Rental has its place, there have been plenty of occasions in my life where rental suited me better than ownership. Regulation and enforcement of said regulations would do a lot to protect people in this situation.
Dude from Ukraine was telling me that most people own condos.
He was weirded out that the vast majority of people in the US don’t have a vested interest into their neighborhood simply because they believe they won’t live there for long.
Did he mention that a lot of the real estate that people own in most post-Soviet countries is inherited when (grand)parents die, this being first if not the only step towards the market for most people?
None of the people I know from Russia, Kazakhstan, Ukraine and Belarus bought their first apartments on their own through hard work or anything: it’s mostly apartments where your grandma died, apartments that you’re either massively helped with or outright gifted by parents when yuu have a significant other to move in with (so both families join funds, most coming from selling some dead relative’s apartment) or on a wedding day (a rarer occasion), or some mix of that.
Without any help or gifts, you’re lucky to be able to get a mortgage that you can pay off before you’re 60 (at least).
The real estate prices outside the US and the EU may seem nicer, but salaries and expenses sure don’t.
Rental property should be publicly owned. Landlords shouldn’t be a thing.
I can see there being exceptions if you say own a property but have to move swiftly elsewhere and can’t/don’t wish to sell it, in such a case letting it out makes sense.
No, no exceptions. Once there are exceptions people will abuse them. Even if you inherited your parents property if you already have one you should have to pay extra taxes on it from the day they die until the day you sell it, period. Any person, family, business, or corporation should only own one property, zero exceptions.
Even if you inherited your parents property if you already have one you should have to pay extra taxes on it from the day they die until the day you sell it, period.
This seems needlessly callous to me. At least give them a 6-12 month period to clean up, do repairs, and sell the house. Not everyone that inherits a house is making enough to pay increased taxes right out the gate like you’re proposing. Also, from personal experience, cleaning houses of deceased relatives tend to require a bit of work to get ready for selling and is incredibly emotionally draining. What you’re proposing is going to be extremely painful for the people at the bottom, and emotionally wracking, since as soon as a loved one dies you’re now under the gun to sell.
I agree though, second homes should be extremely heavily taxed. I just think we need to approach it with an even hand and make sure that we are targeting big corporate rental agencies and the very wealthy, and not some family that just lost their parents/grandparents. Something about targeting those people seems needlessly aggressive and not really the intention being discussed…
How do you handle situations where people want to live temporarily in houses? An example would be a traveling nurse that doesn’t want to be in an apartment building.
May people prefer to rent houses over owning one. Many of them I speak to tell me they want nothing to do with house maintenance and upkeep and they prefer to rent so that they don’t have to think or worry about any of the repairs. They like being able to just call the property manager when the hot water stops working or when their kiddo accidentally breaks a window.
Well that’s all well and good until every house rental in your area starts requiring you to either do the maintenance anyway, or pay for it. So you get to pay for the house, and you get to maintenance the house, but you don’t get to own the house.
I’ve watched things change in just the last 5 years where renting a house means you have to maintenance everything that isn’t structural, including lawn care, but you don’t own any stake in the house, and you can forget about putting up a shelf or a new coat of paint. And now that you’re paying the mortgage and taxes on this house, you’re paying for all the utilities for the house, and are fixing all the problems that occur with the house, the landlord gets to send people over whenever they want to that get to go inside your house and look around without you being home just to make sure you’re taking care of it the way they want you to. And then when you leave, either because you found a better deal, or the landlord just doesn’t feel like renting it to you anymore, you get the pleasure of walking away with nothing.
Rental has its place, there have been plenty of occasions in my life where rental suited me better than ownership. Regulation and enforcement of said regulations would do a lot to protect people in this situation.
Dude from Ukraine was telling me that most people own condos. He was weirded out that the vast majority of people in the US don’t have a vested interest into their neighborhood simply because they believe they won’t live there for long.
Did he mention that a lot of the real estate that people own in most post-Soviet countries is inherited when (grand)parents die, this being first if not the only step towards the market for most people?
None of the people I know from Russia, Kazakhstan, Ukraine and Belarus bought their first apartments on their own through hard work or anything: it’s mostly apartments where your grandma died, apartments that you’re either massively helped with or outright gifted by parents when yuu have a significant other to move in with (so both families join funds, most coming from selling some dead relative’s apartment) or on a wedding day (a rarer occasion), or some mix of that.
Without any help or gifts, you’re lucky to be able to get a mortgage that you can pay off before you’re 60 (at least).
The real estate prices outside the US and the EU may seem nicer, but salaries and expenses sure don’t.
Everybody is screwed, everywhere.
Rental property should be publicly owned. Landlords shouldn’t be a thing.
I can see there being exceptions if you say own a property but have to move swiftly elsewhere and can’t/don’t wish to sell it, in such a case letting it out makes sense.
No, no exceptions. Once there are exceptions people will abuse them. Even if you inherited your parents property if you already have one you should have to pay extra taxes on it from the day they die until the day you sell it, period. Any person, family, business, or corporation should only own one property, zero exceptions.
Edit: /S. Thought that was obvious
This seems needlessly callous to me. At least give them a 6-12 month period to clean up, do repairs, and sell the house. Not everyone that inherits a house is making enough to pay increased taxes right out the gate like you’re proposing. Also, from personal experience, cleaning houses of deceased relatives tend to require a bit of work to get ready for selling and is incredibly emotionally draining. What you’re proposing is going to be extremely painful for the people at the bottom, and emotionally wracking, since as soon as a loved one dies you’re now under the gun to sell.
I agree though, second homes should be extremely heavily taxed. I just think we need to approach it with an even hand and make sure that we are targeting big corporate rental agencies and the very wealthy, and not some family that just lost their parents/grandparents. Something about targeting those people seems needlessly aggressive and not really the intention being discussed…
Rent apartments. Own houses.
*Since some people really need every combination addressed: Rent/own apartments. Own houses.
How do you handle situations where people want to live temporarily in houses? An example would be a traveling nurse that doesn’t want to be in an apartment building.
May people prefer to rent houses over owning one. Many of them I speak to tell me they want nothing to do with house maintenance and upkeep and they prefer to rent so that they don’t have to think or worry about any of the repairs. They like being able to just call the property manager when the hot water stops working or when their kiddo accidentally breaks a window.
Well that’s all well and good until every house rental in your area starts requiring you to either do the maintenance anyway, or pay for it. So you get to pay for the house, and you get to maintenance the house, but you don’t get to own the house.
I’ve watched things change in just the last 5 years where renting a house means you have to maintenance everything that isn’t structural, including lawn care, but you don’t own any stake in the house, and you can forget about putting up a shelf or a new coat of paint. And now that you’re paying the mortgage and taxes on this house, you’re paying for all the utilities for the house, and are fixing all the problems that occur with the house, the landlord gets to send people over whenever they want to that get to go inside your house and look around without you being home just to make sure you’re taking care of it the way they want you to. And then when you leave, either because you found a better deal, or the landlord just doesn’t feel like renting it to you anymore, you get the pleasure of walking away with nothing.