You will own nothing and be happy - Careful with your homes

[falco]

Rewarding a person based on the colour of their skin is totally not racist as long as they are not white, and has worked really well for South Africa. Good luck with this.

Complete lunacy. A bandaid on top of a badly infected injury.

[Humble Narcissist]

A bigger scam that exists here in the USA is that although people assume they can own their home "free and clear" if and when they paid off a mortgage or simply bought a home in full, the fact of the matter is that you NEVER own the actual land your home is on. Yes, you pay for the land lot and home that is built on it, but there is something we call property taxes (again not certain how they do things on your side of the pond) and with these property taxes the moment you stop paying them or go bad on them, the local city government can repossess your home (place a lien on it) and take ownership of the home you thought you had owned. This lien is a legal claim against your property that can be used as collateral to repay the debt of property taxes owed to the local government. In other words, nothing you think you fully own in the USA, by way of a home, is ever truly yours. So as long as you pay property taxes, you're still renting the right to have the home on that lot of land, but go bad on your property taxes and that home ceases to be yours.

"1"

Plus you have to pay home owners insurance, repairs and upkeep (mowing the lawn,trimming the hedges, painting, cleaning the gutters, etc) and you can lose it in a lawsuit or bankruptcy. Renting and leasing homes and cars are superior and almost all the advice we ever get is the opposite.

[El Diablo Blanco]

I never understood the idea that after you pay off your mortgage you still have to pay taxes on your property. I always thought that was pretty lame. The government is fucking us all.

Not really.  They use that money to repair infrastructure , roads etc.   unless you want to have a well for water and drive on dirt. 

[Matt]

A bigger scam that exists here in the USA is that although people assume they can own their home "free and clear" if and when they paid off a mortgage or simply bought a home in full, the fact of the matter is that you NEVER own the actual land your home is on. Yes, you pay for the land lot and home that is built on it, but there is something we call property taxes (again not certain how they do things on your side of the pond) and with these property taxes the moment you stop paying them or go bad on them, the local city government can repossess your home (place a lien on it) and take ownership of the home you thought you had owned. This lien is a legal claim against your property that can be used as collateral to repay the debt of property taxes owed to the local government. In other words, nothing you think you fully own in the USA, by way of a home, is ever truly yours. So as long as you pay property taxes, you're still renting the right to have the home on that lot of land, but go bad on your property taxes and that home ceases to be yours.

"1"

Yes - in Canada too.

It sucks knowing that even now owning my house and freeing myself from the system...that the system can still technically bankrupt me. And I can't do anything about it.

[Hypertrophy]

Yes - in Canada too.

It sucks knowing that even now owning my house and freeing myself from the system...that the system can still technically bankrupt me. And I can't do anything about it.

Damn Matt- get some courage, lol

[ProudVirgin69]

Plus you have to pay home owners insurance, repairs and upkeep (mowing the lawn,trimming the hedges, painting, cleaning the gutters, etc) and you can lose it in a lawsuit or bankruptcy. Renting and leasing homes and cars are superior and almost all the advice we ever get is the opposite.

Lmfao

Seriously LOL at renting a home being superior

[ProudVirgin69]

Not really.  They use that money to repair infrastructure , roads etc.   unless you want to have a well for water and drive on dirt.

No need for municipal services, the glorious free market will provide

Who needs clean water or waste management or law enforcement anyways lol

[IroNat]

Getbiggers spend most of their time on their yachts and flying on their private jets to Monaco.

Taxes are for little people.

[Taffin]

Not really.  They use that money to repair infrastructure , roads etc.   unless you want to have a well for water and drive on dirt.

Christ!  Your avatar is hot! 

You are a man of good taste 

[Gym-Rat]

Lmfao

Seriously LOL at renting a home being superior

Some like it (renting for life). I however, like the idea of selling it someday for 3x of what I paid, and then just renting a condo at a FLA beach.
I dont like leasing cars either (always paying) I haven't had a car payment, or a rent/mortgage payment in a decade...

I never knew anyone (personally) who lost their house in a lawsuit. And Im pretty fucking old...

[youandme]

A bigger scam that exists here in the USA is that although people assume they can own their home "free and clear" if and when they paid off a mortgage or simply bought a home in full, the fact of the matter is that you NEVER own the actual land your home is on. Yes, you pay for the land lot and home that is built on it, but there is something we call property taxes (again not certain how they do things on your side of the pond) and with these property taxes the moment you stop paying them or go bad on them, the local city government can repossess your home (place a lien on it) and take ownership of the home you thought you had owned. This lien is a legal claim against your property that can be used as collateral to repay the debt of property taxes owed to the local government. In other words, nothing you think you fully own in the USA, by way of a home, is ever truly yours. So as long as you pay property taxes, you're still renting the right to have the home on that lot of land, but go bad on your property taxes and that home ceases to be yours.

