The Benefits of Home Ownership?

[Chino]

If I build a model or something, I absolutely love painting. When it comes to homes, inside and out, hard pass.

[jingle.boy]

I'm ok with it, so long as there aren't a lot of angles or cuts.  We hired for the last job we did, because our main floor here had a couple of vaulted areas, lots of angles and cuts to manage around.  Four square walls, and I'm good.  Otherwise, pay the pros.

[Cool Chris]

A pressure washer is definitely one of those things that once I got one, I couldn't believe I had lived without one for so long.

And nobody likes painting. That and drywall work are among the most hated jobs at my company that we all have to do, as pretty much every job will require some amount of each.

[lordxizor]

Painting can be ok at times. It's certainly satisfying to see the finished work, but it can be annoying while you're doing it. I've been waiting a lot of trim and doors the last few days. That's worse than walls somehow.

[Stadler]

Downside of homeownership!   Tropical Storm Isaias came through and we got about four hours of sustained tropical storm force winds.  I lost a tree at my house, and power was out from 8:30 last night to about 11:00 this morning, and at my son's house, better with power (only about four hours without) but three trees came down, one blocking the road (so I felt obligated to move it) and the other two each taking sections out of the back yard fence.   Yay. 

(And can I just say, people are dicks.   I'm not well-known in the neighborhood, good or bad, but I'm out there in 30 mph winds, moving a good portion of tree by myself so the road is passable (it's the main way into a lakefront neighborhood, even though I'm not on the lake) and I'm getting beeps, and dirty looks, and.... you know, fuck you.  I could have very easily called the town and said "I can't do this" and left it.   I'm lucky I'm able-bodied and enjoy that work; the branches were big enough to require a chainsaw.)

[jingle.boy]

Were they honking cuz you weren't moving fast enough?  If you weren't moving the tree, where the fuck were they gonna go?  Sorry, maybe I'm just not picturing the situation correctly.  Tree blocks road; good samaritan is moving said tree; other drivers honk and give dirty looks.

Does not compute.

[cramx3]

My buddy a local cop was working during the storm and was positioned to block off a road with a downed tree on a powerline.  He was so annoyed with all the people who asked if they could pass. I saw the picture too, a huge tree completely covering the road.  Like how dumb are you to think you could drive through that, not only that though, the powerline buried underneath the tree.  People are such selfish assholes at times.  I would have given those people a middle finger and just turned around and walked away.  If I felt inclined, would come back after they realized they were assholes and left.

[Stadler]

Were they honking cuz you weren't moving fast enough?  If you weren't moving the tree, where the fuck were they gonna go?  Sorry, maybe I'm just not picturing the situation correctly.  Tree blocks road; good samaritan is moving said tree; other drivers honk and give dirty looks.

Does not compute.

That was pretty much it.  Like I was holding them up.   Jokes on them, though; my stepson's dad lives over there too, and they didn't lose power until YESTERDAY, and it's still off.  I don't really believe in karma but if I did......... 

[cramx3]

That was pretty much it.  Like I was holding them up.   Jokes on them, though; my stepson's dad lives over there too, and they didn't lose power until YESTERDAY, and it's still off.  I don't really believe in karma but if I did.........

The power has been so weird in my area.  I got my power back the evening of the storm, but yesterday I lost it again for like 5 minutes, but my friend a few miles away who lost it at the same time didn't get his back for another 3 hours.  Then I heard of people losing it TODAY. My guess is some of the work to fix the down lines meant they needed to or maybe accidently, took down other power working lines in an effort to fix the bigger picture.  Just seemed weird.

[Phoenix87x]

Does anyone pay extra beyond their regular monthly mortgage payment? I feel like everything is just going to interest 

[ReaperKK]

I toss an extra payment or two a year towards principal to try and chip away at it.

[Chino]

Does anyone pay extra beyond their regular monthly mortgage payment? I feel like everything is just going to interest 

I do a little bit. Every year I pay maybe two months worth of principal more. I used to do a lot more, but stopped. I decided I could make way more money investing the money I was throwing at the principal and would be better off that way long term.

[jingle.boy]

I toss an extra payment or two a year towards principal to try and chip away at it.

I always wanted and meant to, but never did - there was always higher interest debt to pay down first, as well as RRSP (our equivalent of 401k) and TFSA (Tax Free Savings Account) contributions to make.  Given how low mortgage rates were for most of the time I carried a mortgage, it was financially more prudent to prioritize these things ahead of additional mortgage payments.

[Chino]

disregard

[cramx3]

I toss an extra payment or two a year towards principal to try and chip away at it.

I always wanted and meant to, but never did - there was always higher interest debt to pay down first, as well as RRSP (our equivalent of 401k) and TFSA (Tax Free Savings Account) contributions to make.  Given how low mortgage rates were for most of the time I carried a mortgage, it was financially more prudent to prioritize these things ahead of additional mortgage payments.

