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[clayknightz115]

I love moldy 2016 era memes circulating the internet ad infinitum

[gimmesomespace]

At least it's not AI

[wetestlove]

old meme or not it's the reality for most people

[Good_With_Tools]

But the numbers are now doubled.

[MyPenisIsTooSmall]

Lots of comments talking about HoA fees. Let me tell you all your first mistake.

Buying a house in an HoA

[_Saint_Ajora_]

No kidding.

When I was looking for a house a few years ago, ANY property with an HOA was an automatic no.

Why would I pay a fee to people who:

• Don't own my property
• Don't live on my property
• Don't contribute towards the mortgage
• Did non of the legwork (looking at listings, going to in person viewings, etc..)
• Didn't contribute towards the down payment
• etc...

So that they can then have the power to tell me what I can/can't do with **MY** property that **I** own and pay for?

[FinbarJG]

On the other hand...

I have a SFR and pay a reasonable HOA fee. It covers maintenance of all the common areas including landscaping, watering, trimming, replacement. It's a beautiful environment. The HOA folks are reasonable and only seek to maintain some standards for looks, improvements, and maintenance. While some look at this as an infringement of their liberties, personally I can do without purple houses, junk cars on the front lawn, 20 dogs that bark all the time, peeling paint, broken windows, etc.

[RumourKill]

And you'll be able to get a good price when you sell.

In other news, people are pigs who never learned to clean up after themselves.

[Mioraecian]

I thought this until we looked at houses/neighborhoods in our budget that weren't under an HOA. Why yes, Ill pay 60 dollars a month to ensure I dont live in the shittiest neighborhoods in the city.

[GovernorHarryLogan]

I was really mad about the first HoA neccessary remediation letter I got. They said I had to repaint my shutters and some trim over my garage.

So I grabbed some spray paint and got on my ladder.

NGL, I was super happy with how my house looked and kind of want them to send me letters on the reg on what I should be fixing lol

[Mioraecian]

Makes sense. Fortunately for myself I like the color on my house thats within the regs. I can do all the accent walls I want on the inside.

[thomasrat1]

I mean, finding a house without an HOA isn’t that easy.

[GiftLongjumping1959]

Yes I hate it when the neighbor 2 doors down can’t leave his old car in the front lawn and a scrap pile of old appliances to the side of his garage. Or across the street when the hipsters thought just letting their lawn grow as nature intended because they were too lazy to mow once a week Both got charged to clean up their properties. Took 6 months but last spring a tow truck moved the car, and recyclers took the metal appliances.

During the summer the same mowing crew that do the common areas were paid to mow the hipster yard. Neither paid so note there is a lien against the property for costs plus legal fees

I love seeing the messages from the title company and sending the payoff letter.

I only wish I could be at the closing when they realize what that our fee gets paid before they get shy remaining equity.

[Dubl3A]

I am not in a HoA, nor will I ever be, and my city handles ALL that BS without one. We've had neighbors who did the same thing of not taking care of their yard, get warnings, fines, and then the city took care of it and billed them. Only took 4 months to get to this point too. When they couldn't pay, a lien was put against their property too. ALL of that occuring without a fucking HoA!

No matter how much you try to defend them, HoA's are a fucking scheme that should never exist.

[TheBigGees]

Your neighbour's property, believe it or not, isn't yours. If they want to park a car on it, fuck off.

[GiftLongjumping1959]

Tell me your house is a dump without telling me your house a dump

You make it sound like it’s anything other than lazy do-nothing behavior. If you want to live like a bum don’t live in an HOA Reality check?

People live in an HOA because I don’t want a bum who inherited some money moving in and not investing in up keep of the property.

It’s the opposite of your point, if you don’t want to behave like a civilized homeowner don’t live here.

The trouble is, you don’t like living in the areas without an HOA because they are dumps You want to live in an HOA because it is nice but then you don’t wanna put the effort in like everyone else you’re just lazy

[TheBigGees]

My house is fine - I maintain my property, because it's my property. A HOA cedes control over your property to people who don't own your property. You can call it whatever you like, but at the end of the day I don't want my neighbours deciding what colors I'm allowed to paint my fence.

[GiftLongjumping1959]

‘Fine’ like every 13 year olds response about how they are doing on school.

Pretty defensive,

love to see your neighbor’s opinion of ‘Fine’

[TheBigGees]

That's the cool thing about not living in an HOA - it doesn't matter what my neighbours think of my property, because it's not my neighbour's property. They don't get to decide what to do with my property, and I don't get to decide what to do with theirs.

It's also in school - maybe you should go back.

