Homeownership is a privilege, not an entitlement simply because it's time to own rather than rent. While I know I will step on some toes, I want to fully disclose that I do know that bad things can happen to good, honest, hardworking people. I know that a lawsuit, a divorce, a job loss, a medical debt, a bankruptcy, a foreclosure can take down a financial empire. That's not what I mean. But I have also known people who has been irresponsible with finances. Those who simply want to walk away.
In my previous post, Renting feels like it's Borrowing, I shared a client's own words on how he felt about transitioning into homeownership and how much more he feels is enriched because he is in his own place now. When he was renting, it felt as if "he didn't belong there" and as if "he was only borrowing".
Renting is not a sin. Renting may be the answer for some people in some circumstances, whether it is a temporary place to figure out the next step, a temporary spot for financial clean up or even a season in life where you didn't want a homeownership commitment. All those reasons and more are absolutely totally acceptable so as long as renting is not the way of life on a long-term basis.
Homeownership should be rewarded for those who can show high financial responsibility. Hence, no late payments and no blemishes on credit worthiness. Homeownership should be treated as if it's a privilege - a special favor for those who are deserving.
When banks have to seize properties back in foreclosure, no one wins. The bank losses, the homeowner losses and even the neighbors hurt in property values when massive foreclosures occur in neighborhoods.
Related Articles:
- The Real Hard Truth about Homeownership
- Credit is a Financial Responsibility
- True Cost of Homeownership
- Business Decisions of Short Sales & Foreclosures Create Artificial Real Estate Values
- When Foreclosures Hurt
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Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Copyright © 2009 by Loreena Yeo (3:16 team REALTY)
Originally Posted on Homeownership is a Privilege
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