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At the end of the day all that matters is what it means financially to you ….how it is registered becomes a moot point when you owe more than it’s worth or it can be auctioned off for non payment if you fell on hard times .
Whether it cost less than renting in a different area or a different kind of building is a different issue.
So title to something can mean little.. look how many people own time shares and hold a piece of the deed and the companies they bought them from won’t even take them back For free because they cost more then they are worth .
So owning something is one thing , owning something with a positive value or that can’t be taken away because of recurring payments you can’t make is quite another thing.
There are somethings that are involved in homeownership like taxes that are no different then renting. Fail to pay and you are out
Last edited by mathjak107; 07-25-2021 at 05:32 AM..
I have no mortgage payments, but if I don't pay my taxes, they can sell my place during a tax deed sale. But I think you know that.
But, since you don't own it, I can remove the improvements from the land, right?
Of course that is as ridiculous as a claim that a homeowner doesn't own a home they own.
Irresponsibility does NOT connote that you are not the owner.
Pay your taxes.
Consider the alternative to "owning" a house. And that would be "renting" a house. When you rent a house, you still pay all the expenses for maintenance, utilities, upkeep, repair, taxes of various kinds, etc, plus a profit to the landlord. All those things are included in your rent. Then, after your paying of all these expenses for umpteen years, the landlord boots you out and sells the house and pockets the profit for himself. You're left with a stack of rent receipts.
So, by renting, you've benefitted from not having a lot of your money tied up at any one time, but over the long run, it is YOU who is still paying all the expenses, but someone else will get to reap the profits when it's time to sell.
And another point that's important to many people, a renter is very limited in what changes he is allowed to make to a property. If you don't like the interior color, don't like the appliances, don't like the floor covering, don't like ANYTHING, there's little or nothing you can do about it. You MIGHT be able to get the landlord to make some changes for you, but that's generally rather difficult to do in most cases.
And many homeowners are just as restricted by the stranglehold their HOAs have on them. We got a letter for leaving our recycle bin out overnight.
Quote:
Originally Posted by Chas863
Changes are usually made AFTER you move out to make it more appealing for the next renter.
As a friend of mine used to say, "When I own a home, if I want to dig a big hole in the front yard, all I need is a shovel." Try doing that as a renter and see where it gets you.
Homeownership is incredibly overrated. For one thing, you never really own your home. You're forever paying taxes on it. My wife is always bragging that she owns her home. She doesn't. We pay $700/month in property and MUD taxes on the home she supposedly owns in the "great" state of Texas, and they just keep going up as development increases. The mortgage is paid off and we're still making half a house note on taxes! Also, homeowners always assume they will profit on selling. 2008 taught us the error of that assumption. And what of climate change and all that brings? The house floods, a tornado comes, there goes all your belongings. We have to pay a separate flood and home policy, and not only that, they have dog breed bans in place. We were cancelled because we owned Great Danes. Not pit bulls or Dobermans, Great Danes with no bite history. Plus renter's insurance is much cheaper. If you have a job that requires frequent moves, rent, then move. It's easy. And when you buy, you have no control over your neighbors and can't easily move if they are troublesome. People forget they live next to other people who can be obnoxious or even violent.
But, since you don't own it, I can remove the improvements from the land, right?
Of course that is as ridiculous as a claim that a homeowner doesn't own a home they own.
Irresponsibility does NOT connote that you are not the owner.
Pay your taxes.
Of course I pay my taxes. Someone made a point about owning your house. My point is yes, you can own your house, but if you don't pay your taxes they can sell it out from under you.
How many people who think they don't own property they own pay credit card interest?
Too many Americans need some financial enlightenment, and claiming not to own a home they own is just a confirmation of that fact.
Mike it is a mindset for people to get into in order to justify NOT buying.
Everyone loves to say investing does better, yet very few actually follow through on that plan. Just like term insurance vs. whole life, buy term and invest the rest. Yet very few follow though.
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