Asklemmy

46747 readers

972 users here now

A loosely moderated place to ask open-ended questions

Search asklemmy 🔍

If your post meets the following criteria, it's welcome here!

Open-ended question
Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
Not ad nauseam inducing: please make sure it is a question that would be new to most members
An actual topic of discussion

Looking for support?

Looking for a community?

Lemmyverse: community search
sub.rehab: maps old subreddits to fediverse options, marks official as such
!lemmy411@lemmy.ca: a community for finding communities

~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~

founded 5 years ago

MODERATORS

193

Home owners of Lemmy do you have any advice on dealing with the stress of owning a home? (reddthat.com)

submitted 1 week ago by POTOOOOOOOO@reddthat.com to c/asklemmy@lemmy.ml

123 comments fedilink hide all child comments

Every drop of water, crack, ant, royally freaks me out at this point. I can't afford to rent. I own a shitty house that is a fixer upper. So frustrating.

you are viewing a single comment's thread
view the rest of the comments

[–] BallShapedMan@lemmy.world 2 points 1 week ago (1 children)

Not easy but have enough surplus to cover those things.

Also try to remember all the mortgage you're paying you'll most likely get back when you sell, unlike when you rent.

[–] potate@lemmy.ca 2 points 1 week ago (1 children)

I sure wouldn't say 'all'. The first years of your mortgage you are paying the bank more in interest than you are knocking off the principal.

A $300k home with 20% down and an interest rate of 3.5% on a 25 year amortization schedule will see the buyer paying $8k in interest versus $6k towards the principal at the start. Over the course of the mortgage, the $300k home will cost $420k thanks to the $120k in interest the bank takes.

[–] evasive_chimpanzee@lemmy.world 1 points 1 week ago* (last edited 1 week ago) (1 children)

The way people should think about it is not whether or not they break even compared to having not purchased the house. The real comparison is if they end up better off than if they paid rent that whole time instead.

If you bought a house for $300k, paid $420k for it over 30 years, and sold for $320k, you could think of it as a $100k loss, but you'd still end up $420k ahead of someone who had the same monthly payment going to a landlord.

[–] potate@lemmy.ca 1 points 1 week ago

Totally agree.