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Main => Gospel Music Lounge => Topic started by: ferrente on July 24, 2006, 12:49:08 PM
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This is just to get some views on home ownership vs. renting or living at home with mother and father.
For me it has been better to own my homes.
Some of friends and co-workers prefer to rent homes and some just like apartment living.
Some say when you have your own home you have to much work and other issues.
Everyone has a different theory on this subject.
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Obviously, Id prefer to own a home and have 30-40 extra for those who love to rent. Its more work, because all repairs belong to you, but so does the equity.
I dont know any millionaires who rent. I'll continue to do what they do.
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http://money.cnn.com/pf/millionaire/ (http://money.cnn.com/pf/millionaire/) check out these millionaires in the making and you will find out that they all have home ownership in common.
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[url]http://money.cnn.com/pf/millionaire/[/url] ([url]http://money.cnn.com/pf/millionaire/[/url]) check out these millionaires in the making and you will find out that they all have home ownership in common.
Thanks for the article. Very inspiring
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Folks with wealth understand that home ownership is better for the long term than renting.
Here's something funny: the founders of the U.S. fully understood the value of real property ownership. Do you have any idea what 40 acres and a mule would be worth today in someplace like Laguna Beach, California?! :D. If you had that kind of property, you'd be a multi-millionaire on the land alone. That's an extreme example of appreciation. There are families in the U.S. with "old money" like that. They're big-scale, long-term thinkers.
The same principles apply on a smaller level. A home that is owned has the potential to appreciate. It also has a tax advantage of writing off the interest paid on the mortgage. It is a fundamental building block for wealth.
On the hand, a rented apartment does not appreciate. It has no tax advantages. Every rent payment has no investment value. The money is simply lost. While the tenant gets the convenience of not having to deal with ownership issues, the landlord builds wealth for the long term.
I know that not everybody can buy a home. That's unfortunate. Nevertheless, home ownership is better for building wealth than renting. It's not even close.
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Folks with wealth understand that home ownership is better for the long term than renting.
Here's something funny: the founders of the U.S. fully understood the value of real property ownership. Do you have any idea what 40 acres and a mule would be worth today in someplace like Laguna Beach, California?! :D. If you had that kind of property, you'd be a multi-millionaire on the land alone. That's an extreme example of appreciation. There are families in the U.S. with "old money" like that. They're big-scale, long-term thinkers.
The same principles apply on a smaller level. A home that is owned has the potential to appreciate. It also has a tax advantage of writing off the interest paid on the mortgage. It is a fundamental building block for wealth.
On the hand, a rented apartment does not appreciate. It has no tax advantages. Every rent payment has no investment value. The money is simply lost. While the tenant gets the convenience of not having to deal with ownership issues, the landlord builds wealth for the long term.
I know that not everybody can buy a home. That's unfortunate. Nevertheless, home ownership is better for building wealth than renting. It's not even close.
Everything you said is true and clear.....
I think what we need to do is figure out HOW to come out of Renting and into Home Ownership!
There are benefits to the right now, gotta have it place... but it is the LONG TERM investment, that will make the difference to you, AND Your Childrens' Children
and fear cannot be a factor .... more later
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Right Praize,
The right response is not "I cannot afford to buy a home."
But rather, "How can I afford to buy a home?" Once you change your questions to focus on solutions, you'll find all the answers you need.
Remember; Ask, Seek, and Knock.....
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This is a historical data chart of home values in the U.S. that is made available online from the census bureau. This chart proves why buying a home should be everone's goal. No matter what happens, a home's value will always go up!!!
http://www.census.gov/hhes/www/housing/census/historic/hvgraph.html (http://www.census.gov/hhes/www/housing/census/historic/hvgraph.html)
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I can't imagine ever renting anything except a U-Haul... it's like putting money in a hole in someone else's yard. (Even if I could remember where I buried it I still can't go get it.)
I live in the midwest (KS/MO.) and real estate is so cheap that you can usually own a 3 bedroom home for less than you could rent a 3-br apt.