Owning a house, expensive?

Discussion in Home & Garden started by prettycolors • Mar 26, 2014.

  1. prettycolors

    prettycolorsActive Member

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    I currently live in a small flat but I consider buying a house in the future. I do plan on having kids so space is something I have to think of in advance. But so are expenses. Right now the costs are low. Utility bills are not that high considering the space I have to keep warm in the winter or the few appliances I own. But when I make the move I fear the bills and all the stuff that needs repairing around a house. Maybe it'll cost too much.

    Those of you that live or grew in a house, what's your opinion on costs? Is it cheap, expensive, or depends?
     
  2. Denis Hard

    Denis HardWell-Known Member

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    Owning your house is great. You never have to worry about paying rent any time in your life. How cheap or how expensive maintaining your house would be depends on how frugal you want to be. If you want to, you can keep your costs as low as they are now but when the kids come . . . it will be an entirely different matter.
     
  3. ohiotom76

    ohiotom76Well-Known Member

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    If I ever do finally settle down and buy a house it will likely be a fixer upper that I can pay almost entirely in cash for. I don't want the stress and uncertainty of some huge mortgage hanging over my head with the job market as volatile as it is. Twice now in the past 10 years I had to make some huge changes and relocate due to the companies I worked for going under and there not being any other jobs in my field available where I had been living. The stress and uncertainty has really taken a toll on me and I would feel much better knowing something was paid in full even if it wasn't the most glamorous place, and then I could just remodel it a little at a time with what I would be instead making huge mortgage/rent payments with each month instead.

    I don't necessarily mind living in somewhat "bad" areas either, as long as they have some potential to improve over the next several years. If I could find a location that's on the cusp of going through a renovation, that would be ideal for me. I've seen some areas near Columbus Ohio go through some major overhauls in the 1990's and there are locations in Cleveland here now too that are taking a turn for the better.
     
  4. mikelouis

    mikelouisActive Member

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    I agree that having some large mortgages can be hard on your life. Remember you have to pay for the mortgage for almost half of your working life and then more things are that the family depends on you to give them a comfortable life. Life sometimes can be so unfair but you just have to deal with it.
     
  5. Athenagdlyt

    AthenagdlytActive Member

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    I grew up in a house bought by my parents through a loan which they have been paying for 20 years of their working life. The monthly amortizations kept us in this place, lived frugally, and this house almost became the chain that held us down. Back in the 70s and 80s owning a house and lot was the epitome of success.

    My parents eventually left this house to migrate to another country and lived in a 3-bedroom apartment building in the downtown area. Right now I'm just occupying 1/3 of the house. Since I have no need to a big place for my type of lifestyle. I secretly wished that my parents didn't tie us to this house and just rented smaller houses in different locations to make our experience richer. Now, I'm tasked to sell this mammoth of a house that nobody wants to live in. I would have wanted to see more of the world and experience more cultures in my lifetime.

    Your decision on buying a property largely depends on your long term goal. If you see yourself getting tied to that house for a very long time and you love the idea, why not?
     
  6. Peninha

    PeninhaWell-Known Member

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    I really don't think there are major differences in expenses comparing a house to a flat, except in taxes, so get really well informed about that. I have some friends that own houses and let me tell you that they pay five or six times more than me in my small flat, it's a really big expense.
     
  7. David Scott

    David ScottNew Member

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    Owning and maintaining a house is more expensive than occupying a flat but it’s all relative. I’d rather be paying a mortgage and dealing with the costs of home ownership than buying off somebody else’s investment. Plus by having my own house I do not have to be subjected to the whims of a landlord, such as property inspections or selling the property.

    Some costs to consider with home ownership are council rates, building insurance, mortgage finance and fee's and government duties\taxes. Other costs involve maintenance items such as yard car, painting, renovations, re-decorating, curtains etc. There is a lot you can do yourself though to minimise expenses and in the long run owning your own home provide a sense of security and independence. It is worth noting that I am speaking as an Australian so some things Ive mentioned might be different in other countries but essentially it should be the same. I also have a small family to consider so to me having the security of my own home is important. When I was young, single and care-free I had no interest in my own home and was happy to rent.
     
  8. kaka135

    kaka135Active Member

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    I guess it depends on the area you are staying and the cost of purchasing and maintaining a house. But as you said, the cost is quite low now, so perhaps it's a good time to buy a house. We planned to buy a house since we started working, as at that time the cost of the house was not too high and paying the rental was not so worth it as at the end we don't own the house. I am glad we made the decision of purchasing this house, as we wouldn't be able to afford to get a house since I became a stay at home mom now. Moreover, we really enjoy the freedom of having our own house, so we can decorate the house however we like.
     
  9. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Owning a house is great, but it comes with added responsibility and costs. Insurance for it, can you pay your mortgage throughout the years, roofing needs to be looked at every 5 yrs., your grounds need up keep from insects, insulation during winter, keeping pests out costs and must be done every 3 years about are some new costs. You'll have to take care or any and every upkeep, fences, painting for inside and outside, fixtures or anything and everything that needs repairs you got to do all on your own including plumbing or electrical things which only expert help is safe to get. New security costs like cameras and alarms for your home is necessity these days. You must pay for all your water, sewage costs which may go up every so often too. Guess this is why many love condos to own, for you don't have as much to worry about as owning a house, but a house gives you total resale monies. So now it's up to you, but these are most of the added costs you have to be able to do aside of paying your mortgage. Ask financial experts about it, research it really good to see if you can manage the costs. Don't be afraid to ask exerts, go to workshops to find out information and ask away to get all your questions answered way before you commit to buying a house. Good luck!
     
  10. Alexandoy

    AlexandoyWell-Known Member

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    We bought an old house in 2001. The needed repairs exhausted our savings and we even had a loan of $2,000. From time to time, repairs are done as part of the maintenance. But the cost is worth it since there is enough space in the garden and the neighborhood is pleasant. Much more, we are not renting an apartment anymore.