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The balance in Europe is most commonly a reflection of the laws regarding landlords/tenants, lending practices, as well as the tax codes and whatnot. The UK has a higher homeownership rate than the US. Germany is much lower. Germany has more stringent lending standards and taxes paid when acquiring a property. Compared to the US, where buying allows a slew of deductions and appreciation is largely shielded from income tax.
Of course. But this passel of laws and rules stems from cultural constructs. American culture is all about private ownership of residential real estate. German culture is not. American laws are going to be tailored to advance and conform with American culture. German laws will be likewise with German culture. And so on.
Returning to the thread's theme, in no society, or at least in no advanced society, is land-ownership absolute. It is subject to the whims and mores of the host-society. In some societies, beaches are a public asset, so owners of beachfront property can not chase-away hikers or bathers who fancy gathering on "private" beachfront. In other societies, there is a "castle doctrine", where owners can if necessary use violence to dislodge the trespassers. In the latter society, ownership is more absolute.
In American society, ownership is not absolute... no difference from elsewhere. But at the same time, there's more cultural pressure to own. This means, by my reckoning, the worst of both worlds: by buying property, we assume the various responsibilities and chores, but only with limited rights. And if we don't buy, OK, we pass the responsibilities and chores to the landlord, but then we suffer the pangs of low status and low prestige. So if I were a German, living in Germany, I'd be happily contented with renting. But living in America, a feel qualm and discomfort, either as a renter or as an owner.
Of course you own it. This author and some posters here just don't understand what "own" means. It doesn't imply you can do whatever you want with no restrictions. I can own a gun, but that doesn't mean I get to point it wherever I want while I pull the trigger.
Oh, great. I'm sitting here in my apartment, drunk and with a strumpet. You've made me feel terrible!
Should I take her to a hotel?
Take her to Cancun a week for a vacation.
A strumpet that is staying around a drunkard in an apt while he 's drinking and posting in the CD's Real Estate forum is a very special strumpet. She totally deserves her Cancun trip. Oh and you should feel good, no need to feel terrible.
If the home is in your name & it's paid off, technically you do own your home. Before I got married, I lived in a rental home before my wife & I bought the home we own right now. I've been paying an extra few hundred on the mortgage so it can be paid off faster. 4-5 more years and our home will be paid off, but we're talking about paying the remaining lump sum balance.
I don’t think this discussion is really about ownership …it is more about the fact that depending how much all the other expenses went up and how long ago you bought , as to whether that paid off mortgage really adds much to affordability as far as staying in that house forever if you wanted to ..
Like I said many who have their homes decades and have paid off mortgages in the tristate area can’t afford to keep those homes when taxes alone are 5 digits nor can many do the repairs many lenders want done in order to qualify for a reverse mortgage.
Most are doing so because they are already in a cash crunch
Last edited by mathjak107; 07-29-2021 at 07:58 AM..
New Jersey , Connecticut and New York are called the tristate area
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