Is Buying A Home The American Dream Or Nightmare?
I’m not quite sure who coined the term “The American Dream,” but something tells me the banks were behind it. That old, red, white, and blue dream often involves a house with a white picket fence and you know what houses are? Expensive. We’re pitched the idea that we’ve “made it” once we own our homes but…a lot of actual homeowners would tell you that they feel differently. Don’t get me wrong: under certain circumstances and for certain individuals, buying a property is a great thing. Imagine owning your home and not having to pay rent every month? There is tremendous financial stability that can comes with removing that major expense. But, that’s not exactly how it shakes out for most people. For many, “The American Dream” feels more like a waking nightmare that they really wish they could get out of. Here is why that is.
It may be a long time until you own it
Try to remember that if you take out a loan to buy your home (which most people do), then you don’t own your home: the bank does. Depending on the terms of your mortgage, you may not actually own your home for decades. You are still paying “rent,” it’s just in the form of mortgage payments. You do still need to write a check every month to make sure that roof stays over your head.