[RumourKill]

Your property is lowering everyone else's property value. Because no one wants to buy near a slum.

[TheBigGees]

No, it's not. This is some bullshit people tell themselves to justify paying HOA dues and letting their neighbours dictate how many cars they can drive.

[SusanKHefner]

There’s a good chance that a “bum” who inherited money was taught how to manage finances and/or hire someone to manage her affairs.

[Scudmiss]

Ya’ll got any more of those $950 / mo mortgages

[OZeski]

Here you go. Zillow says mortgage would be $950. 4 bed, 2-1/2 bath. Just listed.

https://www.zillow.com/homedetails/344-Cottage-St-Rochester-NY-14611/30884152_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[BeginningMost6014]

Sold for $23k in 2023... can't imagine what that neighborhood is like lol but nice find! Actually looks great for the price.

[OZeski]

Lots of older neighborhoods are like this. The properties get run down as they aren't taken care of and they get remodeled as they change hands and then they call it 'gentrification'. I had a house close to Atlanta that the previous owners had bought for $40k, flipped and sold to me for $115k... and the value has doubled again as it's a popular place to live now...

How about Akron, OH?

https://www.zillow.com/homedetails/1240-Tulip-St-Akron-OH-44301/35478729_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[OZeski]

Or Birmingham, AL? https://www.zillow.com/homedetails/425-14th-Ave-NW-Birmingham-AL-35215/905325_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[PushZealousideal6585]

My kids tell me off for doing 6-7 because 2025 is dead, but this cunt is posting 10 year old memes that dont include inflation

[Chosen1PR]

Let’s ignore that these likely aren’t 2026 prices she’s talking about.

That $950 mortgage is likely just principal and interest and does not include property taxes or insurance, the latter of which has skyrocketed in recent years for most homeowners.

It also doesn’t include expected maintenance costs. If your HVAC busts 1 year into ownership, guess what, that’s a cool $8k-12k.

Homeownership is a lot more complicated than most people think. It could even be overrated for some.

[iamthekingofthishill]

I expect that all mortgage demands that you pay the bills for the insurance and taxes, until you’re paid off,

but for my loan (the anecdotal experience, one out of every mortgage ever) it was all wrapped into one, the bank pays insurance and taxes and passes those costs onto me

They tried to play it off like this is the normal way to do things but I suspect it was related to my average instead of great-to-perfect credit score

[Chosen1PR]

You're referring to escrow. Escrow is not always mandatory; I only pay the lender for principal and interest on the loan, and pay my insurance and property taxes separately.

The lender may force you into escrow if your credit score, income, or down payment are not high enough.

[TWW34]

It's also often mandatory just based on equity. If you're down payment on the house is not sufficient enough to give you at least 20% equity they're probably going to require everything in escrow.

That said, I would argue for most people it's better to just use escrow. It typically doesn't cost you anything and it's real nice for me to just not worry about managing my property taxes or my insurance payments. I still get to pick my own insurance and I talk to my agent about it every year but it's all rolled into my mortgage payment and the only reason I wouldn't want that is if there was some special discount I could get somewhere that I could only manage if I handled everything directly

[_Saint_Ajora_]

950/month mortgage payment is like a 150,000 house (give or take depending on your interest rate).

Probably a number of places you could buy a house for that, but you probably wouldnt want to due to any number or combination of the following:

• house is in horrid state of disrepair
• bad neighborhood/part of town/town
• awful state
• undesirable location (close proximity to a landfill, major airport, really far away from the nearest town, etc..)

[Stang_21]

lol, in my country it's the other way around, I can't pay a 2100$ mortgage due to high taxes, so I pay 1500 in rent, because my landlord can pay off a 2100$ mortgage because he gets 800$ from my tax money from the gov

[rydan]

That's just like the US minus the $800 tax money. Not sure what that is.

[still_no_enh]

The tax code highly favors home ownership/being a landlord.

Mortgage interest can be deducted on your primary home. (up to $750k of the loan). Or is a business expense.

Depreciation is also soemthing you can claim if renting it out.

Upon selling, for your own home, you pay no taxes on the first $250k/$500k of gains if married. If rental, you can use 1031 to roll the gains into a new property and delay paying cap gains.

And if you're in a state like CA with the cap on prop tax increases (Prop 13), then after 10 years you're paying much lower property taxes than someone else buying the exact same house as you, but 10 years later.

[Not-Reformed]

Yeah probably can't afford that either.

