The article talks a lot about mortgages. How does the math work if you pay in full at the time of purchase?
this post was submitted on 20 Nov 2024
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By February, I will have put $100k into a house in stuff that's nearly invisible - replace fence, repair leaking pool equipment, stabilize foundation, repair plumbing, and replace exterior 'wood' that was really watelogged mdf. My mom paid $220k 11 years ago. I've inherited it - and the $130k mortgage balance. My son is helping me by living there and covering the mortgage payment and I'm pulling money out of retirement to make repairs. It would likely take another $100k to update the 1980s kitchen, bathrooms, electrical, and 20 yr old hvac. Oh yeah, plus $10k/yr in taxes and insurance! Anyone want to buy a house?
But you're building equity! /s
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Yeah, but, after X years you own your house.
After X years of renting, you got nothing.
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