Recently replaced the roof on my house and the cost was equivalent to a year of mortgage payments. Prior to that, had to replace the AC for about 6 months of mortgage payments. Next big expense is windows, which I expect to fall somewhere between the two.
Totally agree there are some sizeable maintenance costs, I’ve had to do a roof, windows, remodeling, plumbing, all kinds of stuff. It’s still lots less than the purchase price. And I had to pay them on top of the mortgage, it’s not like maintenance waits to start until the mortgage is paid off, right? Paying off the mortgage simply eliminated one money drain for me but didn’t change the other, so my average monthly expenditure went down.
Rentals have exactly the same maintenance requirements as owned property. The fact that you pay for a lease doesn’t magically make the roof last forever.
As a renter, this overhead is baked into your lease. As a homeowner, I can simply tap into home equity to do a major repair at single-digit interest rates over a decade. Something you will never be able to do as a renter.
