I’m currently typing at my old work computer that is in my Northern Liberties house. Below me, there are HVAC technicians removing a 20 year old furnace/AC unit. After that a demo crew will remove drywall in that lower level to assess water damage. Once assessed, I need to re-pitch the outside patio to a drain so that water doesn’t enter the below area. This all should have been done 12 years ago.
Why haven’t I done this prior? Well, it’s going to be expensive. I’d imagine this is the #1 reason most people don’t do things. Another reason is it would have been an annoyance if I was living here as I won’t have AC for weeks. A final thought, I was lazy. Knowing that the problem had to be addressed, and knowing that it was going to lead to financial expenditures, and knowing that I’d rather not deal with it, was a loser’s mentality.
Which brings me to the idea that if you own real estate, you will deal with problems. I’ve also noticed/heard that new build tends to be of shoddier quality than builds from decades past. However, even if it was built better 100 years ago, there will no doubt be issues to deal with as time passes. When I evaluate if the property that I have owned for 12 years has made me any money with regard to the time value of home price valuations, the equity I currently have, and the money I’ve sunk into it, it’s negligible.
Renting is a 100% loss of investment. Yet the headache involved is minimal. Owning comes with a set of difficulties that are never as glamorous as they are made out to be. The biggest winners being the banks. I’m confronted with whether it’s worth keeping this property as I don’t even live here anymore, or renting where I hate the idea of strangers living in my home. Even still, it feels like this is mine and Northern Liberties will continue to appreciate so I think I should hold on to it. Sad thing is that it’s going to be nicer now than it was when I was here.
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