> there are sometimes limited avenues for a customer to object if their insurance is cancelled based on inaccurate information.
This is part of the risk one takes buying property. It’s more than offset by the benefits of buying property. Or else everyone wouldn’t be telling me what an idiot I am for renting.
No, it's definitely not. No one accounts for the risk of being rejected due to inaccurate information. It doesn't even make sense to do so because the nature of the probability isn't definable.
Fellow renter here, what avenues do you have if your renters insurance is cancelled? You don’t have the risk of the main building, but what if your unit suddenly becomes a fire hazard area and you’re dropped?
You’re (and I) are an idiot for renting because after you’re done renting you have no equity. Now compare the rental and mortgage similarly sized units and you’ll realize for about 20% more money you’re suddenly not igniting it on fire every month.
> You’re (and I) are an idiot for renting because after you’re done renting you have no equity
Not a good argument. This only holds true if your rent equals what your mortgage would be. I personally don’t care about similarly sized units — why would I compare those?
I specifically choose to rent small and inexpensive apartments and put the savings (compared to a mortgage) into other investments. So I do have quite a lot to show for myself after 20 years of renting.
I’ve been paying under $1,200 in rent for 10+ years in a neighborhood where houses are now pushing $800,000.
> Fellow renter here, what avenues do you have if your renters insurance is cancelled
The same as the homeowner does, shop for other options. Fortunately w/ renting it seems like insurance companies (thus far) don’t care that much and use it as an incentive. My partner’s car insurance provider reduced her total bill when she added rental insurance.
> I’ve been paying under $1,200 in rent for 10+ years in a neighborhood where houses are now pushing $800,000.
You’re either rent controlled or bullshit. Either way your situation is far from the norm and had you bought a house 10 years ago that’d put us right on the tail end of the crap housing market and you still would’ve ended up better buying.
Since you can’t seem to do math well, 10x12x1200=$144k just gone. If you had bought a house, and I’m correct on the 20% number, then you would’ve spent about $173k and still have the equity. Meanwhile my father-in-law bought a house around that same time for $350k and is sitting on about $1.2mil in equity now.
> The same as the homeowner does, shop for other options. Fortunately w/ renting it seems like insurance companies (thus far) don’t care that much and use it as an incentive. My partner’s car insurance provider reduced her total bill when she added rental insurance.
I don’t even know what you’re saying here. Above you claimed this was the downside of having a house, and now you’re saying you’ll just shop around. That would invalidate your first complaint about risk.
You clearly are too young to know what you’re talking about. I really hope you’re not actually investing with this mentality because if so you’ve just been getting lucky so far.
Neither. Shitty apartment and a lot of hunting lol. And it was under $1k until COVID started. Going to be $1300 at my next renewal in July.
> 10x12x1200=$144k just gone
Yes. I'll admit I'm not familiar with the logistics but I assume the government refunds the homeowner's property taxes and reimburses for costs like appliances, repairs, landscaping, etc. when the time comes for them to sell?
> Meanwhile my father-in-law bought a house around that same time for $350k and is sitting on about $1.2mil in equity now.
Good for him! I both can't buy a house in my neighborhood due to the cost and have no interest in owning a single family home.
> You clearly are too young to know what you’re talking about
Yea this just doesn’t make sense. You live in a market with $800k houses down the road but your apartment is $1300/mo? Do you live in a dirt pile because free markets say rent can be charged what it’s worth. If your apartment isn’t worth what the market can charge it may literally be unlivable.
But then you go on to claim you have a lot in investments, or something along those lines as it wasn’t clear. Your story’s dots aren’t connecting.
Thing is, I think you’re actually desperate to own a home, as am I. And now your justifying your desperation with this flawed idea that renting is somehow cheaper. There is no reality in which this is true, that’s why you see the bulk of people flocking to buy and all of us complaining that the party is over.
> You live in a market with $800k houses down the road but your apartment is $1300/mo?
Yes that is correct. Ladd's Addition in, Portland, OR. The floor for fixer-upper houses within a half mile might be $500k but I see $800k+ very regularly. I'm sure you can find something to quibble with here though.
Somehow in my 40-year life I've always managed to find small, cheap, shitty apartments in good neighborhoods. I guess either I am the luckiest person alive or most people aren't excited to live in small, shitty, and cheap apartments?
> But then you go on to claim you have a lot in investments, or something along those lines as it wasn’t clear. Your story’s dots aren’t connecting.
I put a few thousand into index funds each month. I could easily buy a house with cash in a place where I'm not excited to live.
But why would I? I don't want a house. I like my cheap small shitty apartment because it's in a great neighborhood. My money's growing just fine. I have enough.
> And now your justifying your desperation with this flawed idea that renting is somehow cheaper.
You're wrong.
I said that renting can be an attractive decision despite having no home equity at the end.
I understand that owning a home can be an attractive decision as well.
I just think that people who are fanatical about how bad a decision renting is are generally wrong.
> I put a few thousand into index funds each month. I could easily buy a house with cash in a place where I'm not excited to live.
But why would I? I don't want a house. I like my cheap small shitty apartment because it's in a great neighborhood. My money's growing just fine. I have enough.
Because you’re not lighting rent money on fire every month. I’m sorry you can’t understand this, and all I wanted to do was help you understand. But it isn’t my money so keep the delusion, I don’t care anymore.
> Because you’re not lighting rent money on fire every month.
I'm not lighting it on fire! I'm getting a place to live.
The homeowner is also lighting money on fire every month! They don't get a check back from the roofing company when they sell their house. They don't get a rebate from GE for the stove they bought 20 years ago. They get the benefit of having a stove in their house and a roof on their home.
In 20 or 30 years or whatever I have a Vanguard account with a couple hundred thousand dollars in it. In 20 or 30 years the homeowner sells and gets a big check as a result. Why do I care if their check is bigger than my Vanguard account?
>I assume the government refunds the homeowner's property taxes and reimburses for costs like appliances, repairs, landscaping, etc. when the time comes for them to sell?
So you think your landlord is eating those costs and not passing them on to you in your rent?
You seriously think they are running a charity?!?
> So you think your landlord is eating those costs and not passing them on to you in your rent? You seriously think they are running a charity?!?
Obviously not, but since my rent is low enough then I don't care. They can only be passing $1200 in costs along to me because that's what I'm paying.
My rent being lower than costs for homes is what works in my favor. I lose money forever but it's a relatively small amount of money. The rest of my money can go somewhere else.
This is part of the risk one takes buying property. It’s more than offset by the benefits of buying property. Or else everyone wouldn’t be telling me what an idiot I am for renting.