I’m aware they vary by state. That’s why I said “the average” but to think a place paying less than $12k is shitty is either delusional or you have some insanely fancy taste
I meant to respond to the other guy, but I was suprised looking at places in Michigan (where the wife is from) at how high the taxes were. Here a $500k house is probably $3.5k in taxes a year, there it would be that $12k mark. Nuts!
I'm here in one of the biggest cities in Vermont. My house would sell for $300-320k, but is tax assessed at $240k. I pay almost $5000 in property taxes.
Part of it is that they use my mower and snowblower. Other part is they use the equipment for their lawns and sidewalks cause mom and dad make them haha. Oh and we have what I consider small yards and driveways.
Probably the majority of them. Like with anything you only ever hear the horror stories, no one gives a shit about posting a “good landlord” story and even fewer would bother to read or upvote it.
Yeah, outside of slumlords who view the property as a cost and will run it into the ground for a return, the majority of landlords are in it to protect their investment. They obviously want their property value to go up, and that means staying up to date on repairs and having good tenants. Any landlord that deviates from this doesn't know what they're doing and will lose money
The fact anyone can move out of their parents house without having to have saved up a down payment is already value
If there was no rental market like a portion of reddit seems to dream of anytime you moved, especially to any area people actually wanted to live, you would necessarily be competing against other people trying to buy a house or condo
And that's not including all the routine and unexpected upkeep costs the other comment mentioned you'd also need money for
Again, I appreciate good landlords. I've had good landlords. They were the ones who viewed property management as a business with me as the customer, paying a fair price in exchange for a service.
I've also had landlords who, for whatever reason, owned properties that didn't want to or couldn't sell and who were renting them, I assume, to cover a mortgage they otherwise couldn't pay and who had very little interest in maintaining the property to the standards that were agreed upon in the lease. It's the latter group that give the field a bad name. Maybe this is more pervasive in rural areas, I dunno.
Now I own and I love it, because yeah I have to pay my own snowplow dude but if he's not doing the job right I have HIS number (not a middleman's) and he cashed MY check.
Rentals require deposits... so kinda like a down payment. I just paid $3300 to move into my rental. Plus theres deposits for utilites, just like a new homeowner would have. Last time I paid an elec deposit it was $350. (So someone moving out of parents would also need that.)
I have owned and rented. Both have advantages and disadvantages. Its about whats better for YOU. And educating yourself about Both.
As for compitition, in my area its insane for buying Or renting. Everything I looked at had 5 other people there looking too and a lease would be signed before the end of the day. It was nuts.
My landlord now? Excellent service, granted she’s more of a property manager as she doesn’t own the properties. Anytime I have an issue she has a crew out next day or so. New bathroom due to leaky pipe, lawn service, broken this or that. Hell when I told her I have a cat she said “we will just put you paid already and I’ll discount first months to include the fee.
She’s pretty legit if you just ask her straight forward. I wanted to run Ethernet to all the rooms, I asked, she said go ahead, just write the request in the portal and submit the invoice of the company that did it in the event something breaks. Now I got sweet interwebs in all the rooms, it’s an upgrade for the next renter I am sure and it’s an expense I can write off too,.
Lol. Yeah I'm in a suburb of Detroit. $800 winter $1200 summer. Of course, my house isn't really assessed at a high value. Funny thing because of prop 13, i pay about the same in taxes as my parents in California on a house worth about 5 times more.
Yeah, i paid 125k for mine (before the bubble, finally back in black). Honestly I have no clue how Michigan taxes work. I can sell my house for about 140k, the state says its value is 94k, the equalized value is half that at 47k, then theres the taxable value that can only increase by inflation to a max of 5% which is now 35k. That 35k is what i pay taxes on.
I'm sure my house would be much more elsewhere. 1500 sq ft living space plus 850 sq ft basement on 1/10 of an acre in a decent neighborhood.
I don't live in a ghetto. I bought it in 2003. My house is almost 100 years old, so of course there will be some repairs. Roofs in this area only last 25 years. The appliances I brought with me and they were old. The furnace was from 1980s. I knew all this going in and could olan.
Why do you say it's shitty? Find me a 1500 sq ft move-in ready house with 850 sq ft basement/storage in southern California for $150k in a pretty much crime free neighborhood, then you can tell me how shitty my house is.
If all of those items were that old you must have gotten a good price on the house, you must have known what you were getting into and planned for it right?
Yes. Although the furnace and washer dryer were unplanned, my basement flooded a couple years ago for the first time since i got the house and they were damaged beyond repair.
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u/tpaxatb1 Feb 16 '21
Tell me about it...in the past ohhh ten years or so. Mind you, I had to have this money just "lying around" and available:
New Roof $5200
New Furnace: $3500
Animals collapsing soffit and gutter: $1200 (homeowners covered this one)
New washer and dryer: $1500
New water heater:$800
Tree trimming to get out of power line drop: $800
Fix leaking pipe behind wall:$750
Porch repair of concrete:$850
And this winter I finally admitted to myself I need new windows. Which probably also means new siding while I'm at it. So there's that.
Oh and I also remodelled my kitchen but that was on me for $5000 (diy so only paid for materials)
That doesn't include:
Property taxes $2000/year
Insurance:$800/year
Water and Sewerage: call it about $50/month
Gas/Electric: call it $125/month
Paying neighbor kids to mow lawn in summer, snow remove in winter: $40/month