Basic Tools

[Conndog]

Hi, been a homeowner for years but have just a few scattered tools- a hammer, some screwdrivers- think I have a basic cordless drill but can’t find it & think I’ll get a new one. I’d like to buy a set of basic tools that a homeowner should have for both house and yard maintenance. What would be a good starting list? Off top of my head, I’d like to get: cordless drill, chainsaw, hand saw- and where is good place to buy? Budget is kind of limited- thanks!

 

[Chin Diesel]

My approach to life has always been about accumulating experiences, rather than possessions.

Instead of tools for future woodworking or landscaping projects, I sate my masculine urges of being “hands on and in control of machinery” by driving ... whether weaving deftly through LA downtown city traffic or carving nearby canyon roads.

Last week I took delivery (cash purchase) of a new, very rare manual-transmission Mazda3.

My prior car was a 2004 WRX Wagon (also a cash purchase). I bought it new and drove it for 160,000 miles the way it was engineered to be driven ...

(entertainingly aggressive ... although not dangerously so, especially when the car-seats in back were occupied with children ... It was a fantastic car) ... Drove it until I killed it, raising two kids as a single father in the densest and most diverse neighborhood of Los Angeles ... and then donated it to 1-800-KARS4KIDS.
I plan to do something similar with this new car ... unless I move to Sydney, Australia.



The Myth about real estate always being the safest investment long-term should have popped along with the 2008 crisis. Homeownership is a hobby ... a very rewarding hobby for people so inclined ... but it is a hobby ... not an investment.

I don’t think bragging about getting a 160k miles out of Subaru before you killed it is the flex you think it is.

 

[NJHusky]

Renting represents freedom, as opposed to being stuck to one plot of dirt potentially forever, and then buried in the family plot at the local cemetery. I tend to move around, a lot. Some past addresses with my name on the lease include: Atlanta, Baltimore, Boston, Brooklyn, Cambridge, Charlotte Amalie, Los Angeles, Queens. I am someone who loves to travel, but prefer to experience new cultures and generally expand my horizons by actually moving to a place, and fully participating in and becoming an active member of its community.

Try selling, and then buying a new condo—or worse, a house—in a bad real estate market when your next opportunity suddenly emerges in Sydney, Australia (I am currently exploring possibilities).

What if you make a mistake, and discover after moving in that your neighbor is a homicidal maniac? As a renter, I’ll just break the lease and suffer some minor financial penalties and a black mark on my next credit report. Owners are stuck sleeping with one eye open, especially those nights when the neighbor had spent the entire day sharpening power tools in his tool shed out back, sparks flying and maniacal laughter. No thank you.

I'm very thankful for people with your mindset!! You've paid off my rental property and let me get the 7x appreciation over 20 years.

 

[NJHusky]

Year before last I lived through your nightmare. You do not want to know what happened or what I spent.

that should be covered by your insurance. We had a pinhole leak that destroyed our cabinets/floor and insurance covered it all, less my 1k deductible

 

[NJHusky]

I think my sink has clogged twice in 25 years. Both times I figured it out (and I am NOT handy, YouTube is your friend). Worst thing I've had to deal with was a sump pump that didn't go on and my finished basement got flooded, but homeowners covered everything but $750.

For those with a sump, make sure you have a sump rider on your homeowners policy. Many policies don't coverage damage without the rider

 

[superjohn]

I'm very thankful for people with your mindset!! You've paid off my rental property and let me get the 7x appreciation over 20 years.

You did better than most but you also could've gotten that in the market without dealing with being a landlord and all the added costs and energy that comes along with that.

 

[NJHusky]

You did better than most but you also could've gotten that in the market without dealing with being a landlord and all the added costs and energy that comes along with that.

Not really....Assuming no margin...as that's WAAAY too risky imo.

Lets say you want to invest 200k in the market...you need that 200k. I was able to buy property with 10-20% down. So in reality I turned 20k into the current value of the property...yes I had expenses and worked on property or hired folks...but that money came out of the operating budget of the property. And truth be told, my return is infinite as the seller held the down payment.

According to chatgpt...20k invested in index fund 25 years ago would be worth between 150-400k depending on dividend reinvestment.