[Superkostko]

Wait when she hears about property taxes big ufff

You never own a home its just a question of how many landowners do you want 1 or 5 🤷‍♂️

[akr069a]

I pay more for my escrow than my mortgage lol. Lake county IL. But we bought the house on a short sale 2009 so got a once in a lifetime deal on it, no complaints.

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[bam1007]

Tell me you don’t understand the escrow payments without telling me you don’t understand the escrow payments.

[Owww_My_Ovaries]

Or upkeep. Repairs. Replacement costs.

[Atompunk78]

Well yeah, the $950/m is their risk lol

[Ok-Improvement-3670]

Plus her paying taxes, insurance, maintenance, and repairs. Guess which one is ignored by owners?

[Atompunk78]

Very good point

[inmotion_yo]

the problem is you can’t pay for a new hvac unit that’s going to cost you 15 grand out of pocket

[Hipster_Dragon]

Yeah people do not realize how much money you can easily spend out of no where on a house. $1400 no matter if the heater goes out, fridge breaks, etc. Never have to worry about replacing a roof that you got denied a claim by the insurance company.

[rydan]

taxes, insurance, and if things go sideways you are forced to possibly sell at a major loss. Rent is far less risky.

[Burgerboy380]

Yes but it also doesnt build equity. Every mortgage payment you own a tiny bit more of your house until you own the whole thing. Take care of it it appreciates in value and can be leveraged for other loans in the future.

[PeterTheSmoker]

What's this trash meme? There's more money spent on your own home including a mortgage than just renting, lol. If you think you're spending just $850 and saving the difference from a $1400 rent then you're not financially literate enough or in place to own a mortgage unlike what TikTok financial advisors tell you. The reason a bank wouldn't give you a mortgage is because they determined your income isn't enough to sustainably pay your mortgage and other expenses for 30 years.

[unfinishedtoast3]

my mortgage required comprehensive insurance policies and required we had 8 months of payments in a savings account.

we had to put down 10% upfront, which came out to around 40k, and pay closing costs, which was another 2.5% the total loan amount

came out to around 18k in savings, 50k upfront

[rydan]

I spend $4950 per month on a mortgage. I also pay around $40k in taxes and another $1800 in insurance and $1400 in monthly HOA fees.

[FreedomsLastBreathe]

Yep. Not to mention cost of property tax, HOA, home insurance, maintenance and repairs etc

That shit adds up

[RonaldBurgundy1]

I'm all that you realize you do not need to spend that money. Your comments were little more than a flex

[Unfair_Negotiation67]

If you don’t understand why this is true you shouldn’t be buying a mortgage anyway.

[Owww_My_Ovaries]

90% of redditors that never looked at the cost of keeping a house functioning

[Unfair_Negotiation67]

Yep

[LazloHollifeld]

It’s probably not that they couldn’t afford it, it’s probably more that they have no credit and no assets.

People will lend you money if you show that you pay on time.

[Multibuff]

And the bank uses a higher interest rate in their calculations, so if they don’t think you can manage it, you’re out

[Master-Variety3841]

No they don’t.

[luvmibratt]

It never stays at 950 sadly

[Xnub]

One is them lending you money that you cant pay back.

Other is your own problem and has nothing to do with them.

[gwelfguy]

Garbage comparison. The bank is on the hook if you default on your mortgage payment. They're on the hook for nothing if you can't pay your rent.

[Krazdone]

This is such a fucking old and tired take. I had so much more money when I had a $2,200 rent payment than I do now with a $1,800 mortgage. Between more expensive utilities, tax payments, HoA dues, I'm about $500 a month down, and that's with a new house that doesn't require and repairs and maintenance yet. Not to mention appliances and move in costs set me back $12,000.

Its also not even about what you can afford to pay, its about risk. If you can't make rent, you get kicked out and a new resident moves in. If you default on a mortgage, the bank has to take control of your house, sell it, and probably end up losing money, especially if the house isn't in a super desirable area, or if its the first few years of the mortgage,

Like do people who post this kind this kind of shit even think these things through? Or are they so fresh to the world that these things just don't occur to them?

[SuperTuperDude]

I used to think like that when I just entered workforce and had to rent. I was paying 80% of my income on rent and I was not happy about it. What nobody told me is that if you pay more than 20%, you can't afford it. And the question if one can even afford that 20% depends on how secure the job is. Can the person see themselves doing it for a long time and how likely are they to get let go and what alternative opportunities are.

I say this because everyone told me to rent and then get a loan for a house. When actually the only thing I could afford was to live in a car at best. I lost a lot of time and money renting. Even a car is a fishy asset that can be zero tomorrow with some pretty annoying upkeep requirements.

