Tuesday, August 10, 2010

Own your own home? That's what you think.

Many people dream of owning their own home. They save their downpayment, pay their taxes and fees then finally own a home. But do they? Even after they buy it, there are sacrifices. Many people live paycheck to paycheck to afford their mortgage and repairs. When its finally paid off they sigh in relief they finally own their own home and nobody can take it away from them. Not true.

Yes if you owe others money then they can put a lien against it but that is not what I mean. Say you owe nobody any money. Your house is fully paid. You can still lose it.

What if you home is found on a gold mine? What if a builder wants to tear down your block for a new condo? Guess what? All they have to do is make you an offer and if you keep turning them down eventually they will evict you. This happens time and again. In fact it happened yesterday.

You do own your home provided the government does not want it or think they can make more money if you were not there. This weeks eviction was only the latest. You may say, well he was offered 300,000 for his 16,000 home but he purchased that home, he has lived there for decades. His memories are there. But I guess money makes the world go round.

So when people say to you they own their own home, say to them "No you don't" and tell them why.

Now, I am not saying don't own your own home. All I am saying is its all about location. Do your research well.

On another note, if you are interested in buying a home soon, I highly recommend connecting with Peter Abbatangelo at peter@theabbatangelogroup.com

I also recommend checking out his blog. It has a wealth of advice.