Is there anything more soul crushing than renting?

>>1081409
Yes.

Making mortgage payments and knowing your house gets taken away if you are unable to pay them.

>>1081412

But likewise your rental gets taken away if you don't make rent payments

>>1081413
But renting is easier. No maintenance costs, don't have to deal with various bullshit, something breaks? Call the nigger in charge of it to fix it, want to leave? Wait until lease end.

Buying a home is for idiots

>>1081409
In purely financial terms, a lot of people would be better off renting than buying a house.
Not everyone, of course, it depends on your circumstances and market conditions. But the idea that renting is throwing money away, while interest payments somehow aren't, is just a myth spread by banks that want to own your soul.

>>1081414
>something breaks? Call the nigger in charge of it to fix it,

Sure, In a perfect world. Good landlords are few a sparse.

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>>1081409

Hey /biz/, /diy/ here.

So when i save up enough money i'd like to buy a foreclosed house cheaply in a bad neighborhood.

This listing seems like it is saying this property is for sale for 3k. What is the catch?

http://www.realtytrac.com/homes-for-sale/nj/newark/07114/219-223-emmett-st/250866834

>>1081447

That's not a residential house, Anon

>>1081449
To be truthful, ideally i would buy a commercial space, build bathroom + kitchen in it and live there, and build out a shop for electronics/metal/plastic/etc

>>1081469

thats illegal

>>1081471
Thats besides the point,
it says the property is 3k, is this true?

>>1081480
Check the back taxes. They are public info. I'd guess they are sky high. Think 10,000+

Add to that the "maintenance" bills owed to the city for "upkeep" and nonsense to keep the property from caving into the earth. No way to know this one, unless the city makes it public.

Then there are utility bills which may have gone unpaid, especially water. Something could have leaked into the sewers for years. Literally many years and is now owed by YOU, the new owner.

As a thought it's tempting but will be a hellish experience. Your best shot would be to try and get local artists to pool in together and make it into a shared "studio" space and of course spending the night frequently would be part of the package. With this though you're going to want a lawyer and a well worded LLC agreement for all involved.

Basically.... walk away. Buy an old RV and ask old people if you can park it on their extra lot for 100/month or in exchange for cutting the lawn, leaves etc.

Best.

>>1081419
Don't rent a shithole. If you rent a nice place landlords will generally have an interest in keeping said place nice.

>Is there anything more soul crushing than renting?

Being stuck with a house or condo you want to get out of.

>>1081480
Likely. But as was mentioned, there may be back taxes.

It is probably in state of extreme disrepair. There may also be restrictions on when and what you have to do to fix the property. That's a common thing in certain areas -- city doesn't want developer coming in, bulldozing and then putting up another shitty strip mall or just sitting on the property for a few decades waiting on a turnaround.

>>1081612
Also, may be some environmental pollution. Think asbestos or groundwater pollution.

I don't mind renting because I live in the middle of fucking nowhere and good apartments are like $500 a month. Buying a house here would be far more soul crushing.

>renting
>soul crushing

Right, because having options is really soul crushing.

>>1081447
>What is the catch?

property tax

>>1081471

Depends on where he lives.

Some places let you live at your commercial/industrial property.

>>1081409
My rent is 350/month. Property taxes are around 200/month on a cheap house here. Interest would be 300/month, nevermind other expenses and the lost opportunity to invest the down payment.

Sunk costs of buying > cost of renting so it's a no brainer to rent for me. Idgaf about comp vs comp because comps don't put money in my pockets.

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>>1081714

>21st century
>grown "men" don't own their own homes
>mfw

>>1081722
> owning a house whose value increases slower than inflation
> not job hopping every 2-3 years to maximize income

It's like you're not even trying

Yes.

That would be the feeling of buying a property knowing that you could have invested that money in tech, then looking back on your life before you retire and wondering why you decided to miss out on millions of dollars worth of profit.

>>1081609
>landlords will generally have an interest in keeping said place nice.

They tend to care less once they have a signature on the lease.

>>1081409
Working somewhere that incompetence is rewarded and competence is punished.

