Thursday, October 7, 2010

Wise earworms

I wonder if it is possible for something that is generally good to be not so good for you.

Today I read a lady's tale of going from being a homeowner to a renter, and in my head I heard my father's voice: "Instead of helping other people to pay their mortgages, you could be paying off your own mortgage and then in the end you'd have something to show for it." There's unarguable wisdom in that, the kind of logic that no amount of argument can defeat.

And my own practical mind wondered: "But what about when you're old and you can't afford to pay rent anymore because you don't have a job?" I don't live in America; the state won't help me. I don't have children that I might be able to stay with in future... although I do have a brother. I guess he's my contingency plan. *grins*

But as this lady said, owning a home is not just about paying the mortgage, it's also about "upkeep, manicuring and constant vigilance over disaster". Besides, I've never been very comfortable with the idea that I'll have to go into debt for 30 years just to own a home. I'm actually pretty happy renting. But then my dad's words of wisdom keep circling in my head...

1 comment:

Anonymous said...

Being a homeowner, you also pay property taxes which are generally assessed according to the value of your home.

Sure, you can build equity being a homeowner, but depending your life circumstances, it can be cheaper in the long run to rent. If you lose your job, you'd be saddled with a mortgage and other payments -- this can be bad if you're single and have no backup sources of income.

Buying is not always better than renting.