LOL, some housing markets are like the stock market. Big ups and downs. Buffalo is like a savings bond.
:word:
Well to be fair, we remodeled the whole entire house lol
it started on fire over winter, (maybe you saw it in the paper?it was on the news) insurance paid for like 180k of damages, so that obv helped in the remodling process, and so does being able to do everything yourself as far as home improvements go
bought when they bought the house it had a butler kitchen, and a regular kitchen, the regular kitchen had red counter tops, it had like 4 layers of laminate floors lol, the cabinets were shimmed with roof shingles :bloated:, the house wasnt shitty, it was just old
but it has all new bathrooms, we combined 2 bedrooms to make a master suite and a master bath, we finished the upstairs, reinsulated the whole house, all new windows (there’s like 40 windows lol :wtf: ) , new floors, kitchen, new roof… painted the basement
it’s really amazing watching a house transform over time, i hope i can somehow upload pics, it would be cool to see before and after pics
being able to do everything yourself is most important
You’re also leaving out the NPV of your money, and in this day and age, the inflationary impact.
:tup:
Word.
I can has monies? Beer? I miss Fry. 
Someone say beer? I just got my thing fixed. It’s been broken for a while.
beer?
wait, beer?
someone grab nikuk, and we will have an enthusiasts meet.
i like this arguement.
from strictly an investment standpoint if you buy an asset that incurs additional costs to service the maintenance of that asset you have to accrue all of those on-going costs and subtract them from the selling price… interest, taxes, property maintenance, upgrades, incidentals etc. etc.
however, usually people have to pay to live (rent or mortgage) and it’s emotionally satisfying to use that as a justification. That said, you pretty much always lose money when you buy a house.
no, no you don’t.
Here is another reason; no capital gains tax. Throw that one in there and it becomes one of the best investments. When you cash out of other investments you get ass raped.
Here in WNY, the housing market never took a dump because it never really went anywhere during the boom. People say that houses here are cheap, but cheap houses can be found in nearly every metro market. A decent house here in the suburbs is going to cost the same as one in Tampa or Phoenix right now. Add in our high property taxes, and in some cases a house here could cost more than other metro markets.
I have no plans to stay here long term. That is why I bought a duplex a couple years ago in West Seneca. That is the only way to make quick and monthly money on a house, getting someone else to pay the mortgage.
Someone else pays my principal, taxes, interest, and PMI. That frees up a lot of money here for me to improve the place. It is a pain in the ass at times, some of my renters were complete idiots, others were fine.
Someone else paying the mortgage, plus all the tax benefits makes it worth it to me. I claimed a small net loss on the rental last year due to all the improvements, this year will be a small net gain, but I’ll still do very well on taxes.
Very Smart :tup:
Right, but its not for everybody. Most people would have zero patience for it. Example of the week of a landlord…
The bathroom for the upper is right above our lower bathroom. The toilet started leaking upstairs in to my new ceiling that I had just installed a year prior. Totally ruined it. We had to saw out all the drywall and throw it all away.
We tried messing with a couple wax rings, the subfloor is rotted upstairs.
So days before christmas, we have to basically remodel the upstairs bathroom. New hardwood subfloor, underlayment, new vinyl floor, new vanity, new faucet.
Then we need to go downstairs and put up a new greenboard ceiling, and while its all apart, I mine as well install a bath fan to get the humidity out of that bathroom. The list goes on and on.
If you think of it as one big house, you would be fixing shit in it anyways. If it was a single family home, it would be on your own dime. So its basically a 50/50 crap shoot if you get to deduct your repairs or not. Those are pretty good odds.
Its totally annoying to live with tenants, but I have to bite my lip and suck it up sometimes.
I purchased a house because I wanted to live in a nice place.
Sure my 1000 square foot apartment on the water was very very nice, but I had about 350 neighbors and no personal garage.
My house is 3x the size of my apartment and is just as nice if not more so and offers me so much more privacy.
That in itself is worth it to me.
Plus now I get to start modding a house, yippy!
Plus in the end I’ll end up being even or making money depending on the housing market.
Are you supposed to feel bad for people paying big property tax in cheektawaga when they don’t make enough to get it back in income tax credit? Or do you just figure they probably suck.
In thirty years when your home is worth 50% more, you broke even against inflation. And then you paid interest. Not that you shouldn’t buy a home, but if you don’t have real capitol you shouldn’t be looking at the home you live in as the kind of investment where you are gunna break the bank.
Even if you had 100k to to buy a single family home you will NEVER make an economic profit. Accounting profit is very likely, but never an economic profit. But as well, it is much safer than an entrepreneurial venture.
I know buying a home in cash will save you plenty over renting an entire life, but 100k could make more money than that in investments in that time. And if you had 100k invested you have equity, you could even get a mortgage and pay it off after your investment doubles, which would take less time than waiting for a house to pay you back compared to renting.
My parents bought their house the weekend I was born it is now worth more than 10 times what they paid. That is not too bad but their friends in other cities have homes worth 25 times what they paid in the same amount of time. 50% sounds way low for 30 years imho. I sold my house for 40% more in 8 years. Again, location, location, location.
[sarcasm]Deathproof has it all figured out. Wealthy people never start in real estate or own homes. They rent and invest elsewhere.[/sarcasm] LOLLLLLLLLLLLLLLLLLLLLL