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At least where I live, rent reflects mortgage cost pretty closely. So it's not like the guys mortgage is extra money. Generally that money would mostly be going towards living expenses anyways. A home definitely cost more than rent. But at some point it becomes cheaper and wealth is acquired. Not everyone has parents with the ability to do what you outlined wants to live with their parents until they are mid thirties.
The trade off of not living with their parents , is working so much and being in debt for the next 50 years and never being able to see their parents.
Just a different way to see things.
It’s a good and perfectly logical idea. Unfortunately for us society needs people in debt to function as it does. And it’s functioning great for the .01%, just not for us.
People act and also think differently when in debt. It’s an economic and a psychological and political tool used by the powers that be to keep us in the palm of their hand. Our world economy functions on debt. It needs debt. Just like our it need the social and cultural chaos discussed in other threads.
Just think without debt, without the loaning of money, houses would have to be affordable. Cars would have to be affordable. Without insurance healthcare would have to be in line with what a person could afford to pay.
Our political system and society can not be reformed. We need systemic revolution. Home buying = buying debt.
When you consider the fundamental dysfunctions you realize what you’re talking about (debt) and what’s being discussed in other threads (crazed trannies blowing children’s heads off with high powered assault weapons) both arise from the same systemic issue. These things are related because they’re both symptoms of the same root cause.
Why the hell should parents support their kids even longer? I say that as I have 2 30+ year old kids living with me and my wife so they can save money to get established. But in reality, If I didn't want to, why in the world should I have to devote more of my life to working and earning more income so they don't have to? Now, we do it by choice but after people have worked all their life, why shouldn't they enjoy their life instead of working longer so little Timmy can play video games instead of working 2 jobs? My kids spent many years at the university getting difficult degrees. I'm very proud of them and will do whatever I can to support them, but not every parent is in that situation.
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Debt is not a bad thing if used properly. Imagine a business where you make donuts. You spent all your money on equipment and your store is operating smooth and a small profit on your walk in business, but your equipment sits idle 20 hours a day. You find out that 10 businesses would each give you orders for 2 dozen donuts ($40) twice a week ($80 X10 businesses $800 per week) if you delivered. You can instantly increase your sales over $3,000 per month by buying a delivery van. but you need a loan to buy that van. I'd say that's a good use of debt.
In answer to the question of the thread. Buy as early as you can! Obviously, there are times in history that you shouldn't buy due to some crisis or another, but in general, you need to get into ownership asap!
I forgot where I said we would value Timmy having time for video games lol.
Also just thought of something related to your stand point. Why is it you think women are non fertile for the 2nd half of their lives? What do you think a significant purpose from 50-90 is for them?
My experience from the two homes I have purchased. First one being a brand new home….stop by occasionally during the different building phases. Corners get cut. Second home was built before us. It’s a basement home and I spent good money on a home inspector to come out multiple times only to not tell me my foundation/ basement walls are caving in. Only found out after purchase and remodeling the kitchen and laying hardwood floors through out the house. Could understand why everything wasn’t level and or slanted. Had a structural engineer come out (more money) to explain what was going on.
WTF?
I see where you’re coming from and i don’t totally disagree. I would say that if you can’t buy outright, then you can’t afford it. If this were the case then things would change fundamentally on many levels. Perhaps it would help develop more sustainable businesses which don’t rely on buying debt to increase productivity. Or perhaps we would be content just to continue and feel no need to buy debt in order to grow? It’s a cultural pressure in that we feel we need to grow. We as a planet and global society cannot continue down this path of continuous/infinite growth because we rely on finite resources. 80 years on from the end of WWII and the beginning of complete global domination we’re starting to see the consequences of this mindset.
However, I should have been more specific in my previous post in that I was more referring to institutionalized debt, rather than private individual debt. Like for instance how our own government can take debt out in our names (the taxpayers) and leave us liable (take a look at our seemingly infinitely growing deficit). Another example might be when you or I go to a bank for a loan they’re loaning us money that they don’t actually need to have! And also how the “federal” reserve functions. And yes I used quotations around federal because it’s not federal at all. It is in the hands of private investors and always has been. Hell even paper money like ours which isn’t backed by gold but by a promise is a form of institutionalized debt.
