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Smiley | Why is everyone obssessed with home ownership given that since we are all mortal we are all really just? |
caretakers of the dwelling anyway!?
This especially irks me because the winners are the banks and bld soc's who make ££££'s in interest and the fact demand outstrips supply keep making even more.
In Holland more people rent so it is not a universal aspiration and certainly tradtionally, more people in this country rented too - surely affordable/decent rented housing should be our societal goal so that we, our children AND their children etc can all get a decent home? |
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great_and_mighty_adam_levine
|
In the USA, it comes from Britain. Our decleration of independence is a rip-off of John Locke, and the original quote isn't "Life, Liberty and Happiness", but "Life, Liberty and Property". Of course, they didn't want the revolution to sound like a land grab (which it was), so they changed it.
The concept of property ownership is deeply rooted in US and British culture. Not all societies are like this - communal societies like the native americans and communist societies reject property ownership in it's entirety. To them, it seems rediculous that people can own something that is eternal. Use it yes, own it no.
Financially, in the USA, home ownership has many advantages.
1) If you stay in the same place long enough, it is much cheaper than renting. It provides tax benefits and protects you from inflation in the form of rent increases.
2) It protects you from having to move out of your home if your landlord decides to sell or do something else with your home.
3) It can provide financial security. If you stay in the same place long enough to pay off the mortage, you can live there rent-free in retirement, or you can sell it in retirement and live off the money awhile.
4) It gives you total creative control of your environment. You can't tear down the wall of a rental or add a bedroom. You can't even paint stars on the ceiling without the landlord's permission. You can in a private home.
Rentings primary advantages:
1) Cheaper in the short term. If you move every 2-3 years, realtor fees and other transaction costs will kill you if you own.
2) Maintenance is handled for you. That water heater blows Christmas eve, and you call the super to fix it. This is a BIG advantage, as typically owning a home costs 1-3% of its value a year in maintenance.
-->Adam |
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spaceship6000
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I was going to buy my home then I thought " Hang on someone else will live in it WHEN (not if) I die. So I just squander my cash on gambling and hookers. |
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wildpalomino
 |
Yes but renting is also putting money in other peoples pockets. |
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Atlas
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That is a good goal, unfortunately a lot of rental housing is far from ideal for bringing up children and families. I know how valuable growing up in beautiful place with land and trees and rivers was for me... I feel sorry for any kid growing up in a city where houses are all so small and close together and there is nothing for kids to do...
People will always want to feel they own something - we are territorial creatures and its in our nature to want to own and control the land under our feet - most people end up with a huge morgage debt that they spend most or all of their lives paying anyway, so they really don't own anything. |
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pepper
 |
I don't think it's an obsession. Anyone with a mortgage understands the differences - unless you've got an adjustable rate mortgage, your payment remains stable, there's no one allowed to enter your dwelling, you've more control over your surroundings - you can paint, build, and grow anything you like.
You don't need permission to put up a ceiling fan or replace a window, you can have four different colors of carpet. It's the difference between a corporation owning your home and you owning it.
Believe you me - in the long run - SOMEONE owns the property. Some folks just prefer it be them instead of a corporation, that's all. You cannot build financial equity in a rental property. |
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Stephen M
 |
because its a financial investment for your old age. If you just rent your money is just disappearing and your not getting anything back. At least if you buy a house you have something of physical value in the end.
Very useful when your old. For example my grandma has had to go into a nursing home in the last year, it costs £300 a week which she couldn't possibly afford if she didn't have her house to sell. |
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KarlosCharlos
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because everybody feels safe at home with little chance of being kicked off by a landlord/lady at the end of the month
in your own house u feel that you and your family are protected, it's different feeling...
beleive me, i used to live in my house with my father back home, but now i'm alone and unstable in my accomodation.
i wish to have my own house some day :) |
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bjony0u
 |
The reason why owning a home is so important to people is because its an investment that appreciates overtime,. By owning a home, you can get many benefits like tax deductions, credit lines, etc.
Also, once you pay off your house, you will never have to worry about paying the rent again. Which is a big plus for when it comes time for you to retire. |
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AnnOnnyMouse
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I agree, Germany apparently too has about 80% rented housing with no stigma attached.
