Owning a Home is SO NOT WORTH IT!

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Homeownership is expensive but, personally and I know I'm in a different country but my experience of renting in Ireland was pretty annoying, you were always at the whim of a landlord or a property management company when it came to any issue and you don't have the freedom to do whatever you like to the building. I just far prefer owning my own place.

There are always bumps and unexpected expenses, so you budget for them in your financial planning.
It means putting a few €, or in your case $ aside every month in a rainy day fund, specifically for house maintenance and ensuring that you're well insured and shopping around constantly for the best deals on that everytime renewals come up.

There's always a risk of some major maintenance issue that's not insurable - the big ones for me have been central heating breakdowns, involving boiler replacement and also things like resurfacing hardwood floors.

You can also do a lot of maintenance, at least the bits that don't require scaffolding or specialist skills yourself.

My main tip is that you should formally budget. Get an actual spreadsheet and start working out your expense. See what you can reduce. Often the are loads of things you can change around without actually reducing the quality off those things - pick better options for your utilities : gas, electricity, internet, phone, TV etc. I started using online brokers to get better deals on energy and it really saves a lot and I'm now using only renewable kWhs for power. Be very agressive with shopping around for things like Insurance policies and workout exactly what you are covering and why. That's very important with things like mortgage and life insurance. Often there are better deals. Likewise check health insurance and use brokers for all of that as they can genuinely be very useful at getting the best deals.

Other than that just keep tabs on your expenses. It's important to know what you're spending so that you can optimise it. It's not necessarily about being frugal or Scrooge like, but about being smart and being able to see, understand and prioritise where money is going.

It's a pain in the rear to actually go through all that stuff but it really does help.
I used to be totally chaotic about how I organised my finances but I started just getting them into a system where I could analyse things and it made a huge difference. I've a lot more disposable income now because I've basically made everything more cost effective without reducing my lifestyle.

It's definitely nice to be able to just do whatever you want to with the décor, garden, exterior, change plumbing and electrical, minor construction and everything else.

Also it's an asset that you can live in.
 
I know this post is old

by this point. I didn't want to create a new thread. Since my AC broke down I've been watching TONS of HVAC vids on youtube trying to learn a lot, which I have. I didn't know there were 2 coils.....the condenser coil (outside) and in the air handler, an evaporator coil, which is in the shape of an A. (this is what gets really dirty over time). Being the neat/clean freak that I am and always keeping my filters clean (even though I use those cheap see-through filters) not because I'm cheap, but because the first few years when I used those thicker filters I had the most problems. Anyway, after watching a LOT of these vides I was DYING to know after all these years what my A coil in the attic looked like. My brother told me that to also check to see if they left the filter in there because a lot of installers leave filters in the air handler even if there is no need for one and they never get changed because the owner doesn't know about them.

Today, I got in my attic, right on the front of the air handler there was this thing that said "filter". I unscrewed the 2 tabs and there was no filter there, thank God. It was a narrow opening, I stuck my phone in there to snap a picture of the A coil. I honestly can't tell but it doesn't look nearly as bad as some of the filthy ones I've seen online. I'm not even sure how the hell you would get access to clean it. I know I'm definitely going to clean the coils on the outside even though he said they didn't need cleaning, how the hell could they not need cleaning out there after all these years? I just hope my system isn't leaking the AC has been working GREAT

mark_wpduet-2018080311021509992_1.jpg
 
I laughed reading your relief in not finding a "forgotten filter" because I'm OCD about filter changing too.

 

It's my understanding that as long as filters are changed the evaporator coils may never need cleaning.  I've looked at mine after many years and they seem clean.  They are self-cleaning in a way because water will drop off them when they are in operation.

 

So many people don't change filters when they should or will even run the equipment without filters (especially renters.)   Or they will buy the wrong size filter and cut it down, and then it doesn't fit tightly and unfiltered air just goes around it. 

 

I always suspected this is why the A/C didn't work well in my last apartment (bad behavior by prior tenants) but I couldn't get into the unit to see for myself. 
 
 
Your evaporator coil looks OK, IMO.

