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FAANG good MBB bad, am I doing it right
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Pro
Oh young Jedi you’re just getting started. 😂
Wait until you need a new AC compressor. 6k-8k. Or a roof as mentioned - 20k-30k. Want to add wood floors? 12k. Update your bathrooms? 25k. New kitchen? 40k.
Etc etc.
Pro
Mostly, yep. Just illustrating that home ownership adds up.
Chief
Wow. Only $1,100.
Chief
Had a leaky shower stall that leaked downstairs. Cost me $11k.
Ha, “down the drain” - nice one…. If intentional 👀
Chief
That’s why I put 10% of my mortgage payment into a savings account. Sorry about the bad luck, but be glad it’s not a new roof
Good idea...
I’m worried about the bill I’m expecting for having my travertine marble bath re-sealed and the solid gold taps polished.
Why bother with the 8th shower?
I had an HOA special assessment right after I got my condo and it cost me $1150…and that was just the start of it. Soo many repairs…I feel your pain
I’d imagine that if you’re buying a $6M condo, an extra $300k probably won’t be breaking the bank.
Yep. Just got a bill for $8k to address water intrusion. Doors/windows need to be reinstalled and some masonry repairs done. I keep a lot more tucked away now than I did in my 20s.
Oh wow.. thats a major cost..
I’d breath a deep sigh of relief for “only” an $1100 repair on a water main. Even if it’s outside the residence rather than inside, which I’m not sure it is based on your info, anything with water can get expensive quick or inconvenient.
My dad once had the water main break at the meter and it took a week to repair. It was on the city’s side, but living a week with no water is not exactly ideal.
I have another friend that had the main break in his basement right before the in-home shut off valve and that got expensive quick.
Bottom line, just be glad you found it before it was something more serious. Gotta have H2O to live, but man can it cause $$$$$ problems quick.
I need $20k in fireplace work if we insist to keep it wood burning. It never ends, starts the repair fund ASAP
Jesus.
‘That will be the highest repair cost that I have to face…yet’, corrected it for you
Are you using a big company to fix it? Find some local handy guys via Google reviews
They will save you a lot of money
Wow. Some of these costs are through the roof! This thread makes me feel better about my home offers being outbid on.
Time to move to mbb and work longer hours and get paid more
Rising Star
Depending on age and state of your home, expect a about 1 percent of its value to occur in repairs/maintenance per year.
We faced a water leak in our condo while we were out at dinner and found out because it started leaking into our downstairs neighbor’s unit. Cost 20k to fix and that was when we discovered our insurance was insufficient. Thankfully had the cash on hand but that one hurt.
Oh wow.