If you're successful in your life surely there are ethical investments you could invest in and pass on to your children without that investment having to be within the narrow confines of, 'home ownership'.
http://www.defendcouncilhousing.org.uk/dch/ |
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Tired Mum
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I think the reason a lot of people buy a house instead is because you HAVE to pay the mortgage, it is like a forced saving and at the end you have an asset. If everything goes to sh*t you can sell the house and they money you get from it will keep things going for a while, housing appreciates and is a wise investment. My mum was paying 3 mortgages at once then the economy grew so much in WA that the houses were worth 3 times what she paid for them and now she owns $1.5 million of property and it is all completely paid for. I think it is a good thing to put your money into as it provides security for your family and leaves a nice inheritance when you're gone ;) |
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anthonyky
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In the US there are many tax breaks for home owners that renters do not qualify for. Also you can sell your home if need be in rental you just move out. Here in the US home ownership is usually one of the best investments a person can make. |
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meli
 |
It is something that u earn. If u pay rent the rest of your life then what will your children and their children have. Do u want your children to be paying rent after u are gone?
What if something happens to u and your children are not yet making a way for themselves. If u own the house u lived in then that would be 1 less thing they have to worry about.
Or do u want to pay rent all your life even when u retire. And u r old and live on pension. I don't. |
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troy boy
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owning a home is seen as an asset that generally increases in worth over time. when you own a home and there is no mortgage to pay, you really only have to pay maintenance, utilities, and taxes etc. these expenses arent sensitive to dramatic fluctuations the way rent can be. plus, you can sell a home after a number of years and make a profit! i live in new york city and it is not unheard of for a 10' x 15' room to rent for as much as $2000 a month. the following year, it may be $3000! also, owning a home gives you the ultimate freedom to change it and personalize it. |
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Dibski
 |
Renting is dead money you get nothing out of it in the end, as for home ownership you have your own home when you have payed off the morgage. |
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Part Time Cynic
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I live in a smallish town. Met up with an acquaintance of mine i've not seen for a few years and my partner just did a job for her. She's just bought a house. She had no choice really if she wanted some long-term stability in her life. There is no council or housing association housing where we live unless you are on means-tested benefits. And private landlords are more hit than miss in my experience. Some even expect you to be grateful for the shabby bits they call furniture and really get the hump if you dare to suggest you really want an unfurnished flat.
Holland has a brilliant social housing scheme. Belgium is the same. The tennancy laws in Belgium are rigid but do offer long-term contracts. In the UK they have you believe that six months notice is a big deal. It's not even the length of a school year!
They ponder on the breakdown of the family unit in the UK. Houses are not seen as something where you bring your family up in ... they are a step up the material ladder. The whole class system in the UK is based on landownership. And no social housing is being built either. It's a time bomb I reckon. It can't go on. Something has to give ... |
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Knownow't
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Its all about investment....when you rent its in reality dead money and used to be about the same cost as a mortgage..that was when mortgages were cheaper and houses were cheaper....now it is far cheaper to rent...even £1000 per month in a glorious apartment is cheaper than buying that apartment. But rental prices are also connected to property prices, so its a vicious circle.
The main aim at the end of the day is to keep buying bigger properties until you can downsize and have a pot of money. In reality again, you pay for the house two or three times over with the cost of the interest charges, so you don't gain that much....I would rent if it wasn't
a. So expensive to get a good property
b It wasn't seen as the dumb thing to do
We have friends in Holland and Germany where rental is widespread..so I agree with your point.
Having said that, I have now downsized and got a pot of money....so I was a winner as well....I just pity the young ones trying to get on the damn property ladder now. |
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dukeofspace
 |
I think that the trend will go away from home ownership in the UK over the next few years, after all the average price of a house is beyond most people's means. |
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MissV
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You really should get out more. |
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Pleasant Peter Perkins
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In that case, the Dutch people are much wiser than us.
You are absolutely right. The only real reason for the rush to ownership is status. If you live in the property, then it doesn't really represent an investment.
I am seriously contemplating selling my house to rent an apartment somewhere I actually want to live! |
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Bert H
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You confuse obsession with "pride of ownership."
If, for a moment, you would think about your own future, this may become clear to an obviously befuddled mind which you have shown to possess.
Ownership does have an ending to payments, unlike rental payments that never cease, and during mortgage payments, EQUITY is built, reflecting in an increase in one's personal net worth. Can you say that for the poor slob who has been making the landlord rich, (richer)?
In Holland more people rent because land is at a premium, they even pump water from the ocean to create more dry land. As such, the common man cannot afford to buy land outright, (only the wealthy), and they can then, even more, charge the poor slob even higher rent.
If you think that ANY government will see to it that all citizens have affordable, decent housing any time in the next billion years, YOU ARE DREAMING.
WAKE UP.
;-) |
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