Home ownership its a privilage, right?

Home ownership its a privilage …. 

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, buy now!

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.