I just skimmed thru a blog posting, written by a blogger making a living by giving out good financial advice, who was doing some self-rationalization on why he is (probably) going to buy a house with no down payment. He made the usual good points about prices going down, interest rates going down, wanting to build equity etc. etc. Followed by 60+ comments warning him of everything from appliance failures to sudden hurricanes, all of which HE, and not a landlord, would now be responsible! True, all true. But my question is this, didn't most of us grow up in a household where our parents were paying a mortgage? Did the fact that they were also responsible for all of the various and sundry, repairs/bills that go along with that escape some of us? I can't imagine how? Our dinner table conversation was liberally peppered with comments about the washer being on the fritz again, and how much did it cost to have it fixed the last time. Patching that bathroom roof one more time, until the money was there to re-roof the whole house. Yikes, the insurance went up again! Didn't we just tweak the policy to get a better price? Helping Uncle Ed fix a couple of windows, and then he was going to help Dad with the porch floor. How has (apparently) an entire generation missed all of this? Now admittedly, the economy is far different than it was 30 or even 20 years ago, but I can't believe that an entire generation has grown up in rental housing, chasing the landlord (or ducking, as the case may be) blithely ignorant of the realities of owning something! If you own a car, you are responsible for repairs, maintainence etc. Why would you not realize that a house is the same principle? I grew up in farming country, I remember the comments about people who moved on because they just "couldn't make it" on the farm. Families lost their homes then, just like now. Now, I will admit (loudly) that being able to find a job and regroup WAS a lot easier in past days, but no one, at any time is guaranteed a perfect life. Sorry, I digress. (often) I just can't imagine how they missed all that!
Didn't Your Parents Have A Mortgage?
September 19th, 2010 at 12:09 am