By Tiar’a Literary & Illustration
Email: tiarapublications@gmail.com
You’ve plowed your trade for years, deprived yourself of vacations, saved money, established great credit, and now you are finally in that stellar position in which the most affluent landlords on earth (banks) will allow you to pretend to purchase a home.
For many, owning a home is the greatest accomplishment of their lives. Let’s face it, being able to showcase a piece of paper that reads “DEED” on it while carrying the purse to a three-hundred-thousand to one-million-dollar debt, yearly taxes, mello-roos, HOA fees, and a slew of home repairs and upgrades costing more dinero must sound appealing to many.
The reality is, when the bank allows you to pretend to purchase a home the only difference to renting a home is that you are now liable for its repairs, its taxes, its upkeep, its HOA fees, and if the cascading economy ever rebounds you might just make a profit.
For the last decade, purchasing a home has seen a significant decrease in the minds of younger generations. To the outsider, it appears that people are buying homes more abundantly than ever. However, and sorry to burst those bubbles that you’ve been living in, but the hard truth is that the largest contingent of home buyers in our current volatile market are investors. For information purposes, many of these money schmucks are from out-of-state, and out-of-country.
Last year, it was reported that a major investment firm in Canada purchased close to a million homes across the US to create rentals. Why? Because the proven consensus of young people living in the United States are no longer interested in living in a “I-own existence”, and much rather prefer a “ride-share world” in which all they possess at any given moment is leased.
This is not entirely a bad mindset considering this direct and poignant question – “Do you really ever get to own your home?”
When you consider every item to ponder when purchasing a home outlined in paragraph two of this article, reality suddenly kicks in that no matter if you have a mortgage payment or not, your home never truly becomes your own property, and here are several reasons why:
HOA’S (Home Owner’s Associations) are a thorn in many Coachella Valley resident’s side. The outwardly pleasant board who pledge to keep your community safe, clean, and residents in check, almost always inevitably turn into harassing control freaks that really ought to take their talent to the army, or some other disciplinary field. These busy-bodies with seemingly nothing better to do than to harass (which is criminal) homeowners for pesky non-issues that are worth less than the complaints on the paper they are printed on would be doing everyone a favor if they stopped announcing their let’s all be merry mentality, obtained therapy, and managed their incessant need to interfere in the lives of others. Did you know that if an HOA chooses it can slap a lien on your property, and/or force the sale of your home? Don’t believe us, look it up.
Property taxes are due each year without fail no matter if you pay off your mortgage. If you don’t pay your property taxes for more than five years, guess what – your home can be removed from your possession, and someone off the street can assume its title (if they pay your back taxes)
Mortgages – If you default on your mortgage payments for too long, your bank can force the sale of your home.
On the flipside of this truth coin, if you choose to rent a home you will never have to pay property taxes, HOA fees, answer to the Gestapo HOA, pay for home repairs or upgrades or be at risk of foreclosure. Therefore, who is smarter – the home renter or home buyer?
Next time, we expose the truth about the construction contractor.
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Email: tiarapublications@gmail.com
