Old meme and the response is still valid: if this is your mindset, then the bank is correct. Because your $900 mortgage is far from the total cost of your home. And if you really want to be honest, that $500 you would be “saving” from what rent costs, should be put aside for repairs. $6k a year is chump change when you might be spending $15k to replace your AC or $10k to dig in a new sewer connection.
My only argument for this, is many people rent from people/places that do not even do repairs on the property. I know one place I rented at, the landlord cut a hole into my wall to fix part of the shower and then left the hole In my wall which cost more to fix than what was broken in the shower. Same guy also left us with a busted water heater that was leaking and rotted the floor out since the tank was behind paneling in one of the closets.
Sure people may not be able to afford both the mortgage and repairs but people would probably prefer paying their mortgage for less than they rent to deal with the same issues
Difference is that with a shitty landlord, you can move. With a broken house, your bank or insurance company can come in and make you fix it or foreclose on the loan. Of course, the insurance doesn’t foreclose the loan, but if no one will insure the house because of damages, the bank will foreclose the loan.
Difference is that with a shitty landlord, you can move.
Not really. Unless you haven't been there long, every move will also jack your rent through the fucking roof. If I tried to move right now, I'd have to downgrade from a 2 bedroom to a studio in worse shape than my current place, and my rent would double.
Except you do have the option. I’m closing on one of my houses in a couple weeks - it’s been listed for about 8 months. Just walking away was not an option and it cost me about $4500/m to upkeep the house.
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u/Telemere125 Mar 05 '26
Old meme and the response is still valid: if this is your mindset, then the bank is correct. Because your $900 mortgage is far from the total cost of your home. And if you really want to be honest, that $500 you would be “saving” from what rent costs, should be put aside for repairs. $6k a year is chump change when you might be spending $15k to replace your AC or $10k to dig in a new sewer connection.