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Owning Vs
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In the recipe known as the American
Dream, it’s one of the main ingredients: Owning your own home. With
the real estate market of America in constant flux, it’s not as simple
as it sounds to obtain. For those who are just starting out in the
credit world, newly graduated with jobs, degrees, kids, or credit cards,
the steps towards making this milestone purchase are getting steeper
and steeper. The effects can be seen across the country, as more Americans
are settling for tract housing, condos, or living in rentals much longer
than ever before. Today many 30 and 40 year olds, especially single,
unmarried ones, are still living in rental property because the cost
of buying a home is ‘just too much.’ Although the claim is often made
that a good mortgage won’t cost you much more per month than paying
rent, some renters argue that theory. And they’re right, in a way:
the cost of home ownership far exceeds simply paying the mortgage.
What about all of those day-to-day repairs, both little (leaky faucets)
and big (leaky roofs)?
Someone living in a rental property, whether it’s a home or an apartment,
can reasonably expect their landlord to take care of repairs in a timely
fashion. If they don’t, per laws in place in every state, the tenant
has the right to vacate the property. The cost of property repairs
falls strictly on the landlord, not the tenant, provided the repairs
were not brought about by any act of negligence or otherwise on the
tenant’s part. So goes the rule of rental: You pay your rent, and
you keep things in good shape, and if they break, it’s not your job
to fix them.
This is a convenience that is hard to ignore. Having someone mow your
lawn, take care of your furnace, and patch your roof… well, it saves
money. And work. But even with the massive costs and inconvenience
that can come from owning a home, it remains an indispensable fact of
life for most Americans. They want somewhere to call their own. Even
a leaky, expensive roof that you have to pay for is better than not
owning a roof at all.
In spite of the costs involved, the repairs, the down payments, and
the mortgages that can last for years, this longing for ownership makes
a great deal of financial sense. A homeowner in today’s market has
far more pull than those whose biggest financial asset is their car.
Owning a home gives you property value, something to borrow against,
and something to leave to your children for the future. As prices of
real estate skyrocket across the country, and show no signs of slowing,
even a modest bungalow in a small town is an investment that you can
be relatively at peace with making. After all, human beings are always
going to need a roof over their heads; ideally, one they can call their
own
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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