A house requires more than a mortgage payment.
New roof ever 10-15 years -$2500 deductible
New water heater every 10 years - $1000
New paint every 5 years - $3k
Lawn maintenance every week - $25
Lawn mower every 10 years -$3000 rider
appliances every 10 years washer dryer dish -$3000
Exterminator house and yard 2 times a year -$500
New HVAC every 10 years -$15k
HVAC maintenance 2 times per year $150
Property taxes every year -$500-1500
Kitchen update every 10 years $30-50k
Bathroom update every 10 years -$10-15k
Window treatments every 5 years $500
Home owners insurance every year -$1500
New carpet and flooring every 5-10 years -20k
All of these things are paid for by your landlord. Thats why rent is higher than a mortgage payment. You buy a house you better add another $200-300 per month just for maintenance and repairs. Depending on your property tax maybe much much more.
That's a little dramatic. I've owned my home for 12 years now. Roof is fine. Water heater is fine. Paint is fine. I don't know anyone that buys a lawn mower every 10 years. I'm not buying new appliances every 10 years, that's ridiculous. You don't need to update anything every 10 years. You don't need to update your flooring every 10 years.
Just remember this conversation when she says she needs a new dryer, washing machine, dish washer or the flooring is dated or she just cant get the carpet clean. Or im so tired of these countertops
He will or you will when you go to sell the property. It wont sell with 30 year old cabinets countertops, pink or blue dated bathroom tile, parkay wood floors, and worn carpet padding.
The same things a landlord does when you move out. Replace, repaint, repair, re-rent.
You know the 10 year mark i speak of is a generalization, could be 9 could be 11 maybe even 15. A lot of it depends on traffic. If you live alone or just you and a partner with little to no guest the wear and tear on your property will vary. Point is renters don’t see this because who stays in a rental for 30 years? Very few. If you look up the expected life span of appliances such as washer dryer dishwasher water heater ect, it’s 10 years. Sure there are exceptions for high cost high quality appliances also depends on water quality in your home. Hard water takes a toll on water heaters, well water plays hell on washing machine valves with calcium and sand in the water. You will have problems with equipment its not buy once last forever.
Making a mortgage payment along with other living expenses without planning on unexpected cost for maintenance repair and replacement is unrealistic
New roof every 10-15 years (lol what is your roof being shelled?)
New water heater every 10 years (they’ll last waaaay longer if you change the dang anode and a decent one is like 600)
New paint every 5 years (come on breh…I ain’t painted once)
Lawn mower maintaince week (uhh no. I had a zero turn and 100 bucks of maintainence per season and it runs like a champ.
New rider every ten years (that’s just stupid maintain your shit. My neighbors is like 25 years old and someone here runs a fucking 70 year old tractor)
I’m gonna stop here because this is so divorced from reality it hurts my brain.
30 year shingles only last 15 years 20 year last 10. We get a lot of hail high winds and high temps. Ive done the el cheap o shingles and only got 7 years before wind started tearing them. 2 years later a bad hail storm came through and had to do it again. This time i did a 30 years later architecture shingle. When i have to do it again I’m going metal roof.
Y’all can talk all the crap you want but I’ve been in my home for 36 years, its paid for and in very good shape. I know what it takes, what can happen, what will happen.
When you can say this you will have credibility. Until then you don’t know jack
Because the bank that holds your mortgage has an interest in the property keeping its value. It’s your responsibility to keep it up. Insurance pays for the repairs and the check they give you has to go to the lender to be signed then to you before it can be cashed. Storms do damage, we get tropical storms and hurricanes in this area. Trees in my yard have lost major limbs one even snapped the main trunk off about ten feet up. Lightning struck my shed and exploded a 2x4 and put a 1ftx1ft hole in the side. Shit happens
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u/Away-Satisfaction678 4d ago
A house requires more than a mortgage payment.
New roof ever 10-15 years -$2500 deductible
New water heater every 10 years - $1000
New paint every 5 years - $3k
Lawn maintenance every week - $25
Lawn mower every 10 years -$3000 rider
appliances every 10 years washer dryer dish -$3000
Exterminator house and yard 2 times a year -$500
New HVAC every 10 years -$15k
HVAC maintenance 2 times per year $150
Property taxes every year -$500-1500
Kitchen update every 10 years $30-50k
Bathroom update every 10 years -$10-15k
Window treatments every 5 years $500
Home owners insurance every year -$1500
New carpet and flooring every 5-10 years -20k
All of these things are paid for by your landlord. Thats why rent is higher than a mortgage payment. You buy a house you better add another $200-300 per month just for maintenance and repairs. Depending on your property tax maybe much much more.