Comments on: The Cost of Buying a Home: Projected Improvements

By: I got screwed!

I got screwed! — Mon, 19 Jul 2010 18:03:48 +0000

I bought a one car garage ten years ago and it was only $20 a month. Now after 10 years it has cost me $500.000. Did I get giped or what? Oh, I forgot , I added 5 bedrooms ,4 baths, a inground pool, and a tennis court. I guess I just should have parked on the street and saved all that money.

By: vb

vb — Fri, 13 Apr 2007 21:00:17 +0000

I’m no expert, but i have rented an apartment for 5 years, on the low end, but very well-kept property in Midwest – about $450 – $500 a month. My electric bill is the only extra, between $90 and $14 a month, depending on the season. I am also only bringing home less than $30,000 a year net. I have helped various persons with their own home improvements, and i have come to the same conclusion as WSJ & Flexo.

Yes, it’s a 1BR, but very bearable, and just what i need. I am able to save at least $200 a week to invest. I have seen how tempted I would be if i owned a home to spend at least half of that every week on home furnishings, gas bills, home repairs, and taxes. I know my rent will go up, but i’ve known numerous people whose mortgage payments have gone up, their taxes have gone up, etc.

While my situation is modest, in my situation renting seems like a good way to go, and i could easily save up for a house that i want to “end up” in eventually, paying outright for it after saving and investing for the next 10 years. That would be at LEAST a $104,000 home in 10 years, which is still modest, but quite nice.

For those of us who need to move frequently for work or volunteer work, renting definitely is NOT a way to throw money away. And a lot less worry. Just my opinion. vb

By: Wealth Building Lessons

Wealth Building Lessons — Fri, 30 Mar 2007 19:24:44 +0000

if he’s adding in a kitchen, bath and another room, he’s basically paying for half of a new house.

the plumbing in a new kitchen and bath is every expensive.

But i still don’t see how he’s better off renting as oppossed to buying. If he moved from a small house to a much larger house his rent would go up too.

I understand & believe his numbers, but I’m still not buying the argument. :-)

If you can rent for the close to a mortgage payment, you should definitely buy a house.

By: broadway

broadway — Sat, 24 Mar 2007 13:52:21 +0000

Thank you for sharing this information. I struggled to explain the $300k number when I read the article; it’s an important detail to make the analysis work as the author describes.

By: KMC

KMC — Wed, 21 Mar 2007 18:43:49 +0000

This is actually one of the biggest things I tell friends buying or contemplating buying a house. Maintenance and repairs/replacements, even on a new or relatively new house, WILL be substantial. Our house is ten years old or so. The previous owner of four years was very handy and maintenance-oriented. And in the seven years we’ve owned the place, we’ve replaced a water heater, had to repair the air conditioner and furnace both, had a flooded basement two-and-a-half times (twice caused by burst pipe and once by rain)…well you get the idea. Talking to other homeowners, this is typical.

We haven’t even gotten to the things that make up the bulk of Crook’s estimate – kitchen and bathroom improvements and roofs. I’m depressing myself.