I guess it's like the glass half empty vs. half full when discussing home ownership. Some people say that the big problem with home ownership is it can make you House Poor. This means that you are spending so much money on the home that you have no money left to do the things that make you happy in life. This could be eating out or traveling or buying nice things.
My feeling is that I am House Rich. Here in Valencia, Stevenson Ranch and other areas of the Santa Clarita Valley, California owning a home and being a part of the community makes me rich. Since my wife and I spend over 90% of our life in our home and we really love the home and community it makes perfect sense that we spend a large part of our income on owning our home.
I guess that this is one of the reasons that many people choose to rent rather than own. They may feel that a home is just a place to spend time sleeping and the savings should be spent on their enjoyment of life.
Again the benefits of being House Poor/Rich are pride of ownership, being part of the community and having roots. California is also unique in the sense that we, as home owners, expect our investment to bring equity. This makes home ownership a double benefit, personal pride and an investment in our future.
The most important thing is to buy at the right price in the right location and find a home that make you happy!
Your Friend & Realtor,
Tony Lewis * RE/MAX of Valencia * www.TonyLewis.com * tonyglewis@yahoo.com * 661-702-4720
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