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Antnee83 t1_j6y5va8 wrote

Reply to comment by Squidworth89 in So, naive question but, how do we go about politically motivating housing costs? by [deleted]

Yeah, if only there was some way to... "insure" the home against such large damages, so that you didn't have to pay a huge lump sum out of pocket.

And they could even require that you hold that insurance on the home while the loan is still active!

Man if only.

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Jakelshark t1_j6y7a5d wrote

Insurance doesn't pay for maintenance on stuff like a new roof or boiler. That's normal wear and tear that you're expected to pay for as the home owner.

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Antnee83 t1_j6y7vbl wrote

I mean, that's a fair point, but as an owner of an old fixerupper money pit myself, I can confidently say that those expenses pale in comparison to paying rent.

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mymaineaccount46 t1_j6yqq9q wrote

A roof pales next to rent? What the hell does your rent look like?

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Antnee83 t1_j6yrv3v wrote

Lets walk through this slowly.

Rent is more expensive than a mortgage for a comparable amount of living space. By a lot.

So If I'm renting, I'm wasting a shitload of money, that I'd otherwise be saving if I paid a mortgage instead.

With me?

So if I need to do repairs or maintenance, I have the money because my monthly expenses are lower.

No one is getting a mortgage and getting blasted with having to put a new roof on all of a sudden due to wear and tear. Anything else is covered by your homeowners insurance, which you have to have as long as you're paying the house off.

This really isn't all that hard. Mortgage = cheaper = save money = have money.

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mymaineaccount46 t1_j6yukqw wrote

I think you'd be surprised. In my first house I had a furnace go very quickly after buying and my next home I had both washer and dryer go, as well as need to do roof maintenance. None of which made any sense to claim on home owners insurance and therefore came out of pocket.

Maintenance and surprise issues that insurance doesn't cover is not uncommon. If you don't have money to keep up with it and are depending on your insurance you're going to be in for a very bad time.

I spent thousands beyond my mortgage just keeping up and handling house issues at the last place I owned

Edit: forgot to add I had inspections on these places too. Shit just happens.

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polypolypolygon t1_j6zx7b8 wrote

A roof typically lasts 20-30 years. Let's say 20. I just had mine replaced for 10k, but let's say you have a massive roof and it's 20k. That's $80 a month over 20 years, which is less than the rent increases most people see year to year.

Also when I replace my roof, it adds to the value of my house. When my landlord increases my rent to cover the new roof, it adds to the value of their house.

You're paying maintenance costs on the property either way, you just pay it through rent, building equity for the landlord. Oh yeah, and the roof repair on a rental is tax deductible for a landlord.

So sure, you do need some extra cash on hand for surprises, but it's leaps and bounds better than renting in the long run financially.

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mymaineaccount46 t1_j71u0il wrote

Your comparing 80 a month over 20 years to a huge out of pocket expense. It doesn't matter if over 20 years the roof is cheaper if you can't afford it now.

Which is my point. A new roof is not cheaper than your current rent cost.

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Squidworth89 t1_j6y80zv wrote

Those aren’t damages. That’s wear and tear. Insurance doesn’t cover that.

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