Air conditioners cool by moving heat, from inside the house to outside.  The refrigerant (Freon, which technically is a registered brand name, not a general name for a substance) absorbs heat via the evaporator coil (low pressure) in the air handler and boils from a liquid to a gas.  The compressor compresses the gas and pumps it through the condenser coil (high pressure) where it gives up the collected heat and condenses back to liquid state, and is sent back through the evaporator to repeat the cycle.

Window units, central A/C, mini-splits, portables, automobile air conditioning, refrigerators, freezers, stand-alone ice makers ... they all have both evaporator and condenser coils.

The lobby/restrooms/office/projection area at the theater has 12 tons of cooling (two stage).  The evaporator coil is LARGE and very deep.  Lower half is stage one, stop half is stage two.  Popcorn oil wafts through the air and gets into *everything*.  The evaporator got clogged soon enough.  Performance and efficiency plummeted.  Attempts to clean it, even by flushing water through it with a hose, only cleaned the surface and a few inches into the fins ... effectively pushing a layer of grunge toward the back and down and severely obstructing airflow through the lower part (1st stage), which frequently froze into a block of ice.  It took several years for the HVAC service company to figure out the problem and bring in a pressure washer to clean it properly.
 
My brother in NC

he does new installations. He said that he's seen systems that were put in and whoever installed it never took the filter out of the air handler (even though they are supposed to take those filters out if they have filtering in the house itself) When he told me that it was one of the reasons I really wanted to go check to see if there was a filter in there.

The videos I watched on youtube, there was this blanket of just dirt that could be peeled off the A coil...and one video there was like 2-inch thick hair and dust.

This shows how much I know - I didn't even realize that coil got wet. Now that I think about it, I guess that's where the air drains out to remove humidity? I know I see a white pipe on the side of the house that drains water when the AC is on. My brother asked if I had ever poured bleach in there so it would clean the lines. I said no. He said often they will clog up with algae but I've never had that problem so far. Anyway, if the A coil does get wet, that would make sense if there is minimal dirt it would wash them off somewhat. But if it's really bad dirt, it just sticks to it like a magnet.
 
DaDOES

That's another thing I didn't consider - cooking smoke or someone who cooks a lot. I'm sure that could get onto the coil too. I can imagine popcorn oil would be a freaking nightmare. That's even hard to wash off of your hands with soap. I thought too much pressure would damage the fins though? No?
 
I rely on cheap appliances such as very old window a/c units and refrigerators that I usually get for $100 or less (often free!), I don't like when they fail and I tend to spend more on repairs to keep them working than what I originally paid for them but it doesn't happen frequently (I had my 1963 refrigerator for 9 years and I haven't fixed a single thing on it and none of my 40+ years old air conditioners quit since I got them).

I'm usually more concerned with bigger expenses such as tree service and even roof maintenance! And finding the people to make it (the hardest part as I can't find a contractor to work on my roof and I can't replace tiles myself past the third row as I'm afraid to walk on the roof and break those that are OK!).

My main concern is paying monthly for the electricity/gas bills, insurance and taxes which combined cost more than most 5 room apartments in my area... But since I wouldn't have enough storage space in a 5 room apartment, I guess it's fine!
 
The mortgage for my place was paid from an inheritence when my Dad died.Now---no more house payments.Had to replace the HVAC this cost came from my Moms inheritence.The system I have now-replaced a 25yr old Lennox is a Campion.Champion is the home brand for York.York is common in commercial HVAC.Good brand.At work they have York chillers for the AC.Their system has similar scroll compressors like in my present Champion unit.A scroll compressor is more efficent than a recip compressor."Drive your House" Have you seen the prices on present large RV's-these can go from 200 grand on up-and UP.Also since they are HUGE vehicles gas mileage and problems with them can be unbearable. Better to have a house that STAYS STILL!
 
For me...

Owning a home has been tremendously worth it. I live on the East Coast in a Very Desirable Area and my home has appreciated significantly. It's a nice figure that greatly adds to my net worth. Those in less prime areas will see less of a long-term advantage in terms of Equity Gains. As is the old say, Real Estate is Location, Location, Location.

Beyond that... I wanted to mention this. I bought a Home Warranty back in 2018. Originally I paid about $1,000 a year, now I pay about $1,250. I also pay about $100 for each service call. That's it.

My warranty plan, which happens to be from American Home Shield, almost covers everything. They have replaced my Gas Furnace and Condensor Coil, my Garage Refrigerator, the dishwasher in my Bar downstairs, the valve stems on two shower faucets, my hot water heater, and a toilet fill thing.

I have certainly taken far better advantage of the policy, than I have paid in Premiums. However, a LOT OF PEOPLE are very unhappy with these policies, so you do have to do some research and read the entire contract carefully before signing. I am not even sure the company that I use, even offers the same level of protection, so there is that.

I wanted to mention it though, because it has been a great resource for me. I budget now about $2,000 for Home Repairs instead of keeping cash segregated for such things. It works out well.
 
Owning a home obviously is not for the faint of heart. You have to deal with the constant cost of it whether high taxes or maintenance, etc. The other huge issue is if you buy when the market is way over priced like it is now and the market crashes like its done before and you're paying on a mortgage worth more than the house and are underwater. Sis is forever underwater on hers she bought 15 years ago just before the market crashed. Ive also had friends that bought condos 30 years ago that lost their shirts when they sold them 20 years ago because they dropped so bad. Right now is a sellers market but its closing rapidly. With interest rates high plus a 40 year high recession and the cost of living way up across the board I wouldnt advise buying now but selling. Then rent until the bottom drops out and scoff up a deal in a few years. I've never owned a home and never will after a co worker telling me 40 years ago the interest on the 30 year mortgage on his $40,000.00 cape style home was $100,000.00. I just rent and am not worried about leaving property to anyone after Im gone.
 
Owning your own home and home warranties

Owning your own home is not for everyone, but it’s a great way to accumulate a lot of wealth and you’ll get a lot better care in the nursing home when you’re old if you have some money behind you, when the home is sold, he might also want to leave the wealth to relatives or to favorite charities.

Home warranties almost almost never pay off and if you’ve been lucky with them, you should quit now, you actually make out better playing the state lottery where you get about 50% of your money back.

Your new furnace and new air conditioner are much less efficient than if you’ve gone out and bought top-of-the-line equipment so they might’ve replaced some expensive equipment. You’re now stuck with higher utility bills. But if you don’t want to be involved and have any control over your own home and comfort it’s a good way to spend your money.
 
I'm not sure

@combo52. I am not entirely sure I am paying more in Electric Bills. Quite frankly, if I had my way, I would probably still be using the original 2004 HVAC Equipment and Furnace. I have a 5 Ton Unit, as well as an Additional Outdoor Unit for my Home.

Originally, when a leak sprang, and the thing started leaking R22, I compared quotes and was given ranges between $16k to $20k. That was 2017, and instead, I had a local company apply a sealant and recharge my unit with more refrigerant.

2018 Rolled Around, and mid-summer the darn thing was dead. This time, however, I had the warranty. It took about two weeks from start to finish, between the initial service call, approval, and replacement - which was horrible. However, I ended up with a Goodman Furnace and two new Goodman Outdoor Units. All I had to pay was the Service Call and about $600 in Permits, and other crap, that was not picked up by the warranty.

The point is - I am not entirely sure how energy-efficient the system is. What I can tell you, is $14k to $20k is a LOT OF MONEY. I barely paid anything at all. I also feel that it's highly unlikely that I will realize $16k to $20k in potential energy savings in the lifetime of the system. I also want to believe that my system is probably more energy efficient and has a higher SEER Rating than the 2004 Setup.

At the end of the day, I feel as though I did win. People can debate that all day, but I am satisfied. The system works absolutely fine for cooling and heating my home, which is all that matters.
 
Givemehotwater, it sounds to me like your home warranty paid off for you. It’s fine if a person has several thousands of dollars available for emergency home repairs or replacement of appliances that suddenly fail to foot the entire bill themselves, but many people aren’t that fortunate, and it could be a great hardship.

