The Benefits of Home Ownership?

[eric42434224]

I have found that you end up paying less all in with buying, than renting.  And that gap increases as rent goes up over time.  Sure the other costs of owning go up too (taxes, insurance, repairs) but not as much as rent.... plus the majority of ownership cost (mortgage P&I) stays stable, then goes away after XX years.  Not sure where one can show a Stable amount, much less $300 surplus, with Renting vs owning over time.

[lordxizor]

That's a good point. If you actually stay put for the long term in the same home and don't do cash out refis, you can have a payment way below what rent would be after a couple decades.

[cramx3]

My rent would go up every year in my last apartment. My 30 year mortgage however has been the same mostly. Slight increases as taxes and insurance go up, but not much on a year to year basis like rent would. Also I've refinanced a couple times and might again, its lowered my payment, and kept it stable at that lower rate each time.

[TAC]

My rent would go up every year in my last apartment. My 30 year mortgage however has been the same mostly. Slight increases as taxes and insurance go up, but not much on a year to year basis like rent would. Also I've refinanced a couple times and might again, its lowered my payment, and kept it stable at that lower rate each time.

Are you paying points every time you refi? Put that number spread out over your mortgage to make sure that payment is indeed going down.

And please tell me you don't make the points park of the loan.

[King Postwhore]

Every refinance turns that clock back on how long. I stopped that after the 1st refinance. 

[TAC]

Every refinance turns that clock back on how long. I stopped that after the 1st refinance.

Well, as long as you don't refi at the original term. If you're 5 years into a 30 year mortgage, you refi at 25 or better yet for 20, but never again at 30.

[King Postwhore]

Right but anyone early on is looking to refinance. 

[jingle.boy]

I refinanced twice. Both times I kept my payment the same, just lowered my amortization period. Ultimately, with the help of my severance package, I was able to eliminate my mortgage in less than 18 years from buying my first house.

And not to debate the point any further, but my last house almost tripled in value in 17 years.

[King Postwhore]

That's what we are working on with the upgrades. Porches are next years upgrades. 

[Podaar]

Interesting discussion about the financial aspects. But for me, truly, the benefits are all about the tranquility of home. Always having a place you're eager to be at. The sense of permanence and your own island in a sea of troubles.

[jingle.boy]

Interesting discussion about the financial aspects. But for me, truly, the benefits are all about the tranquility of home. Always having a place you're eager to be at. The sense of permanence and your own island in a sea of troubles.

[lordxizor]

Interesting discussion about the financial aspects. But for me, truly, the benefits are all about the tranquility of home. Always having a place you're eager to be at. The sense of permanence and your own island in a sea of troubles.

That is definitely a huge benefit.

On the flip side, when I've owned a home (like now), I am constantly thinking about improvements that I'd like to make or seeing the imperfections that bug me. So it's difficult for me to feel that sense of tranquility. When I rented a house before this house, I didn't give a shit about any of that because it wasn't my house. I honestly prefer renting in many ways, but buying made financial sense for us.

[cramx3]

Both times I refinanced (once to get my x off the loan/deed, second to lower my payment) where both one year into the 30 years so I didnt mind adding another year since I was just getting started.  Was thinking about doing another refinance, but now that I'm 5 years into this loan, I'm not really thinking I'd want another 30 year unless it was significantly cheaper, but I'd be OK doing a 15 or 20 year if I can keep it relatively the same monthly price.   According to zillow (I know its not accurate, but its better than my own wild guess)  my house is worth 24% more than what it was valued on my last refinance, that and removing PMI while interests rates are low are a big reason why I may want to refinance.

[Grappler]

We just closed on our second refinance.  Our first was 5 years into a 30 year loan, which got us to a lower rate and dropped PMI.  And now 5 years later again.  Both times, we've taken a 30 year loan.  Extending the loan sucks. But we know we have the option to pay more and make extra principal payments when we can, and we always round our payment up and chip away at the principal.

We went from a 5.3-ish interest rate to 4.25 and now we have a 3.125 rate.  That was the only goal each time. We have never pulled the equity out and taken any cash.

[lordxizor]

I refied last year to primarily get rid of PMI (my interest rate actually went up slightly) saving us $150 a month. Wish I would have waited a year given that I could do 0.5-0.75% lower now than I did then. If rates drop much farther it may be worth refinancing again. I also extended the term out to another 30 years, but we were only 4 years into our mortgage at that point.

[eric42434224]

Podaar made a great point.  The home, to me at least, is a sanctuary, where I can go to feel safe, secure, and at peace.  So much so that I spent upwards of 70k to build an outdoor sanctuary where I feel like I'm at a resort.  The outdoor shower (posted earlier) was the final, or at least latest piece. 
There is a screened in pool overlooking a small lake.  The (covered by roof, not pool) patio area is 40'x14', and has a sectional with fire pit, an 8 person dining table, and a kitchen area with grill, fridge, and counters/drawers.cabinets.  Also have a 60' TV with 5.1 surround sound system -  even around the pool.  I will post pictures soon.

