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Mortage vs Apartment living cost

 
Anonymous Coward
User ID: 27474161
United States
02/17/2013 10:11 AM
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Re: Mortage vs Apartment living cost
Which is better? Whichever is better for YOU and YOUR situation and needs.

See, wasn't that simple?
Anonymous Coward
User ID: 34564994
United States
02/17/2013 10:17 AM
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Re: Mortage vs Apartment living cost
Buy land with cash.
Build house with cash.
Instal solar panels with cash.
Dig well with cash.

Result?

Priceless.
Anonymous Coward
User ID: 21949606
United States
02/17/2013 10:18 AM
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Re: Mortage vs Apartment living cost
Buy land with cash.
Build house with cash.
Instal solar panels with cash.
Dig well with cash.

Result?

Priceless.
 Quoting: Anonymous Coward 34564994


Point me in direction of "cash"
Anonymous Coward
User ID: 34606998
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02/17/2013 10:26 AM
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Re: Mortage vs Apartment living cost
large,fenced in,lot...garden,room for grandchildren to play ..huge living room,wood burning fireplace,all for 2/3 your posted price...you loosevikingindy
chuckles
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02/17/2013 10:26 AM
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Re: Mortage vs Apartment living cost
I've done both, and am currently renting an apartment. The county I live in has a pretty high crime rate due to lax cops and corrupt sheriff's department. The house I used to own was broken into 6 times in 10 years. I said fuck it and sold it and moved into an apartment and haven't had a problem since I've been here. No I'm not building equity, but I have the freedom to move from here if things get shitty, and that counts for a lot.
Anonymous Coward
User ID: 3987337
United States
02/17/2013 10:33 AM
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Re: Mortage vs Apartment living cost
My property tax is only 1100/yr and I'm in California and my house is worth $500,000

So much for California being a high tax state.
Anonymous Coward
User ID: 28870983
United States
02/17/2013 10:34 AM
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Re: Mortage vs Apartment living cost
Buy land with cash.
Build house with cash.
Instal solar panels with cash.
Dig well with cash.

Result?

Priceless.
 Quoting: Anonymous Coward 34564994


until the government takes it all away.....
Anonymous Coward
User ID: 21949606
United States
02/17/2013 10:37 AM
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Re: Mortage vs Apartment living cost
My property tax is only 1100/yr and I'm in California and my house is worth $500,000

So much for California being a high tax state.
 Quoting: Anonymous Coward 3987337


LIAR, Give me your address and ill look up your property taxes right now.
page8844
User ID: 34145127
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02/17/2013 10:39 AM
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Re: Mortage vs Apartment living cost
fucking liar glp's trying to stroke their ego
 Quoting: Anonymous Coward 34588948


Hey this argument, discussion has been on here many times. I don't get the people who would not buy a house. No matter you all still have the same bills for the most part. Home owners (property tax) renters (some utilities paid) Those may even out maybe. What people that rent don't seem to grasp with their little brain is, you are THROWING AWAY YOUR MONEY it doesn't go towards anything for you. Some people may get on here and lie to each his own. I myself have had my house paid off since 2002, mortgage on it will end in may of 2015 if I were still paying on it. Thank you stock market for that. I have equity if I need it, when you move from an apartment what do you have other than your things. The ONLY argument for renting an apartment is for a particular life style, but as an economical or business decision in life it is completely wrong.
Anonymous Coward
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02/17/2013 10:40 AM
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Re: Mortage vs Apartment living cost
My house is payed for, I pay nothing but taxes and insurance! And your point is what? That u r an idiot?
Anonymous Coward
User ID: 4298234
Korea, Republic of
02/17/2013 10:41 AM
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Re: Mortage vs Apartment living cost
People are stupid these days. They've been indoctrinated to go by monthly cost and buy everything on credit. Before you ever buy a house, save up the cash and buy it that way. Then tell me how discriminative you are about what you are buying.

There are a TON of hidden costs involved in buying a house. What happens when the foundation settles, neighborhood goes to shit, appliances fail, flood comes, you need to relocate, roof needs replacement, ect, ect ect...

If you are even asking such questions, you would be foolish not to simply rent.
Anonymous Coward
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United States
02/17/2013 10:41 AM
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Re: Mortage vs Apartment living cost
I've done both, and am currently renting an apartment. The county I live in has a pretty high crime rate due to lax cops and corrupt sheriff's department. The house I used to own was broken into 6 times in 10 years. I said fuck it and sold it and moved into an apartment and haven't had a problem since I've been here. No I'm not building equity, but I have the freedom to move from here if things get shitty, and that counts for a lot.
 Quoting: chuckles 34414663


I did the same thing. I love the security here. This complex has never had a break in. But a person has to have an eye for security and know what he's looking at.

