While I was in the line at a local popular bagel shop recently, a woman and her husband in front of me were lamenting to a friend how HARD homeownership is.
Their plumbing has a leak and she was unsure what to do. Her quote was..."when she was a tenant, she just called her landlord"....now that she is a homeowner, she has to determine who to call and how much it will cost. She had not considered this aspect of home ownership when they purchased their home last summer.
Meanwhile, a WORKING single mom w/3 small girls is suffering with a broken heating system that she can not get fixed until February when she gets her tax refund. Her family is staying warm with space heaters loaned to her by friends in her community.
Local community action agencies, utility assistance programs and social services can not help her because she makes too much money......yet, she owns her own home....and her family is COLD.
Whatever the reason, homeownership is becoming a LIFESTYLE choice and not necessarily an ECONOMIC choice for the potential of appreciation. Sure, they have the FREEDOM from their landlord that homeownership entails; however, some may not have thought of the downside or be in a financial position to MAINTAIN their ownership so their FREEDOM becomes a BURDEN to their family.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous