Introduction:Owning your own home can be stressful. Even though home ownership has traditionally been seen as a fulfilling part of the American Dream, that dream can turn into a nightmare quickly. Welcome to stress surrounded by a white-picket fence.
Whether monthly or bi-weekly, you owe money to the lending institution who holds your mortgage. If not paid on time, late fees can add up to astronomical amounts. Purchasing mortgage insurance is available but expensive.
Those who bought their homes just before the housing bubble burst, now find themselves living in a home that is worth less than the outstanding balance of the mortgage. Definitely stressful!
It's been said that the only two things certain in life are death and taxes. When you own your home, the taxes in and of themselves can equal or even exceed what you would pay if renting. Snow removal, sewer lines, your local teachers' union -- the list of what a homeowner's taxes go toward can seem endless.
Unless the homeowner is a master carpenter, plumber and electrician rolled into one, home repairs are costly. If a water pipe breaks at 2am, there is no calling the landlord.
The first four stresses are manageable if a sufficient amount of money is set aside monthly. But during times of high unemployment rates, a pink slip is one of the worst things to befall a homeowner.
True and interesting list.I have rented and owned and prefer owning, but I stay long enough to make it pay me to own. I have moved a lot but generally stay long enough to get my money out of the home and so practically have lived some places rent free.h5
You forgot to mention selling! In this market, that might be the 6th item on this good list!
Of course, if you rent a house, your rent will be high enough to cover all of these homeowner expenses! I always liked living in apartments...
I will soon be moving from home ownership to renting. I am relieved at the thought!
Hello, Ms. Porkchop. Not sure who you are, however!!
Mom always said to save for a rainy day. Too many rainy days lately!
True story~I am renting, used to own, and it's less stress unless you have all the bases covered you listed here.
select one here...