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This has been a divisive issue in Chicago. Property values go down.  https://blockclubchicago.org/2022/0...ity-land-trust/
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Jul 30, 2022 17:33
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WaryWarren posted:This has been a divisive issue in Chicago. Property values go down. lucky folks. there was an amazing house for sell back when the wife i were looking near the 606. but it was ~150k out of budget, that same home today is "worth" 1.2mil, less than two years later :/
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Jul 30, 2022 17:43
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WaryWarren posted:This has been a divisive issue in Chicago. Property values go down. What if RV parks, but for everyone? I cannot wait to get to the point where America is like Victorian England with landowners collecting rents from paupers. Well, even more like it.
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Jul 30, 2022 19:11
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MickeyFinn posted:What if RV parks, but for everyone? growing up in an RV park was legitimately great. community events, lots of grandmas, all sorts of activities (wood working, weaving, etc), pool hall, community center to hold events, shuffle board, playground, bocce, fire circle... lol now site rent is like 2000+ lmao
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Jul 30, 2022 19:24
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drat, the trailer park boys would opt for life in prison in 2022.
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Jul 30, 2022 20:15
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I think bubbles might be there already iirc
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Jul 31, 2022 00:08
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the rent is too drat high!
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Jul 31, 2022 00:33
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quote:The national median rent hit another record in June of $1,876 per month, up 14 percent from a year ago, according to Realtor.com. Nonetheless, renters don't have to contend with soaring mortgage rates. "June's median rental rate was $561 a month less, or 30 percent lower, than the typical monthly starter homeownership costs." The gap was just $78 in January, when the average mortgage rate was 3.22 percent. Borrowing to buy a home today is about $416 a month more expensive than it was a year ago. In Austin, the cost of homeownership last month was 98 percent higher than the median rental price in the city. Buying does cost less than renting in some cities, such as Pittsburgh and Baltimore. Hey PFC, you been moonlighting at The Week? Cabbages and VHS has issued a correction as of 13:25 on Jul 31, 2022 |
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Jul 31, 2022 13:22
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closed on a house yesterday, officially one more month of renting and then im loving out of here 
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Jul 31, 2022 14:03
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Cabbages and Kings posted:Hey PFC, you been moonlighting at The Week? Buying is cheaper wrt monthly payment than renting here buttttttttt A> a down payment is always a barrier, especially when you’re paying too much for rent B> You’re buying a century old house that probably needs a lot of work Cheap areas are cheap at the low end. Desirable homes here are just as much as anywhere else, I can walk a mile to the south and be among $600k+ houses.
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Jul 31, 2022 22:02
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Maxwells Demon posted:My mortgage was sold to this company back in Nov 2020. They are a collection of idiots and I have no idea how to get away from them. pay the mortgage off
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Aug 1, 2022 16:09
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maintenance of a house when you own it is more than $0 and its hard to fit it into a comparison between renting and owning. You do get the principal back when you sell later so maybe that just all equals net 0 in the end. idk.
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Aug 1, 2022 16:18
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euphronius posted:maintenance of a house when you own it is more than $0 and its hard to fit it into a comparison between renting and owning. You do get the principal back when you sell later so maybe that just all equals net 0 in the end. idk. Assuming I had continued to rent the place I was renting and that my rent had never gone up in the intervening time period (lol), I have saved a hair under $60K in seven years on my mortgage versus rent. That's enough to have paid for all the projects I've done so far and have almost half left over.
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Aug 1, 2022 16:24
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yeah but it gets tricky figuring in the big ticket items like “new roof “ and “new kitchen”
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Aug 1, 2022 16:28
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new kitchens probably pay for themselves at sale . roofs do not afaict
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Aug 1, 2022 16:28
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I put a new roof on, new siding, a new front porch in total, added central air, and I'm at $46K or so for all of that. Underestimated what I spent but it's still below the difference between rent and my mortgage.
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Aug 1, 2022 16:33
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euphronius posted:yeah but it gets tricky figuring in the big ticket items like “new roof “ and “new kitchen” The landlerd has to do these too, so you're at least recapturing their profit margin.
