Social Question

airowDee's avatar

How important is owning a property?

Asked by airowDee (1791points) November 3rd, 2010

As a renter, it doesn’t seem like I will ever have enough money to own my own home. I have taken a huge credit on my credit card due to not finding full time employment and my other mental problems and a lack of discipline.

It would take me decades to pay off my credit card bills if I pay the minimum required payment and I am not able to pay a lot more than that.

It seems the little money I make will never be enough to do anything other than paying for bills. I also don’t want to go into debt nor do I have money to go back to school to get a more practical education, instead of a bachelor in psychology and political science that I currently have.

And of course I have student loan.

I just don’t really know what is going to happen to me when I get sick or when I am old, everyday is a huge battle and I am barely keeping my faith.

And it also seems like I will never be able to change my legal gender or have a sex reassignment surgery or deal with my anxiety/depression. There are so many things I want to do, but there are always something more immediate to pay attention to, or to spend money on.

I mean , I cant imagine someone having mental issues and dealing with lack of employment and a complete lack of education, I have not hit rock bottom due to many factors in life, like my mom but she is getting older as well and I wont be able to financially care for her.

Just what is going to happen to people like me? those without property or any safety net when something goes wrong and something will go wrong because thats life.

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11 Answers

LuckyGuy's avatar

You brought up so many points it is hard to answer them all. I will start by saying you are in much better shape than many. At least you are smart enough to realize something has to be done.
Here are some things you can do right now that cost nothing and will help you out.
1. Stay in shape, or get in shape. Now! Run, jog, walk, whatever you can do. Keep your body in good running condition. It costs nothing to do this.
2. Avoid drugs, alcohol, cigarettes, etc. They are self destructive and cost money.
3. Find some friends. Socialize with people you are comfortable with and are positive influences. Avoid the “bad boys” or “bad girls”. They will only drag you down.
4. Find a partner. (This one will be controversial but I believe it.) A heavy load is easier to carry with two. With the right partner, life can be enjoyable no matter the circumstances.
5. Keep reading and educating yourself. The library is free and you meet really nice people there.

Your body, health, and mind are the most valuable things you own. More than money, more than property, more than anything! If Donald Trump was offered the chance to be 25 again if he gave up all his possessions what do you think he’d do? I’m betting he’d throw in “the rug” and trade in a second
Keep the property you own (yourself) in tip-top shape. It will help you get out of this temporary slump.

Aethelwine's avatar

When you own a home you are responsible for anything that goes wrong with it, and something always does. Bad wiring, leaky roof, plumbing, these are all very expensive problems to have fixed. Then you have your constantly rising property taxes that need to be paid each year.

If you would have asked me this 6 months ago, I would have said owning a property is very important. We just walked away from the house that we owned for 16 years, and honestly, we finally feel free. We now rent, we aren’t tied down to one specific location, if anything goes wrong the owner is responsible. A home is what you make of it.

I’m only answering your first question, as I’m sure there will be many others that can give you great advice about the rest. Take care of yourself, and I wish the best for you. Good luck.

CMaz's avatar

Owning property in today’s world. Is a status thing more then an investment.
Unless you can pay in full or pay it off in 10 years. Like people did in the old days.

That “American Dream” thing.

airowDee's avatar

worriedguy

You gave really excellent recommendation, but I already do those things. I am an avid runner, I run everyday and I would recommend it to just about anybody, it saves my life.

I also have a boyfriend I love very much even though its kind of long distance now, I am in Toronto and he’s from New York.

I do have a dog and my mom and my man and they are very important to me. I still worried a lot and get really self conscious and anxious about the future and paying my bills every month.

I am on so many different medication, hormones , anti-depressants as well.

airowDee's avatar

ChazMaz
jonsblond

Well I disagree that it is a status thing. I couldn’t care less if my property is just a small little apartment. I think having a property is a security (you cant get kicked out by the landlord if you own your home or if its under your name) , especially when one is going into retirement. Nursing homes are not the best place for everyone, and I suppose it is not as important if you have a lot of savings but paying rent is like supporting another person’s mortgage payment. It doesn’t really do anything for the renter.

I am just living so precariously, everything can go wrong very easily. My jobs are very temporary, they are part time and they are survival jobs and the sad thing is I don’t think I can find anything better.

One misstep and I can hit rock bottom pretty quickly. I am scared. I am 27 , and I am always looking for a good job, but its hard. I am just trying to get a few part time jobs going to make up for the hours.

But I get depressed and anxious easily and I just dont really have the same drive even though I tried really hard already. And living as a transgender woman is not easy, I mean , I guess I made the choice to live this way and not many people know me as anything other than a careless and depressed woman but it feels like I am going to be exposed one day and they are all going to freak out or they will hate me forever if they found out my legal gender. I am so sick of feeling like I have a big shameful secret to hide.

well this is becoming a silly rambling, I guess I should just stop now.

john65pennington's avatar

You have just described the definition of many homeless people. i do not wish this on you, at all. just a suggestion that this may be where you are heading.

The bottomline with you, appears to be money or the lack of it. i am not sure of your age, but its never too late to seek a better job. this may be difficult for you, but you never give up. i would not depend on my mother, if at all possible. she cannot be your crutch forever.

Grab a newspaper and start checking the want ad section.

Aethelwine's avatar

@airowDee If you have hardships and can’t pay your property taxes, you can lose your home. Owning is no guarantee.

CMaz's avatar

@airowDee – I understand the security thing and the privacy. Also…

You have equity. Money saved, that if was not locked in the house, you would have probably spent. But will only shine if you hold onto the house till it is payed off.

But, these days. And, I hope it changes. Me being a home owner.

If I have to move for work. I would be stuck with my house for at least a year and would take some sort of loss. The longer I have my home I hope I secure enough money for the crazy over inflated cot of taxes and insurance that goes up EVERY FRIGGIN year.

If you are in a position to dodge all the obstacles I do see a house as a positive.
Eventually, you wont have to “pay rent”. Or should I say, not as much. :-)

I just do not see it as much as a value as it was 25+ years ago.

LuckyGuy's avatar

@airowDee That is good to see. You are heading in the right direction.Things will get better.
As for home ownership, I live in NY, the land of taxes The taxes on my house are $600 per month! Utilities are about $100. Heat is free because I heat with wood but that is a lot of work. Add phone, lawn maintenance, fixing the rain gutters, plumbing issues, mice, bees, broken refrigerator, clogged sink, broken window from snow blower throwing a rock, endless. .. How much is that per month? You pick a number.
How much has this “investment” gone up in value? Nothing! Zip!
Had I bought my home in 2007 or 2008 I would have lost a pile. Granted, I do have a lot of space, but none of it is really necessary. It is baggage. Comfortable baggage but still baggage.
There are nice people here who lost their homes. The thought of it almost brings me to tears.
When you look at the numbers, renting is not such a bad deal.

Stay strong. This rough patch will pass.

Response moderated (Spam)
TaeYoung's avatar

Investing on a property is a good thing! A friend of mine invested on an upcoming condo in Singapore which is Amber Skye http://www.propertyforsalerental.com/amber-skye/ though it is a residential property, I know someday or somehow he will profit from it.

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