• SirToxicAvenger@lemm.ee
    link
    fedilink
    English
    arrow-up
    3
    arrow-down
    2
    ·
    1 year ago

    over the long term yeah, and I agree. the problem with a purchase is that you have to have the funds and it’s a lot. no, not renting either - that’s what I do now & of course and it’s not the right answer though it’s the only option for many. there are of course other options - rv/van life/car camping, moving elsewhere (ie: internationally/illegally), or even being a traveler (aka vanlife without a vehicle).

    personally, I’m working on building my own RV. it’s a lot cheaper than buying property, but I’ll be the first to admit that there’s still a sizeable upfront cost

    • Kit@lemmy.blahaj.zone
      link
      fedilink
      arrow-up
      5
      arrow-down
      1
      ·
      1 year ago

      You don’t need any funds to buy a house. First time homebuyers can buy with 0% down and roll the closing costs into the mortgage. The tricky part is having enough income and a high enough credit score, which is easy on a McDonalds salary in some parts of the US and impossible with a 6 figure salary in other parts. I do think that the vast majority of people overcomplicate the house buying process and needlessly lock themselves into renting when they could be building equity for the same cost.

      • partial_accumen@lemmy.world
        link
        fedilink
        arrow-up
        2
        ·
        1 year ago

        needlessly lock themselves into renting when they could be building equity for the same cost.

        As long as you’re recognizing that: rent payment =/= mortgage payment

        Home ownership comes with its own costs over and above the mortgage payment for upkeep and repairs which are already inside the rent payment.

        • Kit@lemmy.blahaj.zone
          link
          fedilink
          arrow-up
          2
          ·
          1 year ago

          My landlord never once fixed a single thing at my rentals. I bought a condo and now my condo fees cover everything from hot water to heat and the roof, and I’m saving a couple hundred per month over renting.

    • thesmokingman@programming.dev
      link
      fedilink
      arrow-up
      3
      ·
      1 year ago

      All of your alternatives require specific lifestyles, personalities, and paradigms. Car camping (of all varieties) presents a bunch of new risks. Moving elsewhere has the potential for incredible startup costs unless you’re able to start over and move with nothing. Traveling makes a lot of skill sets unusable for primary income.

    • Dkarma@lemmy.world
      link
      fedilink
      arrow-up
      2
      arrow-down
      1
      ·
      1 year ago

      Do the math tho.

      First months last months rent and matching 1month sec dep on a place that’s 4k a month is 12k

      5% down on a 240k house is…12k. Or 10% down on a 120k house.