I believe real estate and stocks are a complimentary strategy, but real estate allows leverage that stocks don't (without serious risk). If I was smarter, I wouldn't have sold my AMZN when it went up $10 back in 2004...lol

 

[Phorcys]

I don’t think bragging about getting a 160k miles out of Subaru before you killed it is the flex you think it is.

Well, 160k miles of aggressively entertaining driving in the city is probably equivalent to 350k driving carefully in the suburbs ... I am a driver ... adept at heel-toe shifting ... but I rarely do, because rev matching defeats the fun of downshifting: engine braking. Sure, it’s kinder on the powertrain, but much like the home you live in, a car is consumption, not an asset.

I'm very thankful for people with your mindset!! You've paid off my rental property and let me get the 7x appreciation over 20 years.

Productive real estate, including rental properties, are absolutely legitimate investments. But investing in real estate is very different than homeownership. When all costs are taken into consideration, mostly labor from the owner, homeownership returns no profit and only costs. But that’s the entire point; a home is the place you live, not an investment, whether you rent or own. I happen to prefer the freedom of renting, in a dense urban center as close to the action as possible, and my preferred tool is a fun car to drive.

 

[NJHusky]

Productive real estate, including rental properties, are absolutely legitimate investments. But investing in real estate is very different than homeownership. When all costs are taken into consideration, mostly labor from the owner, homeownership returns no profit and only costs. But that’s the entire point; a home is the place you live, not an investment, whether you rent or own. I happen to prefer the freedom of renting, in a dense urban center as close to the action as possible, and my preferred tool is a fun car to drive.

Totally understand your POV. there was a time when renting was cheaper than buying on a month to month view. Now I’m not so sure with home values and rates elevated. Biggest issue is that homes are often people’s biggest retirement savings, and you lose that with a rental

 

[Deepster]

For those with a sump, make sure you have a sump rider on your homeowners policy. Many policies don't coverage damage without the rider

They covered it and, I believe it was because the rising ground water was so fast it overwhelmed the sump pump? It was 15+ years ago so it's fuzzy.

 

[Deepster]

The Myth about real estate always being the safest investment long-term should have popped along with the 2008 crisis. Homeownership is a hobby ... a very rewarding hobby for people so inclined ... but it is a hobby ... not an investment.

I never said it was the safest, but it's certainly not a hobby. In combination with my other investments, I'm diversified and my daughter is more than set whether I died tomorrow or in 40 years.

 

[Phorcys]

I never said it was the safest, but it's certainly not a hobby. In combination with my other investments, I'm diversified and my daughter is more than set whether I died tomorrow or in 40 years.

My children will also be inheriting a diversified portfolio ... but (hopefully) it won’t include residential real estate directly owned. When I die, they won’t be burdened by the least liquid asset. Homes, even when rented, are where the heart is.

Homeownership is a lifestyle choice.

My apologies to the OP for derailing their thread asking about tools. Obviously, I am a tool.

 

[FfldCntyFan]

People with too many tools scare the hell out of me.

Is it possible to have too many tools?

 

[Phorcys]

Is it possible to have too many tools?

Probably not in Fairfield County ... where driveways are long and garages are spacious.

In the middle of LA ... where space is a premium ... hell yes.

Channeling Dave Chapelle ... “Hey, landlord, fix my sink, bitch!”

 

[HuskyHawk]

My children will also be inheriting a diversified portfolio ... but (hopefully) it won’t include residential real estate directly owned. When I die, they won’t be burdened by the least liquid asset. Homes, even when rented, are where the heart is.

Homeownership is a lifestyle choice.

My apologies to the OP for derailing their thread asking about tools. Obviously, I am a tool.

It is indeed a lifestyle choice. I can't imagine being limited in my ability to expand my home, knock down walls or reimage my living space. The primary benefits of buying vs renting are that it costs less per square foot and you have control over what you make of the space. Renters have fewer risks but can't really make the space their own, nor can they reliably assume they can occupy the same space indefinitely. Moving sucks.

As for tools, I think we covered it. Don't get a chainsaw, don't splurge on tools you won't need. The tool rental question is a tough one. I needed to put up wainscotting in a hall and a bathroom. I could rent a nail gun and assuming I could do it all in a weekend, pay like $175. Or I could but a compressor and nail gun for like $225. So I bought one. Have used it a little since, but not much. High tool rental prices seem to drive some of those unnecessary purchases. Borrow stuff if you can.