While this is a good reason not to pay more into it, for me, it's just a mindset.  My mortgage is the same every month and should be (besides the tax increases) the same for the life of the 30 year loan.  It's such a long term thing, that I don't see it the same as my car loan where I drop more every payment so that I can clear the loan sooner than later.  I don't see myself hacking away at the 30 year loan so easily that I'd just rather put any extra money somewhere else (like the car loan, or towards a vacation).  I've always just kind of treated my mortgage like paying rent except in the end, I'll have some equity in those payments.

I really need to refinance though

I looked at zillow the other day and my house is now worth almost 100k more than what I paid for it.  That right there is a nice benefit to home ownership.  Bought in when the market was way down and its only been climbing up.

[hunnus2000]

I toss an extra payment or two a year towards principal to try and chip away at it.

I always wanted and meant to, but never did - there was always higher interest debt to pay down first, as well as RRSP (our equivalent of 401k) and TFSA (Tax Free Savings Account) contributions to make.  Given how low mortgage rates were for most of the time I carried a mortgage, it was financially more prudent to prioritize these things ahead of additional mortgage payments.

While this is a good reason not to pay more into it, for me, it's just a mindset.  My mortgage is the same every month and should be (besides the tax increases) the same for the life of the 30 year loan.  It's such a long term thing, that I don't see it the same as my car loan where I drop more every payment so that I can clear the loan sooner than later.  I don't see myself hacking away at the 30 year loan so easily that I'd just rather put any extra money somewhere else (like the car loan, or towards a vacation).  I've always just kind of treated my mortgage like paying rent except in the end, I'll have some equity in those payments.

I really need to refinance though

I looked at zillow the other day and my house is now worth almost 100k more than what I paid for it.  That right there is a nice benefit to home ownership.  Bought in when the market was way down and its only been climbing up.

I don't know your situation but we started out on a 30 year note and years later refinanced on a 15 year note. We only had 50K on our note when we sold it for 3 times what we bought it for. If you refinance then seriously consider a 15 year note. Also, they say if you apply an extra monthly payment per year you can pay off the note quicker.

[kirksnosehair]

OK, but paying 1 extra monthly payment per year on a 30-year fixed rate mortgage will shave 7 years off.  I've already paid one mortgage off that way.  In fact, we did it in 17 years because we made more than 1 extra payment per year. 


Our current home's value has soared since we moved in and we've been here 7 years now.  We're going to refinance very soon and it will be a 15 year note at 2.7% - those rates are freaking insanely good.  This is going to save us almost $75,000 in interest payments we would have made if we flipped our current note into another 30-year.  I'm too old for that shit, lol 

[cramx3]

Of course if you pay more you will shorten the life of the loan, but the loan is so long and the payments so large that I just would rather put that money somewhere else personally.  BUt also, I will be looking at a 15 year refinance.  I may be able to reduce the years significantly without paying much more per month. 

[jingle.boy]

OK, but paying 1 extra monthly payment per year on a 30-year fixed rate mortgage will shave 7 years off. I've already paid one mortgage off that way.  In fact, we did it in 17 years because we made more than 1 extra payment per year. 

Fair point, and completely accurate mathematically speaking.  On the other hand,  one could invest that money into a $401k which will probably deliver higher returns over the course of its life than the interest on a mortgage.  Even with the increase in equity in the house, paying down a liability vs investing in an asset is oftentimes a matter of choice. 

One should always look to decrease the amortization period when refinancing.  Keep (if it's possible) the bi-weekly payment the same (and for God's sake, pay bi-weekly, not twice a month or monthly!!!) and reduce the amortization.  That's what I did every time I financed.  My first mortgage was 25-years in 1999.  I moved once, and refinanced twice, and shaved 6 years off the total period.  Luckily, with the severance from my mid-life retirement, I was able to paydown my entire balance when I would've still had 2 years left.  Mortgage free after 17.5 years. 

[hunnus2000]

It's quite a rocking feeling being mortgage free! 

On a separate subject - anyone have the unfortunate experience of dealing with moles?

[lordxizor]

I've decided when I hit 50 (I'm 39 now) I'll start paying off the mortgage faster, but until then I'm socking away everything extra into my 401k and Roth IRA. The compounding growth of those investments should far outweigh the benefits of paying of a 3.5% mortgage faster. Once I'm 50, there's less time for investments to grow before retirement, and I really want to have my mortgage paid off prior to retiring (currently gunning to retire at age 58).

[Stadler]

It's quite a rocking feeling being mortgage free! 

On a separate subject - anyone have the unfortunate experience of dealing with moles?

Insiders giving your secrets away?  Not really.   I confided once in a "friend" at work and found out they were sleeping with the finance person; that was awkward.  And I said some stuff to my ex-wife's new boyfriend that got back to her, but I should have expected that.   But that's about it.

EDIT:  Sorry.  I re-read that and you probably don't mean insiders giving your secrets away.  Moles are serious, and you need to get them checked out.  They could well lead to skin cancer.  I haven't had any yet, but my dad has (so I should be diligent) and my wife has a mole on her back that we're watching, to see if it changed shape or color.

