I have been in the real estate profession for several years now, and I believe now as I believed when I got into the business, that home owner ship isn't a right it is a privilege and yes, it is "the American Dream".  Over the years, the government, mortgage companies, real estate agents all were saying the same thing:

Don't rent, your flushing your money down the toilet, buy a home.

With the availability of what seemed to be an endless supply of money, and through creative financing which sometimes meant crossing the gray line by going stated, using 125% loans, pick and pays or an ARM, and lets not forget "No Down Payment" loans!  The home buyer could even role all closing costs into the loan!  So, those who once only had the option to RENT could now OWN a home, Yippy everyone could achieve the American Dream! 

I remember that Wells Fargo even had the Million Home Challenge, its goal was to get one Million people into homes using their great products.  I need to see what ever happened to it, I wonder, did they every achieve their goal?

Home buyers are always amazed that owning a home comes with responsibilities.  First they find out that not only are they paying towards principle and interest, they also have to pay taxes and insurance.  Further, if a hot water heat leaks, or the HVAC needs to be replaced they can't call the landlord because they ARE THE LANDLORD. Home ownership is something one must strive for, but it doesn't suite everyone. 

Owning a home is allot different than renting one.

• First big different is that the owner has a vested interest in the property, assuming he only received a loan at 80, 90, 95 percent of the actual value of the home and having put down up to 20 percent to close his deal he has a substantial interest in the property.
• Second the owner of a property has to worry about maintaining it, painting, roof repairs, cutting, fertilizing and watering the lawn.
• Making the mortgage payment on time, otherwise not only will he lose the property, but he stands no chance of ever getting his down payment back.

Over the years, I have come to believe that there are those who should buy and those who should rent.  Home ownership is a privilege that has with it many responsibilities.  Unlike a tenant who only needs to pay his rent ( ON TIME ) and not destroy the property the home owner must protect his investment by maintaining his asset.  Once upon a time, when owning property meant something, only land owners had the right to vote due to the fact that they had a vested interest in property,and the majority of taxes where than as is the case now paid the majority of the taxes!

If you are currently renting a home and considering buying, please do some soul searching, then pick up your phone call me for a buyers consultation.