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Show HN: Should I Get a House? a better rent vs. buy calculator

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Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#181

Post by LouisSayers »

Another factor people miss is that the place you buy might be much worse than a place you could rent. Atm I share a rented place with others, but it's in a great location - walkable distance to Melbourne's CBD. I pay $250 per week for a good size room and the house is worth at least $1.5M.

If I were to go buy a place in the current market I could only afford a place perhaps around $850k at most. I'd have to move away from the city and wouldn't be close to all the trendy bars and restaurants. I'd also be stuck having to work to pay my mortgage.

Instead, I've taken up part time work, quit my job and work on building my own business full time.

For my situation it makes zero sense to own a home.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#182

Post by hasbot »

conductr wrote: post #178

Anyone have luck with that default $2500 maintenance budget? My lawn guy is basically that whole budget. Any service call is $500 minimum. I’ve replaced roofs, siding, HVAC systems, water hearers, etc. Trimming my mature trees costs over $3000! I know it’s just a placeholder but I always see an insanely low placeholder on these calculators and can’t help but think they are not properly setting expectations for prospe…

I don't spend anywhere near $2500 a year on my '53 house. I did just get a new $10k roof, though, but annualizing everything my maintenance budget is maybe $1500.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#183

Post by chiefalchemist »

crazygringo wrote: post #149
mauvehaus wrote: post #119

You get old enough, and you get tired of somebody else making decisions from afar that affect your day to day life with no real consequences to them. Little things like the kitchen layout being moronic and having zero drawers get old when it isn't your choice to remodel or live with it. And while it's nice to say "just move", let's not forget that moving costs a couple months rent and a massive time investment to fin…

Funny, I'm the opposite. The more I get older the less I want to deal with bullshit home maintenance, and the infinite time suck that is customization and endless improvements. Really part of a general life shift from "if you want it done right, do it yourself" and "if it's worth doing, it's worth doing right" -- to "outsourcing is a valuable tool" and "perfection is the enemy of the good". I realize my time is valua…

Regardless of age, needs and priorities change. There's no joy in moving, but it's still better than the time suck of hiring a contractor, electrician, and/or plumber. AND having to pay them.

Owning is nice. But it's more limited and more time consuming. There's a cost associated with that.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#184

Post by dataminer »

conductr wrote: post #178

Anyone have luck with that default $2500 maintenance budget? My lawn guy is basically that whole budget. Any service call is $500 minimum. I’ve replaced roofs, siding, HVAC systems, water hearers, etc. Trimming my mature trees costs over $3000! I know it’s just a placeholder but I always see an insanely low placeholder on these calculators and can’t help but think they are not properly setting expectations for prospe…

Yes, depending on the condition of the house, and how temperamental it is. I was lucky with my last house, in 5 years of ownership only spent $6000, I took care of the lawn on my own. Roof was changed a year before I bought it so never gave me an issue and was under warranty. Water heater was a rental and was taken care by the company I was paying $20/month. After I sold the house, furnace gave up a week before the closing date so I got it fixed for $500. There was a water issue in the basement which cost $5000 to fix, but it still didn't blow the budget.

Just a datapoint, but sometimes $2500/year is a reasonable budget.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#185

Post by yazanobeidi »

seanmcdirmid wrote: post #144
cpursley wrote: post #127

Earlier quoted context omitted.

In North American lingo, "apartment" exclusively means a multi-family unit that you rent and don't own. If you own a multi-family unit it is a Condo (condominium) and never refered to as an Apartment. I know, confusing.

Also, duplexes are houses with two units in them vs. a two floor apartment.

That’s a stacked townhome.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#186

Post by ceejayoz »

LouisSayers wrote: post #181

Another factor people miss is that the place you buy might be much worse than a place you could rent. Atm I share a rented place with others, but it's in a great location - walkable distance to Melbourne's CBD. I pay $250 per week for a good size room and the house is worth at least $1.5M. If I were to go buy a place in the current market I could only afford a place perhaps around $850k at most. I'd have to move away…

Australia’s real estate market is particularly bad in this regard.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#187

Post by ghaff »

chiefalchemist wrote: post #183
crazygringo wrote: post #149

Earlier quoted context omitted.

Funny, I'm the opposite. The more I get older the less I want to deal with bullshit home maintenance, and the infinite time suck that is customization and endless improvements. Really part of a general life shift from "if you want it done right, do it yourself" and "if it's worth doing, it's worth doing right" -- to "outsourcing is a valuable tool" and "perfection is the enemy of the good". I realize my time is valua…

Regardless of age, needs and priorities change. There's no joy in moving, but it's still better than the time suck of hiring a contractor, electrician, and/or plumber. AND having to pay them. Owning is nice. But it's more limited and more time consuming. There's a cost associated with that.

As you say, needs and priorities are different. Yes, home maintenance is a pain--and at this point I have pretty much no interests other than maintenance or otherwise proactively dealing with issues. But I dread the thought of moving. And I probably have too much stuff but things are as they are.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#188

Post by hnhousingthrow »

These calculators don't reflect the reality/absurdity of the current economy. Anecdotal, but I bought a house in eastern California last year for $600k, now Zillow says it's worth $835k. Also, I'll unlikely ever be able to afford a house in the Bay Area, even though I make $220k/year at a company there. Still don't know what I'll do if my employer makes us return to the SF office in a few months. Relatedly, a ~70 year old woman bagged my groceries today and I doubt she's doing it for fun. Seems the accelerating wealth inequality is destroying our society/communities if it hasn't already.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#189

Post by vineyardmike »

sokoloff wrote: post #159
mauvehaus wrote: post #119

You get old enough, and you get tired of somebody else making decisions from afar that affect your day to day life with no real consequences to them. Little things like the kitchen layout being moronic and having zero drawers get old when it isn't your choice to remodel or live with it. And while it's nice to say "just move", let's not forget that moving costs a couple months rent and a massive time investment to fin…

If you're worried about losing a couple months' rent, kitchen remodels are not for you...

Some people move (rental) apartments every 12 months. Thats very common and adds up fast even if you're not broke.

Re: Show HN: Should I Get a House? a better rent vs. buy calculator

#190

Post by rascul »

yboris wrote: post #108

Everyone should consider a manufactured home (mobile home) as an option. I lived in New Jersey where house prices were very high ($200,000 minimum for anything on the market). I bought a mobile home (1st house for me) for $50,000 and lived there for 6 years. Thanks to the crazy prices recently, I was able to sell it for more (this is not typical). But during the time, I paid significantly less in per-month costs than…

I do a lot of work on houses, many of which are mobile homes. Many of them are made as cheap as possible and don't last well. The newer ones tend to be much better, as standards have improved. I would highly recommend having someone who has experience with mobile homes give it a thorough inspection before buying a used one. They can be great, though. I have an 1800 sq ft double wide built in 1993 that is in pretty good condition, but it had been fairly well maintained and I've had to do only minor repairs.
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