A house. My mortgage is cheaper than rent, and now I get to actually address annoyances with my living conditions.
It’s almost 100 years old, and a bit of an fixer upper, but the important stuff is solid. Last summer I invested in proper drainage around the foundation so that I can start making the basement livable. This year I invested in a proper bathroom. Next year it’s a new kitchen. And if time allows I’ll start rebuilding the basement mainly for one extra bed room and an office.
Depends on market. In Vancouver existing rentals are controlled until you move, the house sells, or you are reno-evicted. This involves evicting the tenant to “fix up the suite” and then renting it out at a much higher rate.
There is also the move to evict for a " family member" to move in but often this is abused to get low paying tenants out.
New mortgages are much more than existing rent here. As much as renters go through credit checks, I think landlords should too as you don’t want to rent a place where they can’t afford the interest rate increases. Often they cheap out on repairs and usually sees the place being sold or one of the above abuses of the evictions to get a higher paying tenant in.
The market is really tight in places like Vancouver and Toronto. The interest rate hikes will eventually catch up to most renters as properties are moved/sold.
This is a good one. I finally teamed up with family to invest in a house last year. I’ve found a lot of issues that I’ve since fixed, especially with the electrical. There’s still a lot to fix, but I’m elated that I can actually take action to fix stuff.
While renting, my hands were severely tied. The only benefit with renting was that if anything was literally broken, it would be fixed by the landlord, free to me. “Fixed” is subjective, usually done as cheaply as possible, which is often making things less convenient.
Now I can have things fixed correctly, making things more convenient overall for me and my family.
Long term, we’re planning on renovating and adding another kitchen and bathroom, possibly another entrance and I’m considering splitting the HVAC for one portion of the place and almost splitting it into two independent homes that are conjoined.
Same, cut my monthly housing cost by almost $1000 two years ago. So many good things have happened as a result as well, because it was a move between regions and opened up alternative employment options not previously available. As a result I also doubled my income.
Mortgage cheaper than rent here - just outside of Washington DC.
(Only true when comparing like for like living spaces, same bedrooms, square feet, etc)
A house. My mortgage is cheaper than rent, and now I get to actually address annoyances with my living conditions.
It’s almost 100 years old, and a bit of an fixer upper, but the important stuff is solid. Last summer I invested in proper drainage around the foundation so that I can start making the basement livable. This year I invested in a proper bathroom. Next year it’s a new kitchen. And if time allows I’ll start rebuilding the basement mainly for one extra bed room and an office.
God I wish my mortgage was cheaper than rent lol.
Hold onto it long enough and it will be eventually. Home ownership is the only real cheat code we have against inflation.
Oh yea 💯
It’s just gonna take a while. My PITI is 3350/month.
Depends on market. In Vancouver existing rentals are controlled until you move, the house sells, or you are reno-evicted. This involves evicting the tenant to “fix up the suite” and then renting it out at a much higher rate.
There is also the move to evict for a " family member" to move in but often this is abused to get low paying tenants out.
New mortgages are much more than existing rent here. As much as renters go through credit checks, I think landlords should too as you don’t want to rent a place where they can’t afford the interest rate increases. Often they cheap out on repairs and usually sees the place being sold or one of the above abuses of the evictions to get a higher paying tenant in.
The market is really tight in places like Vancouver and Toronto. The interest rate hikes will eventually catch up to most renters as properties are moved/sold.
This is a good one. I finally teamed up with family to invest in a house last year. I’ve found a lot of issues that I’ve since fixed, especially with the electrical. There’s still a lot to fix, but I’m elated that I can actually take action to fix stuff.
While renting, my hands were severely tied. The only benefit with renting was that if anything was literally broken, it would be fixed by the landlord, free to me. “Fixed” is subjective, usually done as cheaply as possible, which is often making things less convenient.
Now I can have things fixed correctly, making things more convenient overall for me and my family.
Long term, we’re planning on renovating and adding another kitchen and bathroom, possibly another entrance and I’m considering splitting the HVAC for one portion of the place and almost splitting it into two independent homes that are conjoined.
Same, cut my monthly housing cost by almost $1000 two years ago. So many good things have happened as a result as well, because it was a move between regions and opened up alternative employment options not previously available. As a result I also doubled my income.
That doesn’t make any sense. Unless the market at your country is completly broken, that simply does not happen.
Often rent covers the owner’s mortgage plus their benefit, so yes, it’s easy for your mortgage to be cheaper than rent.
Mortgage cheaper than rent here - just outside of Washington DC. (Only true when comparing like for like living spaces, same bedrooms, square feet, etc)