"The Joys of Home Ownership"

[karamazov80]

I think the "joy" comes from the ass ____ing you feel each and every time you make a $2200 payment and see $17.78 go to the principle.

Yeah, that is kind of nice! Despite the fact that mortgage companies screw over customers by making them pay all the ******* interest up-front, they still had to get bailed out on the order of billions of dollars after they ____ed up the world economy. What a wonderful world we live in.

Home Shield is kind of a pain... I had an issue come up that could have cost me thousands of dollars and when I got my claim filed I found out that issues underneath the slab were only covered up to $500! So luckily it was a best case scenario and I paid $800, $500 of which (what I pay per year of home sheild) I got back

But I do still keep it, just in case some serious ____ really hits the fan. Since its monthly payments I don't feel as bad about it.

Yeah, I'm sure they operate just like any form of insurance. If it is something that will be really pricey, chances are the fine print will exclude it from available plans.

 

[Natrix]

The house I bought was build in 1989.

Let's see in under six years since I bought it, I have had plumbing issues and I have had to replace the furnace, AC, water heater, some windows and the patio door along with miscellaneous fixtures/ceiling fans, etc. I have a couple more windows and a skylight that should be replaced, my driveway needs to be replaced and I should do more attic insulation...it never ends.

Plus the house value is currently about $70,000 less than what I paid for it.

Yeah...warm and fuzzy...

 

[karamazov80]

If that is a home warranty paid for by the seller, they aren't worth it. I just let mine expire. I am in the insurance field and after reading the fine print, the maximum payout on my "free" one year home warranty was 1500 after paying the deductible. In our first winter we had to replace the furnace...6000k. Since it wasn't broken, but just dangerously cracked (the heat exchanger), the warranty didn't cover. See, for most home warranties, they are overpriced at 250-800 a year depending on what they offer and they require payment of a deductible and usually only cover something that is broken, not breaking.

Thanks for the heads up. I honestly don't know much about how it would work in practice--you'd probably have to go through it to actually find out. But on its surface it didn't seem like a great deal. My parents said they never used it, so that was pretty much enough for me. Our real estate agent said it was standard on new homes, but that doesn't mean it has real value of course.

 

[grphyx1]

Well how do you calm yourself down? I am going home to have GFCI switches replaced that have not worked since we moved in??? I feel like a broken record when anybody brings up "how's the house?" and I can't stop myself from going on and on...

Let's see in nearly six years I have had plumbing issues and I have had to replace the furnace, AC, water heater, some windows and the patio door along with miscellaneous fixtures/ceiling fans, etc. I have a couple more windows and a skylight that should be replaced, my driveway needs to be replaced and I should do more attic insulation...it never ends.

Plus the house value is about $70,000 less than what I paid for it.

Yeah...warm and fuzzy...

 

[CollectorNC]

Okay all of this is making me seriously re-think getting a therapist. I shoulda posed this topic before we got the house:-(

Don't feel bad...I learn something new everyday. I learned today toilets need to be "re-seated" every 5-8 years. Guess what? I have no clue in the 17 years the house has been built if or when that's been done, so I am figuring never. That's $75 x 3 toilets. On a positive side the home came with a broken sprinkler system more or less. Well, instead of spending 2000-3000 on a new system, I spent a PF on getting it repaired. Works great!

 

[pixletwin]

Solution: Be the one to build your house. The only issue I have had is with the sprinkler system under constant attack from my dog.

 

[grphyx1]

Everybody is getting ____ed and not in the good way

Yeah, that is kind of nice! Despite the fact that mortgage companies screw over customers by making them pay all the ******* interest up-front, they still had to get bailed out on the order of billions of dollars after they ____ed up the world economy. What a wonderful world we live in.

 

[grphyx1]

With my skills if I built our house it'd look like a tee pee!

Solution: Be the one to build your house. The only issue I have had is with the sprinkler system under constant attack from my dog.

 

[grphyx1]

is that for the Wax seal? the do crack and leak I just don't know their lifespan.

Don't feel bad...I learn something new everyday. I learned today toilets need to be "re-seated" every 5-8 years. Guess what? I have no clue in the 17 years the house has been built if or when that's been done, so I am figuring never. That's $75 x 3 toilets. On a positive side the home came with a broken sprinkler system more or less. Well, instead of spending 2000-3000 on a new system, I spent a PF on getting it repaired. Works great!

 

[CollectorNC]

Thanks for the heads up. I honestly don't know much about how it would work in practice--you'd probably have to go through it to actually find out. But on its surface it didn't seem like a great deal. My parents said they never used it, so that was pretty much enough for me. Our real estate agent said it was standard on new homes, but that doesn't mean it has real value of course.

My aunt kept one for like 10 years. haha Think of the 300-500 each year she could have saved and put into actual repairs. The problem is the maximum payout. Make sure you know what that is. Also, whether the ins. co. distinguishes between a preemptive repair and a post damage repair. Most require something to actually break. Also, the maximum could be on one repair. I do believe some plans cover multiple problems, like say you had a refrig go out, a washer dryer go out (assuming they came with the house) and an ac go out...that might be 1500 max on each of those.

 

[CollectorNC]

is that for the Wax seal? the do crack and leak I just don't know their lifespan.

yeah and new water lines.

 

[karamazov80]

Yeah, with my "handyman" skills, I don't think building my own house is a good idea. Having said that, I did spend lots of time as an undergrad building houses for poor people.

