• Kit@lemmy.blahaj.zone
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    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
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      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
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        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.