Portal Forum General General Discussion Home Ownership Reply To: Home Ownership

#153589 Quote

    @ScoobyDoo wrote:

    @team22tank wrote:

    If possible I would shoot for a 15 year versus a 30 year mortgage (or the lesser term as possible). If in the home for 5 years or so there will be some actual equity to go towards a new home in the future where a 30 year wouldn’t provide much.

    The one big benefit that I think home ownership provides is “free & clear” at the end of the tunnel!

    You’re never free and clear.

    And the way they built or build most homes is on the cheap. So, the “Fix” projects are constantly coming up. The Roof. The outside depending on how that was done. They used cheap windows so now you’re replacing that. Patio Doors don’t last forever. Then, something springs a leak. Or, the basement fills with water after all the rain we had last year. Then the appliances need to be replaced. Painting, new carpeting. The overall flow drain in the tub detaches and there’s no way to get at it because the wall on the other side of the tub is finished so you have to rip the wall out. Cheap tile in the tub area needs to be ripped out and replaced, etc. etc. etc. It never ends.

    Payment wise yes you can be but I get what you are saying (a few of those things I hope people are not paying in full straight out of pocket for!).

    If you are paid in full that is still going to trump an occasional project or emergency versus never ending rent. And I am not knocking rent, just one factor that I personally like that is all.