To own or not to own real property...
I'm not sure what you are asking here entirely, but I will take a stab at it and maybe lend you some insight that I have learned.
First off, and the biggest motivator for most is this: You Own It. Which = Real Property,
something you can call "yours" for living in or on and pretty much doing with as you choose like any other tangible asset.
You can modify it to suit your needs (not wants) and make some changes to make it comfortable for you, or sell it off if you want... whether it is
100+ acres of undeveloped forest to a small house on the other side of town it is an investment in your future. Even if a sit-x never happens. Land
will always be worth something.
Sure it is true that there are plenty of opportunities to rent or lease, fly around under radar so to speak... sign a 6 month lease here, move, 12
month lease here and submit a change of address... more contract signing... repeat and so on. I won't even get into the complexities of that here,
but the amount of effort involved and the money expended could be better put to use without a landlord or property management breathing down your
neck. Why not expend your own money and sweat equity for something that can be yours?
I seen the unfortunate side of it, at the beginning of every month when rent is due. I have had the unpleasureable experience of being a slumlord /
property owner for the better part of ten years now, but I was made an offer that I couldn't refuse... albeit dismal sounding the thought of buying a
run-down trailer park on an are of land outside city limits, yuck... but the thought of actually owning it was paramount. The payment for mortgage was
a little more than it would have been if I was just renting a place, and in the meantime I have had the pleasure of doing my own repair work and
learning new skills at the same time.
And here I am, in the process or remodeling the last decent living space to suit our needs, making it more energy efficient and liveable in the
process, and spending my free time ripping out old junk mobile homes instead of watching the TV.
It's paid for, even if it is not much... it is something. Yeah, it's in my name... but I'm not worried, I seem to be pretty hard to catch up with
most of the time anyway.
Originally posted by freedomataprice
It is my understanding that once this goes down FEMA will be able to take all personal property away, so you and I won't own anything. So why
Why stay? Why not?
If it all goes down like that, yeah... what you are saying is called "imminent domain" and it applies to real property and more agencies than the
FEDGOV and FEMA, going all the way down to sub levels of state local and municipal jurisdictions. They do that sorts of thing from time to time, take
over property if your land sits where they are going to build a new freeway extension... et al, but if the poo really hits the fanblades, it will be
hard to implement that on a major organized scale even if your name is on a list somewhere.
And yes, it is a good time to buy if it is within your means. Property values have been hyperinflated and overvalued for quite some time, now that the
real-estate crunch is on the prices have leveled out to standard somewhat in most areas. Buy low, sell high.
Notice how many homes are up for sale? What we are seeing is only the beginning in downturn. Land is likely to follow in decreasing prices just from
the lack of urban development and housing suburb sprawl.
That is my C02 thoughts anyways.