Even if you don’t move you buy a new house every 10-15 years.

By
Real Estate Broker/Owner with Richard Weisser Realty

Even if you don’t move you buy a new house every 10-15 years by Richard WeisserHome ownership is still preferred over renting by about two-thirds of people in the United States. And roughly 40% of homeowners own their houses free and clear.

But a house is never truly “paid for” because they don’t last forever without regular maintenance, upkeep, and updating,

The average life of a roof is about 15 years. Most appliances tend to need replacing in about ten years.

Critical system components such the furnace, air conditioner and water heater can require immediate replacement at any time.

During the term of the popular 30 year mortgage one can expect to repaint the house inside and out about three times.

The point is, that even if you stay put, you are always in somewhere in the process of buying a new house.

Some buy a new house all at once

 

Others are buying theirs over and over again one piece at a time!

Comments (7)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Richard Weisser you certainly make a great point here that many don't think about....I know that I've renovated every home I've lived in at least once from top to bottom....inside and out... it's never ending.... nice post...thanks, Richard...

Nov 28, 2014 10:20 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes to what it really means to own a home...Who owns who remains to be seen

Nov 28, 2014 10:21 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, many forget about the maintenance costs. Some of the improvement costs will show a return on investment (maybe 70% of the cost..on average).  Of course you are also enjoying that improvement and while your mortgage stays fixed and generally (over time) the value of your home increases.  And, for some improvements, there are tax deductions (and/or energy savings) that help you out year after year.  Everything depends on how you look at it.

Nov 29, 2014 12:57 AM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

I'll also add that when you are buying a new home (i.e. selling your existing and then buying), you have many extra costs, including realtors, mortgage/atty fees, movers, state mortgage tax (this is high for our state) and usual move-in improvements such as painting, refinishing floors, replacing carpets.  There is also a lot of time involved in showing your home/looking for new home.  Again, it all depends on how you look at it...but important to look at the full costs.

Nov 29, 2014 01:00 AM
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Home maintenance is definitely something to budget for.  I need to start a roof and window fund.

Nov 29, 2014 09:34 AM
Brian Rugg
Rugg Realty LLC Sun City Texas 512-818-6700 - Georgetown, TX
Sun City TX Real Estate - Georgetown, TX Real Est

 

True enough.  Keeping a home is good operating condition with all the systems in good working order a challenge.

Dec 10, 2014 10:56 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Great points Richard.  Many are the reason so many should not own a home but rent instead,

Dec 31, 2014 05:25 AM