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Re:The 30-Year Mortgage Is an Intrinsically Toxic Product (2... by rwmj on Saturday July 22, 2023 @03:14AM (#36824092)
I've never heard of home maintenance budgets being more than, say, 10% of the cost of a mortgage, and usually you're advised to budget only a few percent. Obviously there are outliers like when you buy a run-down old ruin and have to do a complete period-correct refurbishment, but hopefully people know what they're getting into in those rare cases.
Re:The 30-Year Mortgage Is an Intrinsically Toxic Product (2... by poisonborz on Saturday July 22, 2023 @03:27AM (#36824162)
Just replacing the heating (very common, eg lots of oil heating in Western parts) costs near 10%.
Re:The 30-Year Mortgage Is an Intrinsically Toxic Product (2... by rwmj on Saturday July 22, 2023 @04:08AM (#36824389)
Doubtful. On our £250K house stripping out the old heating system and fitting a combi boiler cost £4K, which is about 2%. Rewiring the house was another £2K. A reminder that you claimed above "Except owning a house costs way more than the mortgage itself", so even if all this stuff costs 10%, it still vastly cheaper than the mortgage (even of just the mortgage interest).