Find the little things that are easy to fix. Recently I had two sections of my laminated flooring that started to peel. I got some low profile transaction strips and set them up. Worked out that the area to repair the actual divide between my living room and dining room so it looks like it was supposed to be there.
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And the more you open up to fix the more systemic problems you find. In an old/fixer house. Try to pick one project at a time. Spend some money when u have too. Have seen some smart people locate home improvement grants for upgrades/HVAC. You'll need to spend money. No avoiding it. In a couple years you'll forget how bad it all seemed and get used to the minor annoyances you haven't gotten too. And don't forget to learn some things. Buy a bug pump sprayer and specific chemicals on line. Learn how important gutters are and getting storm water away from the foundations. Get some rugs to cover the gaps and caulk the cracks. Most importantly A good partner for the decorating to make u forget it's a shitty house no matter how much work you put in
To answer your question I just drink a lot.
Best response in the thread lol
Get handy. Fix things before they go bad, and learn basic construction on the way. Second hand tools are cheap, and there's a number of good youtubers to help in any situation. After you get your bearings, it turns into a fun way to make the place into what you want it to be. Nothing is terribly difficult, and materials can be had cheap if you're not in an emergency. Facebook marketplace allowed me to build a house for 70k over two years, and it's valued at 350k, and not finished yet. The experience gained led me to doing odd side jobs and reselling unused materials to keep paying for new additions. If you can replace your own water heater, you can replace someone elses for half the price of Lowes and still take home 700$ for three hours work. Pick up some resold tile and put in a bathroom wall. You'll find out what you did wrong in your own bathroom and won't mess up someone elses for some extra cash in a pinch.
Electrical work is my favorite. Know the code, and how to stay safe, and it's a lot of fun that the average person is HORRIFIED of. Get a good electricians multitool, a current tester, a drill and some tape, and you can perform miracles.
Most people will never afford a house. You don't have to fix it, you get to fix it, so take pride and make it somewhere you love to live.
I solved this by selling my house and outsourcing all those bullshit problems to the landlord.
You're still better off owning a house and paying for repairs than paying rent. Even with the cost of repairs it's most likely cheaper in the long run and you're your own landlord.
All this is part of the game. What you save on not paying a landlord you pay in time keeping up with the place. Every ant and water drip is a challenge that you get to learn about fixing and make it your own. We're all lucky we live in a time where you can learn how to do anything from the internet.
I'm in the same boat. Bought a home in 2020. It's been a constant stream of fixes and updates and replacements. My mortgage payments are high enough. Now we're dumping thousands of dollars on flood prevention, evestrough replacement, random leaky pipes, furnace cleaning, deck refinishing, grass and landscaping. Wife and I both work full-time. We are dipping into savings to upkeep our home. I totally regret it. Should have bought a 2-3bed condo instead. At least we could plan for the monthly condo fees and not worry about sudden emergency fixes. I don't know. I hate it.
Even with an HOA, you can still end up needing to pay tens of thousands for surprise repairs in the forms of special assessments, especially if the HOA is poorly managed.
Yeah I don't know how I feel about neighbors. I have good neighbors, but they are about 20 feet from me in either direction.
I understand this will sound crazy. I started running, a lot. A few half marathons per year. It's a juxtaposition of enjoying the benefits and hating the activity.
The biggest benefit is being able to handle more stress, and deal with the stress better, in general. I tell myself during the first mile (as it's the most difficult to start), "I am expanding my capacity to endurance stress and suffering" it's shifted the way I look at problems.
A recent example: I paid a contractor to build a wall to split a room, and to install new flooring on the floor. It looked nice. A year later, I encountered a problem in the bathroom that exposed a leak that's probably existed since the work was done. The bathroom is being torn apart and completely redone by me. I'm not thrilled, and was absolutely pissed at first, but it's subsided much faster than it used to. I can't afford to hire someone again, but I do have another bathroom to use during this process, so it can wait. It's shifted my perspective, and I'm seeing this now as "expanding a set of skills that can be useful again" instead of completely dreading it. Of course I prefer this didn't happen π but wishing reality is different doesn't help anything.
Not easy but have enough surplus to cover those things.
Also try to remember all the mortgage you're paying you'll most likely get back when you sell, unlike when you rent.
I sure wouldn't say 'all'. The first years of your mortgage you are paying the bank more in interest than you are knocking off the principal.
A $300k home with 20% down and an interest rate of 3.5% on a 25 year amortization schedule will see the buyer paying $8k in interest versus $6k towards the principal at the start. Over the course of the mortgage, the $300k home will cost $420k thanks to the $120k in interest the bank takes.
I love owning a home but fuck itβs expensive. Learn how to do stuff yourself is the best advice I can give you.
I have saved so much money being able to troubleshoot and repair simple things like hvac, electrical, plumbing, woodworking, etc. YouTube is amazing for learning this stuff. A good example: I recently had to replace two hvac condenser fans that would have likely cost me a $1000 a pop to fix. Itβs bad enough the motors themselves were $300 a pop. Plumbing is easy if you have the right tools (pex is awesome). Electrical can be pretty easy if youβre willing to learn (I was a computer engineer in college and a system architect by trade so I get the electrical stuff). Learn how to patch holes in drywall. Youβd be surprised how much youβll be doing that. Learn how to replace a faucet. Learn how to replace the inwards of a toilet.
The great thing about a fixer upper is you can afford to make mistakes. Take your time, donβt rush it. Make little improvements all the time. It all adds up.
Is this a typical feeling? I've been planning to buy a home soon....
This is absolutely normal when you first buy the place. I bought my place in 2017 and was super anxious over the first year because I suddenly had basically no savings and all my equity was in this building. I didn't know anything about home repair and couldn't afford to hire someone who did.
The thought of something going wrong enough that it would ruin the place gave me an anxiety attack more than once.
Then, after a couple years and a few things needing fixed, I realized that things don't go wrong that often and most of the time if they do, they are easy to fix.
I think it depends on the property and the amount of repairs you can afford.
We budgeted .5% of the cost of the house for repairs annually - put it aside in a separate account so you can replace the roof/furnace/etc without taking a lifestyle hit.
Adjust the proportion by the age and state of the property.
I think it really depends on the home, get an inspection to try to see some of the problems beforehand and you won't be caught too off guard.
For me water is the biggest thing, water in the basement, water through the roof, water by the window sills, it never ends! Every expense seems to be another 5k or 20k, owning a fixer upper is an expensive endeavor
I have have pretty bad anxiety. So it may me just me.