Here is a nice sunset from my back patio area:
We get sunsets like this literally every other day.

[cramx3]

Very nice, and good points about it being YOUR space.  There's something to be said about having a place on this earth that you own, can do what you want with, and can feel as free and comfortable about as much as possible in this world.  I think about this when I blast concert videos in my basement and know that I can do it without pissing neighbors off. 

[Podaar]

That's awesome Eric! Love it.

[Chino]

That's where my head is at as well. Eventually I just want to be on a property that feels like a getaway every time I relax outside. I don't care if I'm losing money on it or not. But that's a ways away. Working on my equity now in hopes of getting there eventually.

[lordxizor]

That's where my head is at as well. Eventually I just want to be on a property that feels like a getaway every time I relax outside. I don't care if I'm losing money on it or not. But that's a ways away. Working on my equity now in hopes of getting there eventually.

I would love to do that as well. For me, my biggest fear is spending ton of money to customize things only to have to move for some reason. We've talked about moving somewhere warmer or our ultimate dream of being able to live on the road and travel the country while still working and homeschooling the kids. There are just so many things to be saving cash for, it's hard to come up with enough to do the stuff around the house we want to do.

[ReaperKK]

Podaar made a great point.  The home, to me at least, is a sanctuary, where I can go to feel safe, secure, and at peace.  So much so that I spent upwards of 70k to build an outdoor sanctuary where I feel like I'm at a resort.  The outdoor shower (posted earlier) was the final, or at least latest piece. 
There is a screened in pool overlooking a small lake.  The (covered by roof, not pool) patio area is 40'x14', and has a sectional with fire pit, an 8 person dining table, and a kitchen area with grill, fridge, and counters/drawers.cabinets.  Also have a 60' TV with 5.1 surround sound system -  even around the pool.  I will post pictures soon.

Here is a nice sunset from my back patio area:
We get sunsets like this literally every other day.

Awesome pic, makes me want to move back to florida for the epic sunsets.

[Cool Chris]

Not sure if I should put here or in 'Mildly Irritated' thread (if you read my birthday post there you'd understand).

June 03, fridge dies. June 06, water heater dies. Covid-19 stimulus check, goodbye. I do love my home. We just aren't getting along these past 4 days.

[TAC]

Not sure if I should put here or in 'Mildly Irritated' thread (if you read my birthday post there you'd understand).

June 03, fridge dies. June 06, water heater dies. Covid-19 stimulus check, goodbye. I do love my home. We just aren't getting along these past 4 days.

Chris, you remember the George Bush stimulus checks right?

Monday-washer dies
Tuesday -dryer dies
Wednesday-check arrives
Friday-buy new washer and dryer

which was pretty much what that check was intended for.

[Chino]

So I got a bunch of trees removed last week and I love how it came out. However, my lawn if getting hit by the direct summer sun for the first time in possibly several decades. My grass has browned really fast, and I have no idea what to do about that.

[gmillerdrake]

So I got a bunch of trees removed last week and I love how it came out. However, my lawn if getting hit by the direct summer sun for the first time in possibly several decades. My grass has browned really fast, and I have no idea what to do about that.

Oh yeah.....that grass was probably like 'WTF?!"     There are some pretty affordable timers and sprinkler connections that would allow you to control watering your lawn regularly. I think that's about all you can do is keep it hydrated.

[lordxizor]

So I got a bunch of trees removed last week and I love how it came out. However, my lawn if getting hit by the direct summer sun for the first time in possibly several decades. My grass has browned really fast, and I have no idea what to do about that.

Oh yeah.....that grass was probably like 'WTF?!"     There are some pretty affordable timers and sprinkler connections that would allow you to control watering your lawn regularly. I think that's about all you can do is keep it hydrated.

This. And it's also possible that shade friendly grass varieties were previously growing there and it needs to be replanted with sun friendly grass varieties.

[Chino]

So I got a bunch of trees removed last week and I love how it came out. However, my lawn if getting hit by the direct summer sun for the first time in possibly several decades. My grass has browned really fast, and I have no idea what to do about that.

Oh yeah.....that grass was probably like 'WTF?!"     There are some pretty affordable timers and sprinkler connections that would allow you to control watering your lawn regularly. I think that's about all you can do is keep it hydrated.

This. And it's also possible that shade friendly grass varieties were previously growing there and it needs to be replanted with sun friendly grass varieties.

Stupid question... can I plant grass seed at any time of the year? I was really hoping this wasn't the case, but I wouldn't be surprised. The woman who had the house before me was hardcore into gardening. She was meticulous about everything. When I moved in, the back hill looked like some kind of ornate garden from Japan or something. That's not my thing. She's be heartbroken if she saw it now. I laid waste to it yesterday.