>>1081823
>The military

>>1081790

>pursuing wageslave jobs that require you to move every 2 years

Nah son, you're the one that's not trying.

>>1081832
>$70k and double digit raises
>Midwest
> wage slave

Good one pal. If I wanted a 3-5% annual raise I'd just be a pathetic lifer like you

>>1081914

Dear Christ, this level of projecting, I don't even.

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Daily reminder to those who say the renter pays all of the landlords expenses/property tax:

If you were one renter to one landlord for a house that is true
however if you're renting an apartment you are one of very many renters, and when everyone pays in those additional expenses are minimized even if they are already rolled into rent.

The only reason to ever buy a house is kids.
and kids are disgusting

This thread hinges on renting vs owning with a mortgage.

Clearly the third option is better, which is earning and investing wisely until you can buy a house outright.

>>1082586

Where the fuck do you live in the meantime?

You rent until you can buy if you make good money.

If not, you get a mortgage as opposed until renting until you die

Not everyone has the luxury of being to live in mommy's basement "saving" neetbux and "investing" in bitcoins and "trading forex" with the $1000 mommy gave for my good boy points

>>1082586

Cool, we all know that but where do you live in the meantime? Mother's basement? The back of your 90's shitwagon? An old couple's shed?

>captcha: select all recreational vehicles

>>1082573
>The only reason to ever buy a house is kids.
the math on that doesnt work but sure thing homie

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I live in downtown Toronto and the market rate right now is 1800/month for a 1 bedroom condo. I really wish this shithole burns down to the ground. The real estate market crash can't come soon enough. People are fucking delusional - willing to pay $1mil for a rundown shithole downtown.

There sure are a lot of landlords in this thread...

>>1081409
Owning a goddamn house. What a fucking nightmare.

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>>1082662

I feel your pain Canabro, Melbourne is exactly the same...

I wish there was a cheap form of housing, something like tiny pod apartments or something close to the CBD.

Will never happen thou, the politicians don't care because they all own like 2-3 houses on average. Dam baby boomers!

>>1081447
>bad neighborhood.
don't.
move to the country instead.
or don't be so frugal, buy a house in a gd neighborhood

>>1081804
landlord here.
not exactly, mate. at the end of the day it's still my property, so i the only thing i care about, after getting paid, is that my property is maintained nicely.

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>>1082692
>Dam baby boomers!
Indeed. Pic related.

>>1082692
I work in a flooring store in Melbourne and probably a third of people who come in are looking for shit for their rentals. The worst part though is that they are some of the stupidest people I come across and it's painfully obvious they have no idea about investing and probably aren't even making much/anything at all from the house they've taken off the market.

>>1082737
This
landlord wouldn't want their property to be left in a shitty state thus losing the value of their property

>>1082641
what, on kids?
the math never works out on kids

Renting is great if you're just starting out and might need to move in a few years

My favorite argument renters make is the whole "stuck in a house meme",
you can sell your house before it's paid off
B-but muh fees!!
It takes like 2-4k to completely clean up a property and make a few improvements to bring the value of the property up enough to cover those differences if you don't live in a shit neighborhood. Hell, you might even make some money if you move to a place with lower taxes.

>>1083010
Houses can go down in value, it's not a sure thing

>>1081409
In my country you can rent a small apartment for like 100 bucks

>>1081538
I'm from the UK but wtf is property tax? I thought it was like English stamp duty (a tax you pay on house purchase) but you make it sound like a recurring payment. Is it like council tax or what

>>1081409
Renting is great, espetialy if you do it 50%-50% with a chick. I'm in Toronto (GTA) so buying here literally means taking it up the ass for the next 30 years from the bank AND your employer (mortgage slaves won't be looking around). If I buy (ever), I'll have like 75% cash/investments to sell in hand.

>>1081409

>get mortgage
>pay 2,000/month, prop taxes, interest, principal, maintenance upkeep
>only 250 goes toward principal

>>1081823
>Government
Personal experience

>>1083046
It is pretty similar to your guy's council tax - property tax is a tax on the assessed value of a piece of real estate, usually paid to be paid yearly or twice a year, levied by the local and/or state government. It is the main source of local funding for schools, police, firefighters, and other local government services.

