$15k to replace the sewer plumbing. $9k to replace the sewer line. $9k for a replacement roof....
I mean, yes, if you do things yourself it can be significantly less expensive, but most of the housing stock in the bay area is atrocious - good bones and awful everything else. They were thrown up as quickly as possible in the 50s-70s and so there's always something that needs fixing.
You should watch tiny home remodeling, its a tv channel (I think?) I was shocked that a couple in NYC bought essentially a cottage in a high-rise for 10 million, then did a half million dollar renovation on it...
In the country-side that kind of money gets you a 12 bedroom mansion with a pool and a view...
I do a lot of DIY but there are times when you just want it done and done quickly and professionally. We work for a living and don't really have time to deal with a lot of the DIY incremental aspects that happen until you get very good at any given skill. I just redid one of our bathrooms, but I wasn't going to redo the sewer lines solo let alone mid-week while living in the place.
The problem with HCOL is that even if you own you're burning cash due to the lack of time and very, very high cost of services.
That wasn’t the question, right? I think you’re completely agreeing with me and disagreeing with @xcambar if we’re talking about a 30Y loan and maintenance costs. Maintenance costs and taxes start on year 1 and continue forever. So when you finish paying off the mortgage, the substantial loan payments end and go away while the maintenance costs continue. This will be a big change in your expenditure, speaking from experience.
I mean, yes, if you do things yourself it can be significantly less expensive, but most of the housing stock in the bay area is atrocious - good bones and awful everything else. They were thrown up as quickly as possible in the 50s-70s and so there's always something that needs fixing.
$18k+ a year in taxes...