to qualify for a mortgage, even with first time homebuyer programs
C) you severely underestimate what the mortgage is
D) people aren’t always expecting to live in the same area for more than 5-7 years, at which point you’ve spent tons of money on closing and PMI that you absolutely aren’t coming out ahead on
A) I’ve been in poverty my whole life.
B) By-owner financing is a thing, I mentioned it already. If you qualify for renting, you qualify for the first time homebuyers programs. You’re making excuses and you clearly don’t know how these programs work.
C) Again, nope.
D) Covered that already. Closing costs are miniscule compared to the amount of equity you build, and first time home buyers programs cover closing costs, enough with the copium.
I bought my house without a front door, no working a/c, water pipes cut off inside the walls, no toilet. Learn how to do shit for yourself. I learned all the shit to fix my house from YouTube videos.
Where I live houses are like $450k minimum for something that doesn’t need major work. Even with a n FHA loan, the mortgage would be untenable. I’ve given up owning a home here.
Living paycheck to paycheck is a valid reason how one can’t even save up to consider even buying a house. Soon with the rising prices it will even be living on borrowed time.
Where I live, a mortgage payment is twice what rent is. My family won’t move, and I’m not spending 75% of my paycheck on a mortgage. Family won’t move to LCOL. Also mortgage payments have gone up like 35% since the rate hikes, and housing costs are at all time highs.
Just because things worked out for you doesn’t mean they work out for others. You’re not taking crazy pills, you’re lacking empathy and seem very out of touch with reality.
Would you be willing to share how you make that work? I can’t imagine living on my own for that much, let alone raising 3 kids. What does a weekly meal plan look like? Do you drive? What are rent and property values like in your area?
Edit: Just ran some numbers, and I can see how that could be possible, but it’s dangerously lean. We shouldn’t need to live like that. I commend you for making it work, but would like to say that you’re definitely worth more than $20k/yr (especially with all those home improvement skills, but regardless)
Every penny you put into a house is like a savings account that doesn’t actually count against you. You get done with that loan, and the worth of that house is yours.
How should I reconcile this with the statement “you should see housing as necessities rather than investments”?
renters just make excuse after excuse after excuse why they won’t buy a house.
“wahhh I’m living paycheck to paycheck and may not be able to pay rent this month, let alone set aside a down-payment and closing costs for a house when houses are at an all time high price”
Poor people, amirite? Don’t they know that the solution to all their problems is to just get more money?
Oh yeah, sure, I’ll buy a shitty house an hour away from where I work, in a small village with not even a grocery store! Good idea! And then I’ll be stuck there for the rest of my life because you can’t sell houses in these places, because they are shitty!
Buying a house or apartment is a several decades investment. If you’re settled in your life, sure, do that, but not everyone is in this case, and not everyone in this case can afford it.
BTW, so you know banks will not give you money these days? Half the requests are refused by banks in France these days because they’re waiting for the yields to increase again.
STOP…RENTING…
I feel like I’m taking crazy pills. It’s easy to get out of this cycle. Most states will have First Time Homebuyers programs, and even if you’ve had a home before, not having a home for 3+ years can cause you to re-qualify again.
Live in a shithole for a while if you have to. OWNING a home is like paying yourself. It’s so much cheaper than renting, yes you have to fix things when they break, but you should want to learn those skills anyhow. Toilets, water pumps, hot water heaters, all that shit is pretty easy to fix yourself. Every penny you put into a house is like a savings account that doesn’t actually count against you. You get done with that loan, and the worth of that house is yours. You’re not paying $2k/month to someone else, with nothing to show for it. You’re literally paying $2k a month to YOURSELF. Want to move? Sell the house. Anything you’ve put into it, you’ll get back and then some.
Just whatever you do, get a FIXED rate mortgage. Or go for owner-financed. There’s lots of options and renters just make excuse after excuse after excuse why they won’t buy a house.
You severely underestimate the number of people who lack ambition, life skills, discipline, and financial responsibility. It may seem easy to you but to people without these things, it’s like climbing a mountain.