It might be hard to tell from the pics, but that hill behind my gazebo is actually all ledge, with four tiers between my house and the neighbors (I'm on a mountain). Those tiers are what the previous owner did all fancy. I whacked the lower two of the four and put a bunch of that mesh stuff down before adding some stone. I didn't read the bags at the hardware store, and like an asshole assumed they covered 10sqft each. Turns out they were only fivers and I got half the stone I needed, so I'm going to have to make a second trip, maybe today after work. I've also been woods diving for larger rocks. If you look at the lower-most tier, I built up another layer of rock to act as a barrier to help hold the smaller stones in when I have to inevitably leaf blow it. That second tier is going to be a bit more of a challenge because the wall's in crappier shape.

I'm going to place a couple of large planters around the stone filled with flowers and whatnot, and add a stone bench and a bird bath somewhere to the mix as well. I'll be working in a tasteful crawler course for my 1/24 scale RCs as well  It feels good to be making so much progress so fast. I've neglected my yard a bit the last two years, having to pick up a weekend job and all. Covid has given me so much time back, it's been nice being able to actually get some stuff done while the sun's shining.

[lordxizor]

So I got a bunch of trees removed last week and I love how it came out. However, my lawn if getting hit by the direct summer sun for the first time in possibly several decades. My grass has browned really fast, and I have no idea what to do about that.

Oh yeah.....that grass was probably like 'WTF?!"     There are some pretty affordable timers and sprinkler connections that would allow you to control watering your lawn regularly. I think that's about all you can do is keep it hydrated.

This. And it's also possible that shade friendly grass varieties were previously growing there and it needs to be replanted with sun friendly grass varieties.

Stupid question... can I plant grass seed at any time of the year? 

I'll start by saying I am far from a grass expert, but I was looking into overseeding my yard and patching a few bare spots. I read that early spring or late summer/fall is best. You want the grass to be well established before the dry, hot times of summer if you plant in the spring, or to be well established before going dormant for the winter. So now's not the best time to plant. The thing I read said to wait until late August if you miss the spring window.

[jingle.boy]

Early or late in the season is indeed best.  You need to keep the seeds from drying out.  And spread them on top of good quality soil - they need something to latch on to.

Oh, and get your rock delivered by the yard or 1/2 yard.  Unless you have to invest in a wheelbarrel and shovel as well.  overall, much more cost effective than paying for it to be bagged in 40 or 50 pound increments.

[Chino]

Early or late in the season is indeed best.  You need to keep the seeds from drying out.  And spread them on top of good quality soil - they need something to latch on to.

Oh, and get your rock delivered by the yard or 1/2 yard.  Unless you have to invest in a wheelbarrel and shovel as well.  overall, much more cost effective than paying for it to be bagged in 40 or 50 pound increments.

Yeah, I considered that, but my yard is not conducive to a wheelbarrow unfortunately. It's hard to describe, but if you looked at my property in person, you'd get it immediately. With the way that hill is tiered, I'd have to be carrying everything up it anyway, so the only benefit to the bulk drop off would be the cost savings. But after the amount of crap I had to move yesterday and am going to have to move again, I'm kind of okay paying the premium just to have everything neatly in bags that can just be dropped wherever I need them.

[jingle.boy]

Fair enough.  It's just fresh on my mind, as I've hauled 8 yards of various rock since last Saturday.  Thank god it's finished.

[hunnus2000]

Speaking of growing grass, my yard is mainly weeds with a little grass thrown in for good measure. My landscaper neighbor tells me that all I need is weed and feed but the main problem is we have a 10lb min-pin and every product I research says that it's safe for pets "if you follow their instructions". Usually they want the pets out of the yard for a period of time which isn't the most practical for us or the dog.

Anyone have any advice to kill the weeds and get the grass to grow?

[Chino]

Speaking of growing grass, my yard is mainly weeds with a little grass thrown in for good measure. My landscaper neighbor tells me that all I need is weed and feed but the main problem is we have a 10lb min-pin and every product I research says that it's safe for pets "if you follow their instructions". Usually they want the pets out of the yard for a period of time which isn't the most practical for us or the dog.

Anyone have any advice to kill the weeds and get the grass to grow?

Can you do it in segments? Weed half the lawn and restrict the dog to the other half and then switch?

[hunnus2000]

Speaking of growing grass, my yard is mainly weeds with a little grass thrown in for good measure. My landscaper neighbor tells me that all I need is weed and feed but the main problem is we have a 10lb min-pin and every product I research says that it's safe for pets "if you follow their instructions". Usually they want the pets out of the yard for a period of time which isn't the most practical for us or the dog.

Anyone have any advice to kill the weeds and get the grass to grow?

Can you do it in segments? Weed half the lawn and restrict the dog to the other half and then switch?

That's a real good idea that I had not thought of. Is there any product that one favors over another?

[lordxizor]

I'm using an online mail order service called Lawn Serv this summer. They send me a box every month with the products I need to apply. They test a sample of my soil to see what nutrients it's deficient in. There's an all natural option (with no weed control) and even in the option I did with weed control, all of the fertilizers are natural (plant and fish based) and pet friendly. So far so good after two months. The weeds are more under control than they've been in years. Though the first fertilizer smelled a bit like a fishy swamp, but it dissipated quickly.