I’m guessing it’s mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn’t down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
That’s why I’m saying starting with a condo makes a whole lot of sense, it’s the compromise between the two, but it seems less and less people want to start small to be able to afford something bigger later… My friends are just staying at their parents’ or in their authentic instead, even if they have more than enough money to afford a condo, but not enough for a house 🤷
Having owned a condo - I can’t honestly recommend them.
You’re beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an ‘unassigned’ parking spot.
My place flooded 7 times in 6 years due to ‘unforeseen circumstances’ with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
this, thank you. everyone here doesn’t want to do the maintenance, why do they think their HOA wants to? bare minimum, max profit. all the time. and what’s messed up learning electric and plumbing can be taught in one day and mastered in a week. idk why they keep thinking all these trades and jobs are gatekept and expensive for some reason…they are if you are paying for the service. Learn the service cut out the middle man. Enjoy HOA fees forever and being harassed by curb appeal citations
And I call bullshit on the no recourse, insurance companies would never have let it fly because the owner responsible is the one who’s insurance would have had to pay for the damage.
I’m guessing it’s mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn’t down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
That’s why I’m saying starting with a condo makes a whole lot of sense, it’s the compromise between the two, but it seems less and less people want to start small to be able to afford something bigger later… My friends are just staying at their parents’ or in their authentic instead, even if they have more than enough money to afford a condo, but not enough for a house 🤷
Having owned a condo - I can’t honestly recommend them.
You’re beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an ‘unassigned’ parking spot.
My place flooded 7 times in 6 years due to ‘unforeseen circumstances’ with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
It sucked dick
this, thank you. everyone here doesn’t want to do the maintenance, why do they think their HOA wants to? bare minimum, max profit. all the time. and what’s messed up learning electric and plumbing can be taught in one day and mastered in a week. idk why they keep thinking all these trades and jobs are gatekept and expensive for some reason…they are if you are paying for the service. Learn the service cut out the middle man. Enjoy HOA fees forever and being harassed by curb appeal citations
You realise the HOA is… the owners…
And I call bullshit on the no recourse, insurance companies would never have let it fly because the owner responsible is the one who’s insurance would have had to pay for the damage.