Earlier, someone asked me why I don't believe in "#homeownership"
. Here is my answer.
I have three main #reasons
that I don't believe in "home ownership": (1) #financial
We are sold the idea that "a #house
is an #investment"
. However you must #borrow
a huge amount of #money
, usually several years of gross #income
, in order to "#invest"
in this game!
Of course, people say that this #debt
is "good debt" because you can #resell
the home - and the mentality is that, for some crazy #economic
are supposed to increase in #value
almost automatically. But for me it's not that simple.
Some people cannot sell their #home
due to #market
situations. I know one man who decided to move out of his large home now that his children are grown. He thought it would sell quickly. But he has had no luck selling or even #renting
out his house because he lived in a #rural
area with no jobs. Now he is drowning in debt due to trying to pay a #mortgage
(for the house he can't sell) in addition to renting a smaller place!
But even if you are in a good position to resell your home, you still have to spend a lot of money on it in order to attract #buyers
, the list goes on and on. That's not to mention #propertytaxes
(which increase as you make the home more attractive to buyers!) and #insurance
To me, that's a terrible form of #investment
Compare "home ownership" to #stock..
. as a form of investment. If I have a #brokerage
account and I buy stock (or some other traded #commodity)
, I don't have to worry about property #taxes
or insurance. And I certainly don't have to spend my own money to maintain my stock shares - in fact many of them will pay ME #dividends!
So I simply hold on to my stock #shares
until I want to #sell
back onto the #secondarymarket
. Hopefully I can sell while the value is up so that I earn a #profit
. Very simple, very cost effective, and potentially very profitable. AND no #borrowing
from the #bank!
In the #USA
, your mortgage is rarely owned by your bank. Due to insane #federal
, your mortgage #loan
is SOLD to government #agencies
as soon as you finish #buying
the house. See https://en.wikipedia.org/wiki/Fannie_mae
So our #federalgovernment
- which is TRILLIONS of dollars in debt!!!! - is #subsidizing
these stupid #agencies
your mortgage loans from the banks......
What is the purpose of doing so?
To create a ridiculous phony traded commodity called "mortgage-backed securities". Read all about them here: https://en.wikipedia.org/wiki/Mortgage-backed_security
If the agencies are profitable in selling these absurd "#securities"
, then the money goes back to the US #Treasury
(which of course means more public money for #warfare
and other evil empire activities). And if the agencies are not profitable, then the US Treasury instead bails them out (which means using our #tax
dollars as well as billions of dollars of government debt!).
I, for one, refuse to support this political madness.
There are so many lifestyle reasons that I don't believe in the #Americandream
of "home ownership".
For one thing, in the past few decades, the housing bubbles have truly made my country #UGLY
My heart aches when I see the ugly landscape of #American
. They are filled with dystopian panoramas of hideous mass-produced cookie-cutter low-quality houses that you can't even tell apart. I am grateful every day that I did not grow up in this bizarre alien landscape. And it's not just the stupid planned "#neighborhoods"
- it's also the suburban #sprawl
of big-box stores and other real-estate speculator/developer wet dreams.
And the richer #subdivisions
are no better than the #middleclass
. They are just filled with even uglier #McMansions
- which are still very CHEAPLY MADE. Read more about these pathetic eyesores on this excellent architecture blog: http://mcmansionhell.com
I love real #architecture
so I would NEVER punish myself to live in such a stupid environment.
And it makes me so angry that people are so #mediocre
that they would be content to live like that and allow these companies to get rich off of making our #cities
UGLY. But of course they don't care because they just want to buy the house in order to "resell" it later (i.e. get an even bigger mortgage loan!) for another Instagram-worthy #superficial
And because the #banks
have convinced people that "homes are an #investment"
, people don't buy homes to STAY IN. Almost no one plans to stay in the same house their whole life. So the companies that #mass-produce
these ugly #buildings
take advantage of it - they make cheaply produced houses with no regard for #energy
, or longevity.
Of course this means that homeowners must work even harder to maintain their cheaply produced homes to attract buyers, which means countless hours of free time WASTED on completely stupid projects like repainting everything, installing new bathroom sinks, etc JUST FOR APPEARANCE!!! Imagine all the hours of time for a #homeowner
spent on boring and menial "home maintenance" that could instead be spent learning a new #language
or visiting #nationalparks
or doing other enriching activities.
Meanwhile homeowners are never free to really personalize their housing. People believe that when they buy a house they can "make it their own" but it's a lie. If you want to get rid of your environmentally destructive #lawn
and grow a #garden
instead, the #city
will come after you for violating some sort of #municipalcode
. Same if you want to collect #rainwater
or start an open #compost
pile. If you want to put up #solarpanels
, the city will probably demand that you obtain a permit ($$). And heaven forbid you try to exercise #freedomofexpression
. Imagine how a Homeowners Association would respond if I put up a sign saying "#FreePalestine"
in my yard. Being a homeowner means #CONFORMITY
And sadly even if I #behave
all the #rules
and live a #boring
mediocre suburban lifestyle, the government can STILL take my house away through #eminentdomain!!!!!
They do this all the time - many people had to move when the interstate highways were built and nowadays people are forced to move because the government is trying to help #oil
companies get access to even more #land
to build #pipelines
that could ruin our #water!!!!!!!!
When it comes to lifestyle, I don't want to be told what to do by anyone. And I want to be #free
to move (hence the name #nomad!)
. There are so many #amazing
to see and places to #explore
. There is so much #history
in the #world
for me to witness. Being a homeowner won't help me live a fulfilling life.