Only you can tell whats best for your situation. Good for you to have the forethought to protect yourself from what could have been a real financial hardship. I personally have only had a Home Warranty for one year that was given to us by our Realtor when we closed on buying our home in ‘94. We never had the need to use it and didn’t renew it. But far be it from me to criticize your decision to buy a Home Warranty, in the end it paid off for you.

Eddie
 
One other thing that many people fail to take into consideration is that a PAID for home is one of the very best hedges against inflation in your old age, which anyone who is lucky will reach.

When you are no longer able to and or want to work any longer your income will most likely be reduced, for some dramatically. If you are diligent and pay extra towards the principle on your mortgage every month from the day you make your very first mortgage payment you can pay off you home early, hopefully before you retire. Once your home is paid for then the biggest monthly expense for most people is now no longer a burden. Your only housing expense will be property tax and maintenance. But if you retire as a renter you will be at the mercy of a landlord for the rest of your life. Your rent will continue to increase while most likely your income will remain fixed and static, with the exception of small COLA increases to your Social Security which will almost certainly not match the annual increases in your rent.

When we bought our first home in ‘87 a wise, older co worker gave me some of the best advice I ever received. She told me that beginning with our very first mortgage payment to include an extra 1/12th of the principle and interest payment with EVERY monthly payment and indicate that this extra 1/12th is to go towards the principle only.

We did this and continued to do so every month we made a mortgage payment both on the first home and then on our current home when we sold the first home and bought our current home. We refinanced the first home twice and this home three times and each time we paid for the closing costs upfront and DID NOT roll them over into the new loan and we DID NOT pull out any of the equity either. This was something that the lenders probably wished that we hadn’t done. But we kept our eye on the light at the end of the tunnel.

The end result is that we have been mortgage free for over 13 years now. Our monthly housing expenses are just the property tax and HOA dues, approx. $720 per month. To rent a comparable home would now cost us well over $2600 per mo. to rent. If you don’t plan for the future it will one day arrive and slap you in the face and you won’t have any other choice but to pay the piper and the landlord, or couch surf or be homeless.

Eddie[this post was last edited: 12/8/2023-13:07]
 
Tim, I envy you for being able to purchase a home for $45,000 in ‘88 with such a beautiful view and to have its value appreciated to $775,000. That’s some return on your investment. We paid $56,000 for a 630 sq ft condo in ‘87, we sold it in ‘94 for $70,000, it just sold again a few months ago for $300,000. But I think that you’d agree with me that the real bonus is the financial security that your paid for home provides for you. You should be very proud of yourself for this achievement.

I know that a lot of young people will say, well it was easier to buy a home 30-40 years ago. Granted, real estate was less expensive then, but wages were also a lot less too. Plus when we bought our first home the interest on a 30 year FHA mortgage was 10.75%, and that was a good rate for ‘87.

Neither my husband David or I were high wage earners, we both worked in service related jobs. I was earning $9.30 an hr and David was earning min wage of $3.25 per hr plus tips. To come up with the 2.5% down payment, plus the $2500.00 closing costs we sold just about everything that we owned of any value at work with posted lists of what we were selling and a series of garage sales.

Because we didn’t have 20% down we paid PMI in addition to the principle and interest. We had NO help from family, no inheritance's, just the sheer will that we would make it happen. As the old saying goes, when there’s a will, there’s a way!

To young folks today I’d say to their lament that it’s impossible to buy a home today, find a way, get a second job and save ALL your earnings from that job, if you have a big car payment, sell the car and buy a hooptie for cash, cut out extra’s and SAVE every dollar that you can and forget that it’s in the bank. It may take a couple of years to get the down payment, but keep your eye on the prize.

And don’t expect your first home to be an HGTV show place. Things that you may not like to begin with can be changed in time. Look for a home with good bones in a location that you like. The window dressing can come later. But get your foot in the door. You’ll thank yourself in years to come.

Eddie
 
Eddie, this was just my families summer camp. I have been here since I was 5 and always hated to leave. I sunk a ton of money to make it the year round home I wanted. I still swear the dead relatives souls are still here. Property values on this lake have skyrocket up. People with the big bucks build mansions. I'm sure after I am gone, it will be sold and be flattened
 

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