"1"

Exactly. You’re always renting.  The government has a superior land right to your claim of ownership.

[obsidian]

Just playing devils advocate here, so without reading the details I may be just talking nonsense. But, from what I understand it’s in run down areas, which I’d assume would make the prices of the homes very cheap, like car payment cheap. I’d also assume the interest rates would be such that they could make up the fees with the interest over the life of the loan. Maybe, other than virtue signaling, they think they can expand ownership to minorities, and have them start accumulating “wealth” and get their children as customers? I mean, White folks are on the decline, they’re going to have to get their money/customers from somewhere. Maybe this is a low risk/high reward type deal in their eyes? I’m sure that they’ve had their statisticians and economists crunch the numbers.

The funny thing is the "they" you speak of were responsible for this "white folk" decline. They engineered the white genocide that's been happening. What was the point of doing that? Did they really think the world would be better with a small white minority and a non-white majority? Fucking morons!

[obsidian]

Yes - in Canada too.

It sucks knowing that even now owning my house and freeing myself from the system...that the system can still technically bankrupt me. And I can't do anything about it.

Sure you can. You can go Dexter on them if you have to...

[Primemuscle]

Homes were selling above asking price around here a while back. People offering much more just to snag the place.
It has slowed and prices are coming down again.

Still outrageously high though, ridiculous actually...

I bought this one for 389K back in 2005.
Could easily get 649K now.  (Until it crashes again that is)...

The one down the road, just got 650K, much smaller than this one, smaller lot, not private, etc.
Nuts...

Prices are still out of sight here too. Houses in the immediate area sell fast. A 3 bedroom 2 bath under 2,000 sq ft which is just up the street had a for sale sign up for a day or two before it was changed to sold. It sold for just under $640K. My house is 4 bedrooms and 3 baths with a larger lot. It is valued at around $769K which is down from a couple of months ago. Bought this place in 1999 for $214K. I do not plan to sell, so these numbers don't mean much.

[Gym-Rat]

Prices are still out of sight here too. Houses in the immediate area sell fast. A 3 bedroom 2 bath under 2,000 sq ft which is just up the street had a for sale sign up for a day or two before it was changed to sold. It sold for just under $640K. My house is 4 bedrooms and 3 baths with a larger lot. It is valued at around $769K which is down from a couple of months ago. Bought this place in 1999 for $214K. I do not plan to sell, so these numbers don't mean much.

I know what you mean about not planning to sell. Its too early for me as Im like 6 yrs (I hope) away from retirement. Who knows what can happen in that time frame.
Good to know you have something of value though. (Even if its for your family, etc)..

[Primemuscle]

I know what you mean about not planning to sell. Its too early for me as Im like 6 yrs (I hope) away from retirement. Who knows what can happen in that time frame.
Good to know you have something of value though. (Even if its for your family, etc)..

I've mentioned before that currently we are a 4 generation household. Apparently, there are only 78,000 in the entire U.S. I am the oldest at 78 and my great-granddaughter who is 30 months old the youngest.

[Humble Narcissist]

Lmfao

Seriously LOL at renting a home being superior

You have bought the bullshit.

[Gym-Rat]

I had an IT manager at work for years, great guy, but horrible with money.

He would buy a new car every 3-years, and say "well, I figure I'll always have a car payment", or he would re-finance his mortgage for some bull-shit additions on the home, etc.
same thing "I'll always have a home or rent payment" etc.

I showed him how, by not having those payments, I put 90K extra in-bank over 5 years.
1K a month for fictional mortgage (60K), 500.00 a month for fake car-payment (30K). I just pretended I still had those payments, and I made them (to myself).

I still do it over 5 years later and have 200K in payments (in an account) that would have been made to others.  The shit adds up...
We would also get 15K a year extra (bonus) at work. He would spend his right away on something (hot-tub, yard-stuff, sheds, etc) I would bank mine.

10 yrs later when our kids started college, they had all sorts of payments (and they are still paying student loans) I paid for my 2-kids college with cash.
(From the bonuses and yearly stock grants). I would sell the stock ASAP and use it for the college. (Good because it crashed over the years anyways for those who held it).

Being cheap, and not having rent/car payments, can really pay off for people (when they are strict).

[Primemuscle]

I had an IT manager at work for years, great guy, but horrible with money.

He would buy a new car every 3-years, and say "well, I figure I'll always have a car payment", or he would re-finance his mortgage for some bull-shit additions on the home, etc.
same thing "I'll always have a home or rent payment" etc.

I showed him how, by not having those payments, I put 90K extra in-bank over 5 years.
1K a month for fictional mortgage (60K), 500.00 a month for fake car-payment (30K). I just pretended I still had those payments, and I made them (to myself).