If you have a mortgage, a portion of the property tax will usually be added to the payment each month, and held in escrow by the bank to pay off the property tax. Super cheap properties will often have a large amount of unpaid property tax due on them, which is why the list price is so cheap - you have to pay the back tax to take control of them.

>>1083021
Where do you live?

>>1081825
>>1083156
Yeah, I believe both but private sector IT is every bit as bad in my experience.

>>1083151
Only for the first 21 years

>>1081409
Yeah, paying 2mill for a shitshack that's going to be worth $200k in under 50 years

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>>1082662
dont worry. china has only population on 1 200 000 mill or something. you have 10mill people living in toronto.

and 10 mill rich chinese businessmen are using canadian real estate as a place to deposit some money safe from wild chinese markets

>>1083020
Yeah, and rent can go up too.

Owning a house is purely an American thing. In other countries people just rent it out because its cheaper than buying. Everytime people think of buying houses its always an American. Why do you guys think you're broke? It ain't the gubivment or banks. Babby Boomers lived through the largest economic growth in history. That growth is finished and it will stagnate. So your ROI in houses isn't going to return the same value as your parents saw with their mortgages. Plus most people under 40 can't afford a house, and that includes professional workers such as lawyers, doctors, and engineers.

>>1083676

Rent only ever goes up, unless the neighborhood goes to hell, but then again, even in that situation you end up with gang bangers renting 3k a month houses to cook dope in

>>1083697

Renting is much more expensive than owning in most major cities. For example a house with a $700 a month mortgage in Chicago can easily be rented out for 2500+ a month and the higher the sale price of a house, the higher the profit goes.

My buddy just moved out of his condo down town and is renting a house in the suburbs. Why you ask? Because his 4k mortgage payment a month is currently worth 16k a month in rent

If you are renting in a major US city, you are pants on the head retarded.

>>1083720
>For example a house with a $700 a month mortgage in Chicago
This is why /biz/ is filled with NEETs who never held a job or open a credit card account. A mortgage in Chicago is about 2k. Rent prices differ from neighborhoods. Also most people share an apartment so you paid for a room. I can clearly tell you're a neet or just a brat with rich parents.

>>1083739

A $700 mortgage puts your fairly firmly in 160k house territory with a normal 20% down payment. While most of the city is expensive 160K can still get you a decent 2 bedroom in a white area.

A 2k mortgage would be putting you closer to a 300k house, which is the majority of the city outside trendy areas like Lincoln Park or Streeterville.

And no, most people dont share apartments. I know 1 person who shares an apartment and the only reason he does it is because he drives a truck and is never home. I dont even have a clue where you get the idea "most" people share apartments.

>>1083749
>And no, most people dont share apartments. I know 1 person who shares an apartment and the only reason he does it is because he drives a truck and is never home. I dont even have a clue where you get the idea "most" people share apartments.
You really do give a bad name to us rich people. 160k house in Chicago is below average, even in shitty areas. You have your parents paid for everything that's why you think like a retard in finance and real estate. Alot of peopel do share apartments in big cities. Most peopel don't make over 50k a year. At that income level you can't afford a one bedroom apartment, or a studio. If you do find one, its often in shit areas away from public transportation and shops.

>>1081409

The freedom of renting is so liberating.

I couldn't even imagine a crushing mortgage debt hanging over my head for 25 years, having $1k in credit card debt was agonizing.

>>1083755
>160k house in Chicago is below average, even in shitty areas

>shitty American wooden tornado fodder house
>shitty area
>160k

This is why you can't have nice things.

>>1083768

>I can't afford to buy property without burying myself under a ton of crippling debt, therefore it must be better to perpetually give someone money to let me sleep in their house

Legit success story, bro.

>>1083800

>It's a great thing to lease a pile of drywall and plywood from a bank for 30 years at 4% cost.

This is what poor people literally do.

>>1083821

They should really stop being poor, then. I warmly recommend it.

Also

>pile of drywall and plywood

is only recognized as a house in the USA. In the rest of the civilized world, that's a shed, and an unsafe one at that.