Home Ownership

[Gatordash]

Originally Posted by starkind [You must be logged in to view images. Log in or Register.]

Wall Street Corruption: Why the GameStop debacle is important. https://imgur.com/gallery/iPknYQK

A big question.. why do so many have mortgage...leans... loans... debt? On their homes... do they own it if the bank can take it?

Most can't afford to buy a home without a loan. Most mortgages are 30 year fixed rates so you don't technically own it until you pay it off after 30 years. But there is kinda no point to it because most people don't actually live in their home for 30 years so I look at it like you are paying rent. The good part about it though, in general over time, home prices go up. So when you sell your house, you have to pay back the rest of your loan, but you get to keep the money that has appreciated over time, where as rent you obviously don't.

[Naethyn]

Originally Posted by Gatordash [You must be logged in to view images. Log in or Register.]

Most can't afford to buy a home without a loan. Most mortgages are 30 year fixed rates so you don't technically own it until you pay it off after 30 years. But there is kinda no point to it because most people don't actually live in their home for 30 years so I look at it like you are paying rent. The good part about it though, in general over time, home prices go up. So when you sell your house, you have to pay back the rest of your loan, but you get to keep the money that has appreciated over time, where as rent you obviously don't.

And then you use that cash to write a check on the next home. And then you use that home as equity to get a loan on an another home that will appreciate more, because it is worth more. Repeat.

[Jibartik]

some spindly hipster genz chick on tiktok dancing talking 2012's progressive jargon.

[Reiwa]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

some spindly hipster genz chick on tiktok dancing talking 2012's progressive jargon.

She wasn't even dancing. Just jumping around and waving her cooch like a maenad. 😬

[Jibartik]

We are losing world war 3 I agree.

If we want to win it, we'll require use of our superior military force.

But that force is useless, because using it is considered a weapon of mass destruction and so the other side will just start nuking.

Our military is useless in world war 3, unless world war 3 is a conventioal nuke war.

And its apparent it's a trade war, with skirmishes.

If you compare the allied trade with the axis trade, the axis are stronger.

The allies are totally dependant on the axis powers.

We're going to lose, and you're right, we're losing.

[Topgunben]

Need some pro advice.

Going to be getting a mortgage, but won’t be able to fully close until October. Is it possible to lock my rate in now and pay for extensions over the next several months?

[Jibartik]

I was watching some 80s movie and this country is about to be a dump for like 20 years.

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[Jibartik]

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[Reiwa]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

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Office bougs adopting the hammer and sickle, completely clueless.

[Topgunben]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

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I can tell the person that wrote this has absolutely zero clue what he/she is talking about.

-Zoning most likely will not allow for the conversion of commercial into residential. It can take years to get a zoning variance, and failure to get approval is a high likelihood.

-Construction standards from Commerical to Residential are also different, it would require a huge upfront invesment to retrofit a commercial building to make apartments.

-Parking can be a big issue. Many jurisdictions require 1.5 parking spots per residential bedroom.

-Construction costs are enormous right now. Any investor will have to think long and hard about starting a construction project right now. Not to mention, it is very difficult to find subcontractors and materials.

-Its easy to kick a commercial tenant out, its damn near impossible to kick a residential tenant out. This has made many potential investors shy away from converting commercial into residential. Most commercial buildings worth of converting into residential apartments are in urbanized area, which tend to be democratically run and therefore have strict rent control/tenant protection laws.

Lastly, I actually think its a good idea to be able to do this kind of conversion, but unfortunately government regulation has made this impossible for all of the above reasons.

The real solution is to dissolve all government regulation, especially zoning laws, and let development happen organically.