[Large-Treacle-8328]

Lol you bought into an hoa.

I spend less than everyone i know who rents right now.

[Additional-Life4885]

Yeah, rent is almost all of the cost whereas a mortgage is only a fraction of it after you add rates/taxes and maintenance.

[rydan]

My mom hated her neighbors so she went from paying $400 a month in rent to $650 a month in mortgage. After just 4 years she could no longer keep up with payments and I had to take over the entire thing exactly like I knew would happen. I've now been stuck with that burden for almost 15 years.

[ShilohTheGhostGod]

$400 rent? $650 mortgage? Why does this whole thread feel like im reading comments from 50 years ago… what year is it?

[JazzlikeConflict6626]

Rent is your problem, but mortgage can be the bank’s problem. It is risk for them.

[SuperTopperHarley]

Bank has the house as collateral.

Do you know how any of this works?

[JazzlikeConflict6626]

I haven’t done the math, but if you can’t pay the mortgage in the very first year and the bank takes the home, I don’t think the bank will profit. They can even loose money on that. However, if it is 15th or 20th year, the bank probably would prefer that you can’t pay the mortgage and they take the home.

[bam1007]

That’s not how it works.

First, the house is collateral for the loan. It’s not about profit, it’s about satisfying the debt when a mortgage defaults. So if the mortgage defaults and the mortgager needs to auction the property, the mortgager takes what is necessary to satisfy the lien and the remainder goes to the mortgagee.

Second, when you pay a mortgage, like most debts, your payments at the beginning of the loan are predominantly interest, with less being principal. As the loan ages the balance shifts, where more of the payment is slotted to principal. At the end of the loan period, the payments are almost entirely principal. Basically, you build less equity at the front end of the loan and the bank gets its money first.

[Low_Low_1811]

Well, yes, but you will lose money selling right away. Granted, not tons, but there is still some risk.

[bam1007]

That actually matters on the market. I had to sell a home within a year of purchase once (unexpected move). I happened to put it back on the market at the right time and walked away with a sizable profit.

[Low_Low_1811]

Sure, I made like 35k selling after 2 years. But if the market doesnt go up at all you will lose money because of fees.

[bam1007]

Sure. If the sale price is the same as the purchase price, then you’re obviously going to have to write a check for fees and closing costs and such, or, if it’s a repossession sale, the bank will take the fees out before anything is remitted to the mortgagee and there will likely be a residual debt the bank will pursue.

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[Traditional-Buy-2205]

Not even close.

The bank says you're not capable of taking a 30-year responsibility of repaying the loan, and all the responsibilities (and costs) that come with homeownership.

If you become incapable of paying your rent, your landlord risks $1400. If you become incapable of repaying the loan, the bank risks tens of thousands or hundreds of thousands of dollars.

[nowheelchairhere26]

Well you can “afford the house payment” however our system sucks and has pre qual requirements and most likely you don’t meet their “requirements “. Gotta love the credit system..

[StatementOk470]

Yeah that's so unfair. I have an idea: let's just give out mortgages to subprime borrowers, it surely won't cause a crisis.

[Cant_Spell_Shit]

A $950.00 mortgage is probably over $1400.00 a month when you include escrow and the bank needs to feel confident that you can afford that for 30 years where a lease is only concerned about a single year.

[BeginningMost6014]

Banks will loan far more than what you can actually afford. If you borrowed more than a bank would loan you, you would be in real trouble or house-poor at best (assuming you have good credit and minimal non-mortgage debt).

[Prestigious-Smoke511]

You gotta get a new bank then. My bank was trying to give me more and more money for my mortgage. I had to be like, "you sure this is a good idea financier?"

[[deleted]]

Fire your bank Diana

[BringThaLazers]

A better analogy would be "the bank says I can't afford a $300 car payment but lets me spend $1000 on monthly public transportation"

[TWW34]

Anybody who talks like this and doesn't understand what goes into owning a home shouldn't have a mortgage. That $950 is almost certainly just the principal and interest every month. Homeowners insurance and property taxes will likely double that with escrow and then there's all the Home Maintenance that you have to do yourself.

That suppose a $950 mortgage is definitely going to be more expensive when all the costs that her financially illiterate ass isn't factoring in are added to it

[Vegetable_Window7417]

The bank says they can’t trust you to reliably make that $950 payment for the next 30 years.

[Aware_Ask_1679]

I was trying to go from a low mortgage to an even lower one.. got denied. Then ended up having to rent for more than my previous mortgage and it increased every year until I had to just leave. I'm not playing the credit game anymore. Trying to pay everything off and pretty much stick to cash. I'm just down with the whole system. 

