Sometimes folks say they want something, but then do things that totally work against them achieving their goal. Home ownership is a perfect example.
I get letters every week from people who say they want to own their own homes. They can even paint a pretty clear picture of what that home will be like, where it will be and what it will feel like to live there.
What some folks can’t come to grips with is the fact that owning a home means not spending money in restaurants, on new clothes, or on vacations — all in the name of building up a down payment. It also means not going out three nights a week to party with friends because now you have a mortgage and a whole bunch of around-the-house things to get done. Read More…
Buying a home is overrated. People seem to have this need to get it simply because they are told they have only made it if you have a family, kids, and a house of your own.
And this is where the trouble begins. Most people are in debt.
Taking advantage of HELOC is the best reason to get a home.
I still dont understand why people just dont rent. What is the fasination by owning your own castle.
Someone i know ended up going bankrupt and losing their home. It was really sad. I wish they read this article because it describes them to the letter. Ah well. Live and learn.
If you plan on staying with it for years (10+) then its better to own then rent.
Most people dont understand that.
I bought and rented out my property for years. I still live in a small condo and its worked out relatively well.
The tenants pay the entire mortgage monthly and all expenses. So its all profit.
The reality is not all of us need to change our lifestyle to be able to purchase a house. It depends on the job.
I went to the bank a few months ago and was rejected for a mortgage. Real shame. It has put me off from the process out of fear of being rejected.