Plus this building is probably 5 times stronger than a wood frame house. I just laugh at storms now.
Anonymous Coward
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United States
02/17/2013 10:43 AM
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Re: Mortage vs Apartment living cost
fucking liar glp's trying to stroke their ego
 Quoting: Anonymous Coward 34588948


Hey this argument, discussion has been on here many times. I don't get the people who would not buy a house. No matter you all still have the same bills for the most part. Home owners (property tax) renters (some utilities paid) Those may even out maybe. What people that rent don't seem to grasp with their little brain is, you are THROWING AWAY YOUR MONEY it doesn't go towards anything for you. Some people may get on here and lie to each his own. I myself have had my house paid off since 2002, mortgage on it will end in may of 2015 if I were still paying on it. Thank you stock market for that. I have equity if I need it, when you move from an apartment what do you have other than your things. The ONLY argument for renting an apartment is for a particular life style, but as an economical or business decision in life it is completely wrong.
 Quoting: page8844 34145127


Obviously your a exception to the rule, lucky you, many arent
Anonymous Coward
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United States
02/17/2013 10:46 AM
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Re: Mortage vs Apartment living cost
My property tax is only 1100/yr and I'm in California and my house is worth $500,000

So much for California being a high tax state.
 Quoting: Anonymous Coward 3987337


Heh yes if you're grandfathered by Proposition 13. :)

That's the only good thing about the state, the hispanic flood of social service consumers cannot raise your property taxes because of that law.

If they ever get enough voting strength to repeal that law, or get close to it, Katy bar the door, it's going to be madness as people run for the exit.
Anonymous Coward
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02/17/2013 10:51 AM
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Re: Mortage vs Apartment living cost
If you buy, buy a house. Do NOT buy a condominium. That's all the hassles of apartment living, along with all the commitment of owning a house. You'll pay almost enough for apartment rent in your monthly "maintenance fee", and you can't escape it.

I owned a condo once, I even enjoyed it. It was like an apartment, but mine was much nicer and more "upscale". But the financial risk is too much. We had an issue with water leakage, and the homeowner's association decided I had to (each of us had to) spend thousands of dollars on a repair I disagreed with. But I was stuck.

I own a house. I've got a low mortgage rate, a nice yard, good schools, and when my kids (or my wife and I) make a lot of noise, nobody hears it. My setting is beautiful. The phrase "quiet enjoyment" sums it up.

But I am older, and until you're settled, it makes more sense to have an apartment. Remember guys (and girls) you won't impress the love of your life by having a house. You'll impress them in the usual "game" ways.
Anonymous Coward
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02/17/2013 10:55 AM
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Re: Mortage vs Apartment living cost
Does anyone here have any experience with rent-to-own? I had a recent foreclosure and am in an apartment now, but would like to get back in a house. I'm thinking that would be the only way since my credit's shot now, but I'm making decent money again.
AR 15-SPECIALIST
ADMIT IT.....WERE FUCKED!!!

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02/17/2013 10:56 AM

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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


You HOPE you will have equity.
...and I have always wondered how someone is able to purchase a house without being able to spell the word PAID, not payed or any other choice spelling.
Go figure?

...and there is very much an argument to be made against your case, I will leave it to you to find it and figure it out.

I am also very weary of YOUR STORY as to being able to purchase a 3 bedroom BUNGALOW, we don't EVER use the word RANCHER in Canada and to have so-called equity of only $150k after 10 years? ..do the math.
so you put down roughly 50 to 70K?
700/month with 12months to a year = approx $8400 in payments per year.... WE ALL KNOW INTEREST IS WHAT YOU ARE PAYING FOR THE FIRST 5 YEARS EASY ...
You will have no equity of $150 LMAO
Take your story elsewhere BRO
 Quoting: Anonymous Coward 31546051



I'm in Atlantic Canada. In my province 'bungalow' has become a naughty word in real estate in the past few years. All the MLS listings now phrase them as 'ranchers' and not 'bungalows'.

Obviously I'm being vague on the finances, sorry I didn't think the GLP community was really that interested in my life...

But yes, I'm paying down 20% upfront, and the cost isn't *exactly* 150k. Amortization over 25 years to keep the monthly payments as low as possible. I currently co-own another property that has 40k left on it's mortgage, once it sells I can use my half of the money to also make balloon payments up to 16k a year. If my current financial situation keeps, I can have it completely payed off in less than 15 years. If it doesn't keep, no worries because in 10 years I can refinance and get my monthly payments even lower if I need to.

All this is moot, my main point still stands.

Every month that you pay rent, you're pissing money away and making someone else richer.
Every month that you pay mortgage, you're investing in your own equity.
 Quoting: CleverMoniker 33226516



What about the interest that you will pay over 30 years???

On a 100k loan... Depending on your interest rate you will pay over 100k in interest.

If you factor in the interest charges then you will be lucky to break even.

