Home Owners-what is your opinion of this: Buying a home is a ticket to financial security is a “scam” per…?
perpetrated on the American people by corporations seeking to keep us
in debt, less mobile and with the storage to purchase all sorts of
needless consumer goods.
There’s a lot of downsides and hidden
costs to home ownership that get lost in the “American Dream”
* Insurance premium.
* Property taxes (which usually offset any tax deduction you get from your mortgage interest).
* Maintenance (pipes break, electricity problems, etc.).
* Remodeling costs.
(utilities and maintenance for renters is often reflected in the rental
price, but it’s not reflected in a mortgage when you own).
* Yard work, pest control, etc. (again, rents usually have this built into the price, but mortgages don’t).
* A down payment of at least 15%, which is $ 90,000 on a $ 600,000 home.
Closing costs, usually 5% of loan amount, or another $ 25,000.