Motley Fools ask, is your home worthless?
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The Motley Fool’s Chuck Seletta pose an interesting question, that I disagree with. They fail to recognize that housing is a necessity, so that it will be a cost of living regardless whether you own or rent.
If you’re like most Americans, a substantial portion of your money feeds the cash-hungry beast in which you live. Your home may often be called your “single biggest investment,” but let’s be honest — more often than not, it’s a money trap. On top of the mortgage payment, the joys of home ownership include homeowners’ insurance, property taxes, maintenance costs, repair charges, pest control, and on and on and on. That’s just what it costs to keep the structure sound and in your name; add in home-improvement projects and the costs keep escalating. If you’re lucky, some 30 or so years down the road, you might own your home outright. While that frees you from your mortgage payment, that’s the only bill that goes away once you completely own your home. To make matters worse, in 30 years your home will be a much older property, making the additional repair costs eat through much of the savings from not having to make mortgage payments to the bank.
Hat Tip The Housing Bubble 2
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