Unless of course Obama saves us all..
Anonymous Coward
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02/17/2013 10:59 AM
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Re: Mortage vs Apartment living cost
Renting = renting an apartment.

"Buying" with a mortgage = renting the money to buy the house.

They are BOTH renting. The only way to avoid renting is to have the cash, which most of us don't have.

(And there are differences in tax breaks, appreciation/depreciation, maintenance costs, independence, etc. Many pros and cons there.)
sTTsTTT

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02/17/2013 10:59 AM

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Re: Mortage vs Apartment living cost
This is interesting to me as I'm putting the old homestead on the market today. Twenty years ago we mortgaged for 158,000-USD at 5.5-percent interest/30-fixed, VA 0-percent down. Over the years, put in just over 120,000-USD in maintenance, upgrades & landscaping. (Receipts are in the bag *grin*) This is a 3-level townhouse, fee-simple (non condominium), home owners association subdivision.

Property taxes over the years have been a roller coaster ride based on county assessments. Fairfax County Virigina assesses annually based on market/sold prices.

Adding everything together: principle, interest, property taxes, homeowners property insurance, utilities (gas, electric, water/sewage, telephone), all interior/exterior maintenance, HOA dues it IS a hearty chunk of change.

Buying a house is NOT for everyone. As a buyer, i'll say it's been quite an experience. Sometimes a total PITA and decided money pit. Sometimes satisfying and encouraging.

Would I buy again? Yes. Looking at land/house options, cash transaction rather than mortgaging.
Apocalypse: All shall be revealed. And all shall be revealed.
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Anonymous Coward
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02/17/2013 11:05 AM
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Re: Mortage vs Apartment living cost
Does anyone here have any experience with rent-to-own? I had a recent foreclosure and am in an apartment now, but would like to get back in a house. I'm thinking that would be the only way since my credit's shot now, but I'm making decent money again.
 Quoting: Anonymous Coward 21886424


You should negotiate a deal where the guy gives YOU a discount on rent because you tell him that if you like it, you may buy it. I've seen that happen even though economically it makes no sense, and your stated interest is "cheap talk".

You should not pay a premium on market rent (not what he says is market rent, but the best deal you can negotiate on similar properties nearby in equivalent locations) not a penny. Because that option to buy is not worth that much. We don't expect real estate to rocket up in price soon do we?

I think real estate will now appreciate, but not like crazy.

In a few years your credit will be fixed anyway. Or borrow money to buy something cheaper, like a store credit card, and pay it back on time. Don't overpay to "fix your credit", the goal should be not to borrow money anyway, in which case, who cares about credit??

I pay a large mortgage every month and still I say this.
Anonymous Coward
User ID: 4298234
Korea, Republic of
02/17/2013 11:09 AM
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Re: Mortage vs Apartment living cost
Renting = renting an apartment.

"Buying" with a mortgage = renting the money to buy the house.

They are BOTH renting. The only way to avoid renting is to have the cash, which most of us don't have.

(And there are differences in tax breaks, appreciation/depreciation, maintenance costs, independence, etc. Many pros and cons there.)
 Quoting: Anonymous Coward 33389306


Well Spoken.
STARLING
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02/17/2013 11:11 AM

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Re: Mortage vs Apartment living cost
Apartment, that way you can get the hell out of there if you need to.
 Quoting: SPUD

Rent. We are only here on a temp. basis, so it is all rental property anyway. I will purchase a small cottage to retire in, And keep my wealth liquid for my son if I should pass early.
Anonymous Coward
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02/17/2013 11:14 AM
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Re: Mortage vs Apartment living cost
where r u getting a mottgage for 600/mo?

you must live in a real shit hole or had a ton to put down - or mommy and daddy, huh?
Anonymous Coward
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United States
02/17/2013 11:22 AM
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Re: Mortage vs Apartment living cost
Bought a nice home with a big yard - mortgage for 15 years. We now own the home free and clear, plus sitting on at least twice what we paid for it. The freedom of owning is really nice - we can play music loud, have pets, large garden, etc. I would never rent again.
DIRTFARMER
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02/17/2013 11:24 AM
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Re: Mortage vs Apartment living cost
There is a time to buy and a time to sell. Right now is certainly not a time to buy.
Anonymous Coward
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02/17/2013 11:31 AM
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Re: Mortage vs Apartment living cost
Mortgage payments build equity, rent is lost for good.

You can never get wealth back from renting. In the long term, home ownership can pay off if done right and not neglected or rented out to some ghetto people.

I've had my homes painted with feces all over, toilets stolen, entire radiators gone, ........

The worst was a slip n slide it on the hallway covered in beer and urine, the back bedroom was missing 1 wall, YES 1 entire wall with cement poured and flushed down all the drains. Just because I had to evict them for non payment over 6 months.