EDIT 2:  Of COURSE you mean those pesky buggers that dig up your yard.  I've avoided that problem largely through the years, but it seems I have that problem now.  Or at least SOMETHING digging a warren in my side yard (it could be rabbits, because we have two that we see regularly in our yard).   My grandfather used to have them bad (picture Bill Murray in Caddyshack, but dressed like the guy in that painting "American Gothic") and he used to smoke them out or use those insidious traps that drove a spike down through the soil.  They're a pain in the ass and you have to deal with them, because they will interfere with any underground utilities and make your lawn look a mess. 

[jingle.boy]

Leave it to a Lawyer to think about "moles" in three different contexts, and in that order.  Took you a while to remember you were in the "home ownership" thread? 

[gmillerdrake]

We're going to refinance very soon and it will be a 15 year note at 2.7% -

Once I get started at the new job I just accepted and get a couple paychecks in we are going to refinance to a 15 year. We were in the end stages of refinancing when I got furloughed. I pulled out of the process because our lender offered a 'covid 19' deferment program to help with people who had lost jobs or were furloughed so I wanted to take advantage of it.

Essentially the program is interest and principle get back loaded onto the loan and you just make your escrow payment. You could choose this option in 3 month increments up to 1 year. When you come off of the program you can then choose to either make the payments you missed or then just add them to the back end of your loan.

We 'technically' could have continued to make the payments but it'd have really put a strain on us.....so, I just chose to utilize the option.

[kirksnosehair]

OK, but paying 1 extra monthly payment per year on a 30-year fixed rate mortgage will shave 7 years off. I've already paid one mortgage off that way.  In fact, we did it in 17 years because we made more than 1 extra payment per year. 

Fair point, and completely accurate mathematically speaking.  On the other hand,  one could invest that money into a $401k which will probably deliver higher returns over the course of its life than the interest on a mortgage.  Even with the increase in equity in the house, paying down a liability vs investing in an asset is oftentimes a matter of choice. 

One should always look to decrease the amortization period when refinancing.  Keep (if it's possible) the bi-weekly payment the same (and for God's sake, pay bi-weekly, not twice a month or monthly!!!) and reduce the amortization.  That's what I did every time I financed.  My first mortgage was 25-years in 1999.  I moved once, and refinanced twice, and shaved 6 years off the total period.  Luckily, with the severance from my mid-life retirement, I was able to paydown my entire balance when I would've still had 2 years left.  Mortgage free after 17.5 years. 

We'll be done in 8 more years.  That will be the last mortgage for me, I think.  I'll be 65 and we'll be looking at retirement communities in Georgia so I can be near my son and grandkids.

[hunnus2000]

It's quite a rocking feeling being mortgage free! 

On a separate subject - anyone have the unfortunate experience of dealing with moles?

EDIT 2:  Of COURSE you mean those pesky buggers that dig up your yard.  I've avoided that problem largely through the years, but it seems I have that problem now.  Or at least SOMETHING digging a warren in my side yard (it could be rabbits, because we have two that we see regularly in our yard).   My grandfather used to have them bad (picture Bill Murray in Caddyshack, but dressed like the guy in that painting "American Gothic") and he used to smoke them out or use those insidious traps that drove a spike down through the soil.  They're a pain in the ass and you have to deal with them, because they will interfere with any underground utilities and make your lawn look a mess.

Ding ding ding! Yes - this one!

You're hilarious dude. 

[Stadler]

Leave it to a Lawyer to think about "moles" in three different contexts, and in that order.  Took you a while to remember you were in the "home ownership" thread? 

Blowing off steam, my friend.  That was all just to amuse myself, more or less. 

[jingle.boy]

Leave it to a Lawyer to think about "moles" in three different contexts, and in that order.  Took you a while to remember you were in the "home ownership" thread? 

Blowing off steam, my friend.  That was all just to amuse myself, more or less. 

[ReaperKK]

For an anniversary gift my wife got someone to do the lawn for the rest of the year and I think I may just keep it next year. This guy did a much better job than I have ever done in less time and u also didn't have spend time in the crazy heat we have.

This sound stupid but I feel like less of a man and home owner having someone do the lawn

[cramx3]

My lawn was just done today by my new weekly mower, Sergio. I have no shame in saying I want nothing to do with taking care of my lawn. Sergio also did all a huge job for me with all the weeds and overgrown trees and bushes. Spent a lot of money but well worth it.

[jingle.boy]

My lawn was just done today by my new weekly mower, Sergio. I have no shame in saying I want nothing to do with taking care of my lawn. Sergio also did all a huge job for me with all the weeds and overgrown trees and bushes. Spent a lot of money but well worth it.

So, a handy?

[TAC]

My lawn was just done today by my new weekly mower, Sergio. I have no shame in saying I want nothing to do with taking care of my lawn. Sergio also did all a huge job for me with all the weeds and overgrown trees and bushes. Spent a lot of money but well worth it.

Sergio??

[jingle.boy]

Glorious!

[TAC]

Sergiox3 style!

[Stadler]

^^    

That's funny.  We need some "reaction videos" by Sergio as he conquers your lawn.