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Aug 1, 2022 16:47
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euphronius posted:new kitchens probably pay for themselves at sale . I don't think anything pays for itself 100%
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Aug 1, 2022 16:54
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The "pays for itself" is the part where your house doesn't collapse from water or wind damage and your living space is pleasant to use, any sort of fake paper value increase or actual sales benefit is just nice to have if it happens.
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Aug 1, 2022 16:56
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This is fine:
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Aug 1, 2022 20:18
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El Mero Mero posted:This is fine: capitalism!!!
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Aug 1, 2022 20:21
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euphronius posted:roofs do not afaict depends. we just bought, previous owners two back out the wrong type of roof on the house and the plywood underneath is going. we are putting a metal roof on and will almost certainly get the money back from it. so if it’s a “is this a visible problem?” thing you can.
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Aug 1, 2022 20:23
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my friends just bought a $600k house in June and it needs a $30k roof and I'm like, why did you buy this dumb house then
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Aug 1, 2022 20:41
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Crusty Nutsack posted:my friends just bought a $600k house in June and it needs a $30k roof and I'm like, why did you buy this dumb house then the owner becomes the owned
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Aug 1, 2022 20:43
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oh they found out their neighbors are all cops and parole officers so extra owned
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Aug 1, 2022 20:44
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Crusty Nutsack posted:my friends just bought a $600k house in June and it needs a $30k roof and I'm like, why did you buy this dumb house then just borrow against the equity in their house 
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Aug 1, 2022 20:46
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Crusty Nutsack posted:my friends just bought a $600k house in June and it needs a $30k roof and I'm like, why did you buy this dumb house then That's only 5% of the purchase price, not bad for the most important part of the entire house in terms of making it keep value.
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Aug 1, 2022 21:17
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Salt Fish posted:That's only 5% of the purchase price, not bad for the most important part of the entire house in terms of making it keep value. well the foundation, but roof is 2nd
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Aug 1, 2022 21:18
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FOUNDATIONS ARE FOR NOOBS!! ROOFS RULE MOTHERFUCKER
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Aug 1, 2022 21:29
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https://i.imgur.com/BSSBWgF.mp4
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Aug 1, 2022 21:30
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Crusty Nutsack posted:my friends just bought a $600k house in June and it needs a $30k roof and I'm like, why did you buy this dumb house then this is nothing. i bout a 103,500 house and within two years it needed a $30k roof
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Aug 1, 2022 23:21
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As for me, I just went ahead and bought a $30,000 roof in case I ever buy a house that needs one
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Aug 1, 2022 23:23
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that cost is mostly labor at least
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Aug 1, 2022 23:23
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roofing is the worst job in the world
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Aug 1, 2022 23:23
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Stockpiled my roof with a tarp.and then another roof on top. I am prepared.
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Aug 1, 2022 23:24
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I just bought 5 $6000 roofs and swap them out as needed
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Aug 1, 2022 23:30
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Crusty Nutsack posted:my friends just bought a $600k house in June and it needs a $30k roof and I'm like, why did you buy this dumb house then we knew going in, had the money, and got a discount on the sale. bunch of the ones here that sold people got hosed like that.
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Aug 2, 2022 01:43
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it would have been better to increase the price by 3o odd k and have the sellers fix it before closing . alas
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Aug 2, 2022 01:46
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euphronius posted:it would have been better to increase the price by 3o odd k and have the sellers fix it before closing . alas probably but that can get complicated here. they don’t want to know about it because then if the sale falls through they have to put it on the disclosure. and you won’t get the house over something like a roof if you want them to deal with it.
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Aug 2, 2022 01:56
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Bar Ran Dun posted:probably but that can get complicated here. they don’t want to know about it because then if the sale falls through they have to put it on the disclosure. and you won’t get the house over something like a roof if you want them to deal with it. Also depending on the part of the country roofing is seasonal work and even if not right now people can be booked out six months so that’s going to seriously delay a deal
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Aug 2, 2022 02:56
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