I’m Buying a Home

In this blog I am going to document the experiences I have and the problems and solutions I come across as I become a home owner.  It is easy to find people who will tell you the benefits of home ownership, and there certainly are things you can do as a home owner that you cannot do when you are a renter. 

Some of the advantages that I have heard touted over the years include Home ownership being a good investment (not true anymore? – see this link getrichslowly); having a permanant residence, and various emotional benefits often referred to the pride or sense of home ownership. 

Home ownership also has a negative side, high expenses in the form of taxes, insurance and other fees (generally hidden from renters by being rolled into monthly rental payments); and continual maintenance and upkeep.

I could really go into a rant about the downside of buying a home – I have been quite reluctant about doing it based on the fact that I don’t believe it is the investement that it is often touted as.  I find it Ironic that the federal government (Bush) speaks of increasing the rate of home ownership among Americans, yet nothing significant is really ever done to make home ownership more attractive over the long term.  State and local governments and taxing authorities continually raise taxes and deter home ownership with horrible legislation.  False incentives such as attractive but bad loans with bait an switch clauses (many ARMS) are often offered to lure in unsuspecticting and naive potential buyers.

I have been a renter for the past 10 years.  I have been quite comfortable being a renter, but it sure will be nice to have a garage and yard of my own.  Therefore despite my reservations I am going forward and joining the ranks of home ownership.  Come and learn with me.