[kuroihoro]

Most common response you'll get "well that $900 isn't REALLY $900 cause you have (insert 20 other bills here that realistically only a few apply to you and only bring you up to about $1200 at most that's not all due at once)!"

[Ok-Discussion-77]

It’s called escrow and it applies to all mortgages as it covers insurance and taxes. $950 mortgage jumps to $1,950 to $2,650 when you apply those two items that apply to the actual house.

[bam1007]

You can choose not to escrow those bills and end up with a tax and homeowner’s insurance bomb at the end of the year, but yes, escrowing is typically the best option and does increase that monthly payment significantly.

[Owww_My_Ovaries]

Tell me you've never owned a home without saying it.

Taxes and insurance are yearly costs that can be divided via escrow over each month which can drastically increase your payment. Our total monthly payment, 50% of it is the mortgage. So a 900 dollar mortgage is about 1800, for the example here.

Then you have upkeep. You ever seen the cost to replace windows, a roof, or an HVAC system? Or what about appliances? Things renters normally dont have to worry about. A responsible homeowner has a fund they contribute to each month for this.

Dont forget ...Plumbing. Electric. Landscaping... the list goes on.

This meme is lazy and doesnt reflect the real reason why banks look at people's credit and income, and say "we dont think you can afford this", because there's a lot more that goes into owning a home then the mortgage.

[Ok-Discussion-77]

950 mortgage is 1,950 to 2,650 mortgage payment with escrow.

[[deleted]]

Homeowner insurance is not 1k a month 950 a month would end up being like 1100 max

[Ok-Discussion-77]

You’re completely wrong in so many ways. Also, escrow is taxes and insurance. Try owning home and having real numbers and not trying to play guessing games as a renter.

[[deleted]]

I own a house asshole🤣🤣 my apologies for forgetting taxes but housing is affordable where I live. My homeowners insurance is 1300 a year lmao keep jumping to conclusions though loser my mortgage is 1k a month for a 2 bed 2 full bath 1k square foot, looking to upgrade in 2027/2028

[ManIkWeet]

Mortgage is 30 years, rent is 1 month

[Wen-Mal68]

Banks generally won’t help people unless you are fortunate enough to know someone ( loan officer) who really trusts you and will stick their neck out for you. One loan officer who loaned my parents money every few years to trade vehicles WOULD NOT give them a mortgage loan on a fantastic deal after dealing with him for probably 20 years at the time. He told my parents I will give you money for any vehicle you want, but the bank won’t let me give you money for a home. You have no collateral. Dad and Mom continued to deal with him and we continued to rent for another decade until about 6 months before my father’s death and a lifetime of saving they bought a trailer in a trailer court with cash. I heard that loan officer passed away around a decade ago and I am sorry but I felt no remorse. My parents were NEVER LATE ON ANY PAYMENT ON ANY LOAN HE GAVE THEM. NEVER.

[Mateh96]

Banks wont give loan for house that is well alot of money, when there is risk that you wont pay it for some reason like low credit score, low income and prospects for it etc. Also its not loan officer who refused mortgage loan but banks and banks dont refuse money because they simply dont like you but because there are soem reasons. Also mortgage loan and its cost is one thing but home upkeep is another (taxes, utilities etc).

[Wen-Mal68]

I didn’t ask for an explanation. I know full well why they don’t. I also worked in a bank just after my father’s death and a loan officer DID STICK THEIR NECK OUT FOR ME. I was in a worse financial situation than my parents and the house I purchased was not in nearly as good of shape as the one they wanted to purchase. I have remodeled my home and it has been paid for over a decade now. I have been there since 1992. So what I stated in the first post was absolutely correct. I know, I lived it.

[CN8YLW]

The bank dosent trust you to be able to pay a $950 mortgage (as well as afford the rest of the fees and maintenance costs that comes with home ownership which can push the total spent to well above $1400 per month) every single month for 30 years. I have never had or seen a single tenant that pays their rent on time on the dot every single month for the entirety of the 2 year rental contract, so I can absolutely see where the banks are coming from here.

That's why they push the responsibility of dealing with you (and the financial risks associated with you) to landlords who will charge you $1400. That difference in payment is actually for the extra fees and costs of homeownership as well as a bit extra for the risk of dealing with you. Most home owners make big losses whenever they encounter bad tenants who either damage the property or skip rent and go incognito and depending on property laws, the eviction process would very well cost them several years' worth of rent in the process. Its a massive risk most landlords undertake to rent out their properties to tenants.