In hindsight, maybe I wasn't helping as much as I thought I was at the time. Well, you get what you pay for, poor people.

 

[CollectorNC]

Owning a house makes you poor

 

[karamazov80]

My aunt kept one for like 10 years. haha Think of the 300-500 each year she could have saved and put into actual repairs. The problem is the maximum payout. Make sure you know what that is. Also, whether the ins. co. distinguishes between a preemptive repair and a post damage repair. Most require something to actually break. Also, the maximum could be on one repair. I do believe some plans cover multiple problems, like say you had a refrig go out, a washer dryer go out (assuming they came with the house) and an ac go out...that might be 1500 max on each of those.

Of course, the fridge, washer, and dryer aren't even covered on the "basic plan!" They cost extra

 

[grphyx1]

All I have to say is I better be dead before any of those things die. The biggest trauma, had to be having 16 boards of your hardword floor and the sub-floor replaced...all while your belongings are still in the same room UNPROTECTED!!! I literally can't read anymore, I have a nasty headache from all the stuff i had not encountered yet in home ownership.

Of course, the fridge, washer, and dryer aren't even covered on the "basic plan!" They cost extra

 

[gibby]

I can understand people's frustration with owning a home, but I think it's more due to the fact that no one tells you upfront how much work or maintenance really is required to own a home. We purchased a brick house built in 1952. It really is a well done house, and as the saying goes, they sure don't build things like they used to. Even the lumber is a true 2x material, and not the 1.5" crap they sell today.

Anyways, things that have helped us is that every year we budget 1% (of our purchase price of the home) for maintenance and 2% for improvements. We have a laundry list of things we would like to have updated/improved in the home, and prioritize them on how much value they add to the house. I've put in a new kitchen, refinished the basement (multi-year project), built a new garage, and now am updating our deck. For maintenance, we've gotten someone to install a new A/C unit and new roof, and I've replaced all the water lines in the house (galvanized to copper), among other minor things. Anything left to be done when we sell can be for the next person (lucky bastages).

So if you can afford it, I would try to make room in the budget for 1-3% home maintenance/home improvement. It really helps you to enjoy your home more, and pace the updates to your home without going broke in a short period of time.

 

[Natrix]

The house I bought was build in 1989.

Let's see in under six years since I bought it, I have had plumbing issues and I have had to replace the furnace, AC, water heater, some windows and the patio door along with miscellaneous fixtures/ceiling fans, etc. I have a couple more windows and a skylight that should be replaced, my driveway needs to be replaced and I should do more attic insulation...it never ends.

Plus the house value is currently about $70,000 less than what I paid for it.

Yeah...warm and fuzzy...

Oh yeah, forgot the oven and clothes dryer replacements too!

 

[pixletwin]

So if you can afford it, I would try to make room in the budget for 1-3% home maintenance/home improvement. It really helps you to enjoy your home more, and pace the updates to your home without going broke in a short period of time.

That is really great advice.

 

[thenammagazine]

It depends on where you live, what kind of house you have, and what you're pre-ownership experiences were of course. But in my case, our getting a house was one of the best moves we could have made for our situation. General improvements over renting is that there are no ********* landlords and you can make improvements as you please. Your mileage may vary of course, considering you have to pay for said improvements and some lucky bastards might not have ********* landlords, etc.

I have spent way more time than I would like to fixing and improving ____, though. I spent most of yesterday painting and doing plumbing work.

Psh, this is what General Contractors are for, ya newb.

 

[grphyx1]

Gibby, sounds like you got pretty lucky. There is nothing that needs improvement, We actually did some of the layout, picked the faucets, the handles for the cabinets, the fridge, oven the hardwood floor the carpet the granite, the toilets, the tile, we even picked the paint color scheme (which the builder has since replicated in his other projects), we have a fiberglass roof (lifetime guarantee), so no major updates for the future. It is the frustration of not being prepared for the everyday. We went from 762sq ft to over 2400sq ft that's a big jump. I think if I had a month of no issues (the bug infestation almost drove me insane)I might actually feel less on the edge. But I am not kidding that we have had every single thing that could possibly go wrong with new construction go wrong with this place and it is our first home so it is killing me, and I am one foot in the grave and the other on a banana peel right now. Talking about it has helped seriously guys, I appreciate all the input and sharing.

I can understand people's frustration with owning a home, but I think it's more due to the fact that no one tells you upfront how much work or maintenance really is required to own a home. We purchased a brick house built in 1952. It really is a well done house, and as the saying goes, they sure don't build things like they used to. Even the lumber is a true 2x material, and not the 1.5" crap they sell today.

Anyways, things that have helped us is that every year we budget 1% (of our purchase price of the home) for maintenance and 2% for improvements. We have a laundry list of things we would like to have updated/improved in the home, and prioritize them on how much value they add to the house. I've put in a new kitchen, refinished the basement (multi-year project), built a new garage, and now am updating our deck. For maintenance, we've gotten someone to install a new A/C unit and new roof, and I've replaced all the water lines in the house (galvanized to copper), among other minor things. Anything left to be done when we sell can be for the next person (lucky bastages).

So if you can afford it, I would try to make room in the budget for 1-3% home maintenance/home improvement. It really helps you to enjoy your home more, and pace the updates to your home without going broke in a short period of time.