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this post was submitted on 01 Apr 2024
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Asklemmy
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Even if you own your home mortgage free, you're going to be paying >100% of its value in maintenance and opportunity cost over the first ten years.
Sure, let's assume that's true. The difference though is, I own the property. I get something out of the deal other than a temporary roof over my head - something I would argue is a human right.
If I were renting, I would be paying all those same costs, plus a profit margin - and I wouldn't own anything at all. Someone else gets to cash out on the investment that I entirely paid for.
You misunderstand. The comparison I'm trying to make is this:
How high does rent need to be before it becomes a better financial choice to choose scenario 1 over scenario 2? The break-even point is around the price where you would end up paying off the entire value of the home over ten years.
Ahh, gotcha. That's fair, then.
There are some interesting scenarios I've seen contracted out that you might be interested in.
Scenario: Co-op housing, you lease a lot with housing (based on your desired price point) with a 100-year lease. You may "purchase" a portion of the capital that the co-op housing has on your leased property (lets say 100k value property). The invested money can be used for loans or other means (like how capital can be used for leverage) through the co-op (think State-employee-credit-unions which are co-ops themselves). Any interest or value accrued while maintaining that lease is passed onto the signer of that lease. Aka, 100k property sold 20 years later for 200k you receive a 100k "buyout" from the co-op if you're leaving.
Heavily regulated with plenty of stipulations of course so nefarious actors and "flippers" don't buy. The co-op retains the property for future housing even if you die at 118. Have seem family clauses so it can be passed down as well. There's just so many versatile and victimless situations that can be created which have the community and the individual in mind for fairness.
Also, I would just like to point out that I have very rarely had a landlord do maintenance on the property I live in. One building hadn't seen a lick of maintenance in over 30 years, until I finally convinced them to replace the oven.