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Carla · 61-69, F
If you dont pay your rent, you get kicked the curb. Your credit score plummets and you find it near to impossible to rent again without a high cost.
When you purchase a home, the money you pay monthly turns to equity.
Meaning you get it back.
I haven't rented since 1983.
When you purchase a home, the money you pay monthly turns to equity.
Meaning you get it back.
I haven't rented since 1983.
starbucksgirly · F
@Carla you pay a small fee for rent you can break the lease and get a loan from friend or family to pay the broken lease fee and move on.
So what happens when you dont pay your mortgage and property taxes as a "homeowner "? Lol
So what happens when you dont pay your mortgage and property taxes as a "homeowner "? Lol
Carla · 61-69, F
@starbucksgirly as a homeowner yes, i pay property taxes. Those taxes fund things that provide my comfort in living. They tend my roads, important as the snow often falls in the feet, not in inches.
It helps pay for the schools in my area.
If i become ill or am injured, i have free transportation to the er.
Cities, counties, states don't operate on good looks. Without taxes, we have no govt. Is that really what you wish for?
It helps pay for the schools in my area.
If i become ill or am injured, i have free transportation to the er.
Cities, counties, states don't operate on good looks. Without taxes, we have no govt. Is that really what you wish for?
that sorta depends; it sounds like you're arguing against owning a home - and for some people that's the right path. but if you've had a mortgage on a property for more than say 10 years or so and made regular payments, kept up with taxes and all and then lose your income and have an eviction/foreclosure when (possibly if) the property is sold if it's sold for more than was owed (and if that difference is greater than penalty/late fees/et al) it ends up going back to the owner. and while taxes will and usually do increase over time it's almost never at the same rate that rentals increase from one year to the next.
when you're ready to leave/stop owning a property/divest yourself/move, the property is something that (almost always - there are some circumstances where the rule breaks) increased in value - a rental is something you will never get any return from. unless you're the owner of the rental. and then you get back to the problems of ownership that include lending, taxes, et al.
taxes will always be there on property but that applies to all property - land, homes, vehicles, there's not really a path around that. at least not one that's advertised and legal.
when you're ready to leave/stop owning a property/divest yourself/move, the property is something that (almost always - there are some circumstances where the rule breaks) increased in value - a rental is something you will never get any return from. unless you're the owner of the rental. and then you get back to the problems of ownership that include lending, taxes, et al.
taxes will always be there on property but that applies to all property - land, homes, vehicles, there's not really a path around that. at least not one that's advertised and legal.
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Spoiledbrat · F
Buying a house is an investment. That way you don't have to pay rent all your life like when you retire. As far as actually owning it, it's perspective. @starbucksgirly You can do what you want with it, pretty much. I mean it has to be up to code but you know what I mean.
starbucksgirly · F
@Spoiledbrat youll pay property taxes and an hoa all your life so im not sure where you're going with this. And if your roof caves in while youre retired or pipes burst youre responsible. Youre not making much sense.Also, most elderly people retire and live in income based apartments where theres less work.
This message was deleted by the author of the main post.
FishBotDimwit · M
My house is a saleable asset. I pay council tax which pays for local services, but I also pay car tax so there's no real difference there. If I default on debts then any of my possessions could be taken away, not just my house. If the ability to have something taken from you is a measure of whether or not you own it then really you own nothing but your body.
I could sell my house and have the full value of it in cash. You have no assets for your rent.
I could sell my house and have the full value of it in cash. You have no assets for your rent.
Pretzel · 61-69, M
Or they sell their home and get equity back. Just depends on the market and how much they put into it
starbucksgirly · F
@Pretzel can fbey sell it once theyve defaulted and have a lien on their home? And how long will it take to sell? Will they actually get what the home is worth or will they have to compromise sense they are on a time constraint?
Pretzel · 61-69, M
@starbucksgirly yeah if they are smart they will sell it before they get too far behind and the handwriting is on the wall. The market now favors sellers even with the higher interest rates.
Now if you haven't maintained the home you may have to sell at a discount. In my areas you can close within 60 days. That's way before a foreclosure can occur where I live.
And lenders would prefer to work with somebody rather than own property
Now if you haven't maintained the home you may have to sell at a discount. In my areas you can close within 60 days. That's way before a foreclosure can occur where I live.
And lenders would prefer to work with somebody rather than own property
Gangstress · 41-45, F
Were in 2024. If people didn't know that about mortgages and then i wanna get off this fucking planet
If you default on payment they can take your house away cause you dont own it
And you also pay interest too. So theres another disadvantage
If you default on payment they can take your house away cause you dont own it
And you also pay interest too. So theres another disadvantage
starbucksgirly · F
@Gangstress bingo!!
NickyLee · 41-45
Lost my house after 22 years. Only owed 12k.
Spoiledbrat · F
It's just like buying a car. You finance it but it's still yours. But yeah if you don't pay for it they'll come get it. @starbucksgirly
NickyLee · 41-45
@starbucksgirly my mortgage was bought out by another bank and for some reason they never accepted my payment. 8 months later they sold the house without ever even notifying me. One day a sheriff showed up with a 10 day vacate notice
starbucksgirly · F
@Spoiledbrat not true, you pay a car off its yours
Like2play · M
If you have a mortgage you don’t own it the bank does.
Gangstress · 41-45, F
@CrazyMusicLover i dont know if thrreos tax after 1 property tbh..there probably is
But once my mortagge is done..no tax for me
But once my mortagge is done..no tax for me
CrazyMusicLover · 31-35
@Gangstress Up to £250,000 (£425,000 for first-time buyers): 0%, second property: 3%
This makes sense.
This makes sense.
Gangstress · 41-45, F
@CrazyMusicLover thanks for looking that up hun
Convivial · 26-30, F
The same as any contact you default on
Convivial · 26-30, F
@starbucksgirly nope... Until the mortgage is paid off, the lender does
starbucksgirly · F
@Convivial exactly 🤣 but even then there are property taxes and if you dont pay that for a lifetime what happens?
Convivial · 26-30, F
@starbucksgirly local council services have to be paid for....
Spoiledbrat · F
Well you have to pay for it yes. I said that on your last post.
MrBrownstone · 46-50, M
With allodial title,no worries.