How much do you spend on the upkeep?
2007-07-09 05:36:19 · 6 answers · asked by Gypsy Gal 6 in Business & Finance ➔ Renting & Real Estate
If you buy an older home, you will spend more on the upkeep than if you bought a new home.
Houses are sorta like the yachts of which some rich guy said, "If you have to ask, you can't afford it."
It costs *significantly* more to buy a house than to live in an apartment. On the other hand, it should, because you're not just living there, you're buying the house.
So why buy a house? Because we could have a dog. Turns out it's a wonderful dog, but even a poorly behaved dog can be valuable to you. Because we could paint the walls any color we want. Because we could drive nails into the walls. Because we don't have to wait until the super is willing to patch and paint, where the people above us overflowed their bathtub; we can phone around to find someone to do repairs right away if we think it important, or phone around to find someone cheap, if we're willing to wait.
In the first two years, we put in replacement windows, central air, a new furnace, a new roof, a new electrical service, a new range, a new refrigerator, a new washer and dryer, a deep freeze, we tore out the landscaping and redid it. and we built a fence around the back yard. We bought a new charcoal grill. The kitchen and bathroom are a mess; we need new floors, new plumbing, new cabinetry.
Fifty year old house, and this one was in *good* shape. You should have seen some of the dumps people were trying to sell us.
2007-07-09 05:47:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, own it. Yes, excellent investment (up 25% in the first year alone). Amount to upkeep....depends on whether you are buying a new construction home or an older home. My upkeep is virtually zero, but I set aside $100/mo for future upkeep/repairs. It is new construction, though, and still even under the builder's warranty at this point. If you buy an older home, you never know what your upkeep will be. You could end up having major repairs in a year or two.
I also set aside $50/mo for projects. This is for upgrades or things I want to do to the house, not things that are required. I'm saving money right now because I hope to turn my deck into a screened-in porch by next spring.
2007-07-09 12:43:54 · answer #2 · answered by sortaclarksville 5 · 1⤊ 0⤋
Yes, I own my home. The upkeep is hard to answer, because I do it all myself. The biggest problem for me is having to get a permit to do anything, and I don't even live in town (a rural road). All electrical, plumbing, structure, anything that costs over $1,000 dollars or larger than 144 sq ft. needs a permit. It has been a very good investment as it is worth more than twice what I paid for it 10 years ago.
2007-07-09 12:49:58 · answer #3 · answered by Mountain Man 4 · 3⤊ 0⤋
The tax usually depends on the area of your land so I can't give figures along with bills and maintenance. If the location of your property is good, you can sell it at a higher price. You can have the house leased out for a certain number of years, which gives you financial security. How? The advance and deposit of the lessee can work for you by putting it in a safe investment. By the time you return the deposit to your tenant, you have earned something for yourself already.
2007-07-09 12:44:33 · answer #4 · answered by raebert s 3 · 1⤊ 0⤋
Yes for a long term-is the best one!!!!
2007-07-09 12:44:50 · answer #5 · answered by Isabella789 4 · 1⤊ 1⤋
yes
yes
depends on the project.
2007-07-09 14:24:15 · answer #6 · answered by robert p 7 · 0⤊ 1⤋