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113 Past Due – When Home Ownership Owns You

by Derek Sisterhen on July 7, 2010


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Past Due: Radio 113 – When Home Ownership Owns You

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Remember when you were so excited to buy your first home? Remember the first time you realized that you were the landlord?

Buying a home can be a part of creating the lifestyle you desire. It can also be one of the biggest financial mistakes a person or couple can make. Today we talked about the misconceptions we have of home ownership – that a home is an investment and that everyone should own one – and how we can confidently make decisions regarding our residence.

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  • Kevin@OutOfYourRut

    Two recurring issues with homeownership are 1) the misguided notion that everyone should own, and 2) under estimated the cost of repair, rehab and maintenance. On the last point, RRM can amount to thousands of dollars in any given year. They way most people stretch their income to buy the most house their income will allow leaves little room for fixing and replacing components in the house, and can doom them to a long period of being “house poor”, where the house sucks up every extra dollar they have.

    If we've learned anything from the housing meltdown it should be never stretch too far to buy a house.

  • Derek Sisterhen

    Excellent points, Kevin – thanks for the post! I've met with some people recently who are foregoing repairing a leaking roof because they don't have the funds in the cash flow to pay a roofer to come out.

    Just like with a car, it's ideal to be setting aside some money each month for house repairs and upkeep. You're absolutely right about the lessons learned from the real estate market fallout – buy what you can afford today and you won't have to stress about it tomorrow.

    Thanks for your insight!

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