Institutionalized debt is a problem. It’s our governments and the governments of the world that’s the problem. It’s not individuals like you or I. The average Russian, Iranian, or Chinese is not my enemy. But their government is! My biggest enemy though is the one which poses the biggest threat to me and mine. And that is my own government. The American government.
Here are some things you might want to know about that were surprises to me:
Amortization. You have a mortgage loan. It has a payment. There's an interest rate, and like with anything, you pay for the money you borrowed plus the interest. However, they schedule the interest so that your first payment is 99.9% interest and 0.1% principal. In other words, after your first $3000 mortgage payment, your loan balance only went down $3. It gets better with each passing month, but you won't make a lot of headway on your loan until several years into the mortgage. By the end of the 30 years, your payments will be mostly principal and barely any interest, but the bank has already collected by then.
Supplemental property tax. This is more applicable to a new build than an existing home, but it could still happen if an existing home hasn't been appraised in a long time. Your property tax is estimated based on the value of your home. Once the deed changes hands, the tax is based on the new value. The difference can be quite significant. You may remember from another thread that I recently had a home built; the estimates for my tax payments were $3,000 too low for the fiscal year that it was built, because they based it off the property value before the structure was built. Now I owe the difference that my escrow account doesn't pay. (The escrow will adjust for fiscal year 2025 so I'll only have to pay supplemental tax for 2024.)
Private Mortgage Insurance, or PMI. This is the one I hate most. Since you are a first-time buyer, you will most likely be shoehorned into an FHA loan of some sort. Even if not, you may not have the 20% down which is a long-standing tradition in mortgages. Because you will have such little equity in your home, the bank requires PMI. PMI covers the mortgage value in case you default on the loan and get foreclosed upon. It's utter bullshit, because not only does it make your payment go up by several hundred dollars (thus making it ever-so-slightly more likely that you WILL default on the loan,) but it also doesn't insure YOU for anything, yet YOU have to pay for it. (Plus, I don't actually believe there is an actual insurance policy, underwritten by an insurance company who receives your premiums. I think it's just naked theft by the bank, but what are you going to do?) In most cases you can ask that the PMI be removed after you reach 20% equity ("Loan to Value, or LTV, is 80%,) or 12 years, whichever comes first.
All in all, I still think owning real estate in America is a better deal than renting. Like you say, you're investing in yourself instead of paying someone else's investment.
Keep an eye on interest rates, as I think they will be dropping soon. You may be able to pay a little extra to lock in your rate with a "float down" option, which means the rate won't go up, but if the rates go down you get to lower your locked-in rate.
Early congratulations! I hope it all works out for you!
Wanted to bump my own thread and update it with that I finally put in my first offer on a house today!
It took me a long time to find anything that really felt like it fit me, but the one I did put an offer in I can’t find one thing bad to say about it. The house is smaller, but it’s just me and a cat so that doesn’t really bother me, I’ll spend the majority of my time in the garage or kitchen anyway, Less shit to keep clean too.
Location is close to everything I need, and secluded enough that a handful of cars drive past everyday. Decent yard with good backyard and usable space, so many houses around here are built in such low areas, that the house pad is raised so high up making half of your yard and backyard virtually useless. Detached garage that’s a little larger than your typical attached 1 car garage. All brand new electrical ran through it. Everything from the roof, septic system, every room, appliances, etc was replaced in the last 5 years. Whoever redid it, definitely did it with the intention of living in it and not just flipping it or landlord specialing it. The counter tops are all stone, cabinets and drawers are all soft close, etc. 2 Public MX tracks within 30 minutes of it as well!
We’ll see how negotiations go, but I have never been so excited and maybe a little scared in my life. It may sound stupid, but for personal reasons owning my own home has been the biggest goal I’ve had since I was 14. A year ago I didn’t think I would be in the position to even make an offer, nonetheless actually be ready to go through with it.
Congrats. Hope you get it, sounds like you found one that fits you.
Hell yeah! Good luck with closing. It takes forever to close, even when both parties have agreed to move forward. Home Depot or Lowes will be your new favorite place to browse through! I could spend millions there, I bet. Haha.
I wish I had known I was going to have to pay for it twice.
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