Who has time to develop all that when you’re burned out, pushed to your limit at your job that barely covers your primary expenses?
I know, not the whole picture, but neither is what you’re saying. The first thing you list is ambition? I hope that’s not in order of importance because I don’t think most people lack ambition, I think they get stretched too thin and feel its hopeless no matter what.
Financial responsibility, life skills, these are important issues and more should be done to improve quality of them for the population. But discipline and ambition require a world where those get rewarded, and for some lucky people they do, but for many that’s just not the case.
A) poverty
B) you need to qualify for a mortgage, even with first time homebuyer programs
C) you severely underestimate what the mortgage is
D) people aren’t always expecting to live in the same area for more than 5-7 years, at which point you’ve spent tons of money on closing and PMI that you absolutely aren’t coming out ahead on
A) I’ve been in poverty my whole life.
B) By-owner financing is a thing, I mentioned it already. If you qualify for renting, you qualify for the first time homebuyers programs. You’re making excuses and you clearly don’t know how these programs work.
C) Again, nope.
D) Covered that already. Closing costs are miniscule compared to the amount of equity you build, and first time home buyers programs cover closing costs, enough with the copium.
I bought my house without a front door, no working a/c, water pipes cut off inside the walls, no toilet. Learn how to do shit for yourself. I learned all the shit to fix my house from YouTube videos.
Where I live houses are like $450k minimum for something that doesn’t need major work. Even with a n FHA loan, the mortgage would be untenable. I’ve given up owning a home here.
A small shoebox here is upward of 550k. And at that price, you need to put another 100k if you do things yourself because the house is a shitstain.
Living paycheck to paycheck is a valid reason how one can’t even save up to consider even buying a house. Soon with the rising prices it will even be living on borrowed time.
Where I live, a mortgage payment is twice what rent is. My family won’t move, and I’m not spending 75% of my paycheck on a mortgage. Family won’t move to LCOL. Also mortgage payments have gone up like 35% since the rate hikes, and housing costs are at all time highs.
Stop being poor isn’t an option.
Just because things worked out for you doesn’t mean they work out for others. You’re not taking crazy pills, you’re lacking empathy and seem very out of touch with reality.
This I such a privileged take that I don’t even know where to begin.
Really? Because I make less than $20k a year with 3 kids…tell me how privileged I am. I am FAR below what the poverty line is.
I continue to be at a loss for words. I’m glad to hear you and your family have realible housing.
Would you be willing to share how you make that work? I can’t imagine living on my own for that much, let alone raising 3 kids. What does a weekly meal plan look like? Do you drive? What are rent and property values like in your area?
Edit: Just ran some numbers, and I can see how that could be possible, but it’s dangerously lean. We shouldn’t need to live like that. I commend you for making it work, but would like to say that you’re definitely worth more than $20k/yr (especially with all those home improvement skills, but regardless)
My dude it takes me hours to hype myself up to make a phone call, the things you’re talking about simply aren’t possible for a lot of us.
Yo, I’ve been there. Have you considered therapy?
Therapy costs money lmao
How should I reconcile this with the statement “you should see housing as necessities rather than investments”?
You shouldn’t. Because I didn’t state that ever.
Houses are investments in YOUR future.
Just buy a house 4Head
“wahhh I’m living paycheck to paycheck and may not be able to pay rent this month, let alone set aside a down-payment and closing costs for a house when houses are at an all time high price”
Poor people, amirite? Don’t they know that the solution to all their problems is to just get more money?
Oh yeah, sure, I’ll buy a shitty house an hour away from where I work, in a small village with not even a grocery store! Good idea! And then I’ll be stuck there for the rest of my life because you can’t sell houses in these places, because they are shitty!
Buying a house or apartment is a several decades investment. If you’re settled in your life, sure, do that, but not everyone is in this case, and not everyone in this case can afford it.
BTW, so you know banks will not give you money these days? Half the requests are refused by banks in France these days because they’re waiting for the yields to increase again.