It is really hard to rent near a ghetto. Get one bad rental and your fucked!
STARLING
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02/17/2013 12:04 PM

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Re: Mortage vs Apartment living cost
Mortgage payments build equity, rent is lost for good.

You can never get wealth back from renting. In the long term, home ownership can pay off if done right and not neglected or rented out to some ghetto people.

I've had my homes painted with feces all over, toilets stolen, entire radiators gone, ........

The worst was a slip n slide it on the hallway covered in beer and urine, the back bedroom was missing 1 wall, YES 1 entire wall with cement poured and flushed down all the drains. Just because I had to evict them for non payment over 6 months.


It is really hard to rent near a ghetto. Get one bad rental and your fucked!
 Quoting: --Voltaic--

As a renter I cannot imagine why you would purchase a rental property or any property anywhere near a "Ghetto". That being said I would never live anywhere near a "Ghetto". Ah, the idea of fast money. The economy is in it's death bed, don't be fooled into thinking it will get better. It can't at this point. Get out of the property while you still can, sorry for your loss.
CleverMoniker
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Canada
02/17/2013 12:08 PM
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Re: Mortage vs Apartment living cost
where r u getting a mottgage for 600/mo?

you must live in a real shit hole or had a ton to put down - or mommy and daddy, huh?
 Quoting: Anonymous Coward 17858859


I'm not sure exactly who you're talking to, but mine is $700 including tax, with a 20% downpayment, and it's in a nice, green, quiet suburb.

Ranchers\Bungalows in my city run on average between $125k and $160k.

IMO the trick is to get in early, make sure you've bought a house at least by the time you're 25. Pay a mortgage for 10 years, do some cosmetic upgrades, sell the place, and then you've got a nice chunk of cash to use as a downpayment, and you can get yourself into a nice, comfortably low monthly payment.

In all honesty, I could have gotten my new monthly payments down to 400 if I'd gotten a 1 year rate, waited for my current place to sell, used the downpayment and refinanced but I decided 10 years at 3.6% was too good to pass up, as interest rates are all but guaranteed to go back up over the next few years. So this way I'll just use my cash from selling my old place to make yearly balloon payments and get the new place paid off asap.

I only spent a few years of my life renting, the rest with a mortgage and it's paid off. The later years are where you're really going to *need* low or NO monthly housing costs, and it's pretty easy to work it out that way as long as you start early.

I know people who are in their late 50s who don't have a cent worth of real equity or a paid off house to live in, and they are pretty much buggered once they retire.
SaveUSa

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02/17/2013 12:26 PM

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Re: Mortage vs Apartment living cost
mortgage: 600$ monthly payment +

4,300 tax yearly/12months=358$

600+358= 958$

not too bad.....i guess


apartment living, i can get a very nice 2 bedroom w/ all utilities included for 750$

200$monthly difference lets say for the next 360 months=72000$ You'll be saving living in an apartment over the house.


Thats also not including all the extra fee's included with home ownership........insurance, upkeep, landscaping etc...etc..........FOR THE NEXT 30 years


What do you night owls think?
 Quoting: Anonymous Coward 34588948


I am in the commercial real estate business as both an investor and a structured finance guy. I also finance a good bit of Multifamily (apartments), so I keep up with trends and statistics on a very regular basis. That said, I still think it a better play to own (in the right location, and assuming you have the cash or can get financed). Granted, we all lost a bunch of "value" in our homes during the latest crash, but real estate is one of the few tangible assets that will ALWAYS appreciate. For instance, we probably lost about 30% of our equity in my current home because I purchased at the top of the market in 2006 (in the right location), but as of today, we could probably sell for at least what we paid.

Regarding Multifamily, and given the tightening credit environment, you could maybe find a good 12 month lease today for much less than a mortgage payment, but that will very quickly change over the next 24 to 36 months as all existing stock is absorbed by a population now finding it much more difficult to qualify for the debt to own. Sure, more will be built to account for this (and that's occurring now), but what you can afford today may be nowhere close or as nice as what might be available for the same price two or three years from now. In time, inflation and demand will kick your ass.

So, for long term security of a fixed payment (or no payment if you are fortunate to have the capital, which is best) - I say own.

Last Edited by SaveUSa on 02/17/2013 12:36 PM
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Anonymous Coward
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02/17/2013 12:53 PM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


I used to think this way, then I realized you never own your home because of property taxes, stupid ordinances etc. The government owns your home you are still a renter.

With the economy being the way it is, the need to be mobile is more important than ever, that you are tied to an area is actually a form of cost that is never factored in the cost of home ownership.

Home Owners Associations are a new twist in recent years. Whenever I learn that someone has bought into a home owners association, I immediately know this person is a moron, and a base argument for devolution. Now instead of one landlord, you now have TWO landlords to pay rent to and who can evict you from your house that you supposedly own.

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