Let’s see. At the end of 30 years of mortgage payments, you OWN your own home.
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I disagree.
After xx years of mortage payments, you own a title/deed that guarantees you will pay property taxes, which is effectively RENT PAYMENTS to the government, because if you fail to pay them, your property will be foreclosed upon by the government in order to get what they are owed.
The only real difference between renting and owning is equity.
You pay your property taxes whether you own or rent. If you own, you write the check to the county. If you rent, you pay the landlord who writes the check to the county. Either way, you are paying your taxes.
When you say you get equity by owning, that’s the exact same thing as saying “you own the home when the mortgage payments end.”
at the end of 30 years, you DO generally have a PLACE TO LIVE.
You understand the difference between owning and renting after you rent a house and the landlord of your rental house tells you to move out when the lease expires because they plan to sell the house.
Yes—that happened to us—once.
Never again—no more renting.
Agreed. Minus the costs in currency and time for upkeep and replacement of parts, and the roll of the dice about neighbors or government interference, like when our blue county stuck Section 8's into our above-average HOA community.
And that's a huge difference.
My parents bought a three-bedroom home in 1968 for $15,000.
When my Dad retired, he sold that home for $600,000.
That's a $585,000 windfall they would not have had had they just rented.
They used that windfall to buy a home in Alabama free and clear with 10 acres of land.
Yep, you nailed it.
“””””After xx years of mortage payments, you own a title/deed that guarantees you will pay property taxes, which is effectively RENT PAYMENTS to the government, because if you fail to pay them, your property will be foreclosed upon by the government in order to get what they are owed.
The only real difference between renting and owning is equity.”””””
I would say the real difference when the house is paid off is between owing $30 or $100, or $200.00 a month versus whatever that years current rent rate for whatever size apartment you would be renting.
Or...
As a homeowner, you can look at it as a fee that pays for fire protection, police protection, road maintenance, school maintenance, etc., for your real asset.
-PJ
DID you put p these street lights &maintain them??
DID you lay down the roads & maintain them?
Did YOU write checks to the fire dept employees?
Did You buy the fire trucks?
The Ambulances?
The DEPUTIES??
The patrol cars?
The SCHOOL buildings?
The teachers?
The books?
The Coaches??
The school bus & driver?
Where do you think all those taxes actually GO????