It's not an easy thing to become a homeowner when you weren't one before.
Well, in truth, it isn't that difficult to do, I've done it myself and I have to say it's about as difficult as sitting down to dinner.
In fact, the last time I bought a piece of property I received the signed back offer to purchase via email as an electronic document. And I signed it on my phone, in my pajamas, while I was in bed.
Buying a home has become quite easy, but still, it can be a bit daunting to contemplate.
The real question is, is it worth the daunting contemplation?
And the answer is ...
Well ... yes. The answer is yes. Okay, my answer is yes. An unequivocal and resounding – yes.
And perhaps you're thinking there may be reasonable considerations for doubting that answer, but let me just identify the reasoning behind my opinion.
You see ...
Anxiety is a thing, and a dashed funny one. But I can tell you right now that it has more to do with contemplating changing a situation than it does with the situation itself.
By way of example, I've known people who have rented all their lives. Houses, apartments, they all make payments every month and get, in exchange for said cheddar, lodging for the month. A fair and equitable arrangement which I cannot see any reason to suggest there is anything wrong with.
And I've heard such people mention, and perhaps justifiably so, that should anything go wrong with their lodging it isn't their worry, beyond having to put up with the issue until it is repaired. If the issue is beyond repair the renter simply packs up and moves to another situation with little impact on their life beyond remembering their address when they get off work and other details of that nature.
As a result, many renters freely admit experiencing anxiety at the thought of being responsible for the bricks and mortar of their dwelling.
But the other side of that coin is this, I also know people who own their home. I've heard them talk about the fact that every month, when they make their mortgage payment, they contemplate the fact that, while they owe less money, they also own more of their home, two connected things that are both, in their essence, good.
In other words, in exchange for their monthly payment, unlike the result of rental, they have increased their self-worth by the amount of additional equity they have claimed the ownership of.
These same homeowners have been known to mention in my presence that, when they consider selling their home and renting a place in which to reside, they experience no small amount of anxiety at the idea of exchanging money for just the single month's occupation and receiving no equity in return.
Anxiety, it seems, is what one experiences at the thought of change. People seem to prefer what they are used to.
It is easy to assume that one is predisposed to looking after ones home. But in every life there occasionally befalls some bad sort of luck that tends to damage the peace and harmony of one's household. Nothing terribly serious per se, but you'll sometimes find the odd Christmas tree stump has caused a mild four inch perforation of a wall in the stairwell or perhaps the occasional glass of red has found its way to close to the edge of a coffee table and in the joyous celebration of some curling match on the TV the thing has managed to become a new hue on the old white shag.
The beauty of ownership is that these things can often be laughed off if the owner and the perpetrator are one in the same.
If you're a renter, the landlord might not see the thing with the same lightness of perception in which it occurred. True if you are a renter, you may have lost nothing more than your damage deposit, but as an owner, you could have used the equivalent of that deposit to buy more wine and even out the rug's shades.
I'm just suggesting ...
Ownership has perks that may not be given enough consideration by the average contemplative person on the precipice of deciding between the two models of abode acquisition.
Consider that, the renter might have a rough row to hoe just to get the landlord to patch a tree stump hole in the old stairwell, where the owner may decide that it's time to put that new doorway in or perhaps it would spur that overdue redecorating plan into action.
And so I ask ...
If you're a renter by habit should you consider becoming an owner? My answer is still yes. And my reasons follow.
If you own your own home, it is true that it isn't really an investment. When you sell, although you receive the equity and can bank it immediately, you are then left without a dwelling.
In order to acquire a dwelling you must either purchase one, which will relieve you of the funds you've received for the sale of the previous home and so recently banked, or you must rent one, which will again relieve you of those aforementioned funds at a slower and possibly more painful rate (think of pulling off a bandage).
But if you own that home, and at some point you are required to divest yourself of it and assume a position in some sort of lodging that must be paid for by rent (and yes, to put not too fine a point on it, I am talking about being installed in some place set up for catering to your needs in your senior years), you will, in fact, have the wherewithal to pay for that.
And how will you have acquired that means? By the judicious payment of a mortgage and the growth of equity in a domicile of your own. If you're a renter, the money you paid will likely be going to that same seniors care facility, but they'll be earmarked for the care of your landlord.
One more thing ...
Additionally, if you own your own home, there is no landlord to stop you when you elect to paint your living room plaid or knock out the wall between the master bedroom and the upstairs bathroom to create an en-suite. And don't even think about a zip-line from your second-floor apartment to your parking space, if you even have a parking space.
What I'm saying is, zip right out and get talking to your banker about how you can finance a home of your own.
And then drop in at the paint store and pick up a can of that new plaid paint.
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