I still do it over 5 years later and have 200K in payments (in an account) that would have been made to others.  The shit adds up...
We would also get 15K a year extra (bonus) at work. He would spend his right away on something (hot-tub, yard-stuff, sheds, etc) I would bank mine.

10 yrs later when our kids started college, they had all sorts of payments (and they are still paying student loans) I paid for my 2-kids college with cash.
(From the bonuses and yearly stock grants). I would sell the stock ASAP and use it for the college. (Good because it crashed over the years anyways for those who held it).

Being cheap, and not having rent/car payments, can really pay off for people (when they are strict).

Good advice. I've found a good way to save money is to bank it without thinking about it. I financed my current car when I bought is in 2016 because Onpoint only charged me 1% interest. The payment was set up with them to be automatically deducted from my checking account each month. After the car was paid off, I continued to have the same amount deducted monthly.  It's amazing how quickly that account grew and will continue to do so with no effort on my part.

On the other hand, I have taken out equity loans and refinanced my house a couple of times over the years, using the money to remodel in ways that increased the value. Most recently, I had the place reroofed to the tune of $42 K which is less than I would have spent had I replaced the cedar shakes with new cedar shakes, which is what I wanted to do. That estimate came in at $70 K. Since almost all the houses have replaced the original cedar roofs with composition roofs, it might be difficult to get the extra expense back if I wanted to sell. 

I consider this a win, win because I enjoy living here knowing there is no deferred maintenance. I will continue to do so for as long as I want. If there ever comes a time when I or my kids decide to sell, we are assured of getting a good price. I don't believe I've overdone the remodeling and maintenance to the point that it is overpriced for the neighborhood. Occasionally folks come to the door to ask if I ever decide to sell to let them know before I list it with a realtor.

It is possible to have the nicest house in the neighborhood and not be priced out of the market. So few houses come up for sale around here that when they do they sell almost immediately. Even when interest rates were high, this was true. Some are never listed. They sell by word of mouth alone. 


 

[Flexacon]

Lmfao

Seriously LOL at renting a home being superior

If you have subsidized rent and life time tenancy (in the UK it's known as council housing) then it can definitely be superior.

[IroNat]

I had an IT manager at work for years, great guy, but horrible with money.

He would buy a new car every 3-years, and say "well, I figure I'll always have a car payment", or he would re-finance his mortgage for some bull-shit additions on the home, etc.
same thing "I'll always have a home or rent payment" etc.

I showed him how, by not having those payments, I put 90K extra in-bank over 5 years.
1K a month for fictional mortgage (60K), 500.00 a month for fake car-payment (30K). I just pretended I still had those payments, and I made them (to myself).

I still do it over 5 years later and have 200K in payments (in an account) that would have been made to others.  The shit adds up...
We would also get 15K a year extra (bonus) at work. He would spend his right away on something (hot-tub, yard-stuff, sheds, etc) I would bank mine.

10 yrs later when our kids started college, they had all sorts of payments (and they are still paying student loans) I paid for my 2-kids college with cash.
(From the bonuses and yearly stock grants). I would sell the stock ASAP and use it for the college. (Good because it crashed over the years anyways for those who held it).

Being cheap, and not having rent/car payments, can really pay off for people (when they are strict).

Good man, GR.

[ThisisOverload]

Homes were selling above asking price around here a while back. People offering much more just to snag the place.
It has slowed and prices are coming down again.

Still outrageously high though, ridiculous actually...

I bought this one for 389K back in 2005.
Could easily get 649K now.  (Until it crashes again that is)...

The one down the road, just got 650K, much smaller than this one, smaller lot, not private, etc.
Nuts...

It's not going to crash, but home sales are going to slow down until people realize they are just going to have to buy anyway. This is nothing like 2008.

The developers i work with are slowing down a little and lowering prices a bit to just get rid of inventory. People are still buying houses and there are a lot of areas in the USA that still have a severe housing shortage.

Where i live they are still building full speed ahead because the market has almost zero inventory. The builders are going to start building homes cheaper so they can lower the prices and still make a profit. The dev i work closely with can knock $20k off it's building price for a 2000 SF home just by changing a few materials. You can save $8-10k just buy building a cheaper perimeter fence. Roof materials can shave $5-10k off.

Things are going to balance out in a year or two. All the money our government has invested in infrastructure projects will start soon and this will cause prices to go back up. Just wait and see. While our government is terrible with basic principles of economics, they understand how to inflate and deflate markets. They will NOT let it fail, not matter what they have to do.

And to OMR's original statement, yes the government will one day own everything. That has been the plan for decades, but it's not happening anytime soon.

[IroNat]

Joe will lead us to the promised land.

Don't be afraid.

[Humble Narcissist]

Joe will lead us to the promised land.

Don't be afraid.

In the Democratic Party we trust! They've done such a good job so far.

[hardgainerj]

You will live near negroes and you will be happy

https://www.naca.com/