this post was submitted on 15 Jul 2023
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Well, point of fact, if you have a mortgage, your landlord becomes the bank anyway. You only get to own it after 30 years, and that is, if you haven't needed to take out a home equity loan or other line of credit against your home to make necessary repairs.
Well yes and no, in the sense that a landlord can evict you for reasons other than failure to pay rent (YMMV depending on your country) and in some places where housing is hard to come by, a financed house ensures that you won't be evicted because the landlord wants to make yet another Airbnb out of your apartment.
Even if you have a mortgage, better hope you don't have an HOA that can put a lien on your house for not paying the monthly fees
It's true, if you buy a place with an HOA in the US (not living there so the thought didn't even reach my mind) you have to check their rules as part of your due diligence. I know it's tempting because the place looks oh so good/the price is low/there are 20 other people waiting but you can dodge some serious bullets of you don't overlook it.
In my neck of the woods you have to be careful about upcoming renovations that were voted by the "HOA" before you buy but have yet to be funded by the homeowners. You can be forced to chip in to pay for a big reno (exterior walls, HVAC...) even though you didn't vote for it. But I guess it can also happen in the States.
You're paying a mortgage regardless. If you "own" you can sell the house and get a huge chunk of your money back.
The only caveats to owning is if your not planning on living there long term or you overpay when you purchase it.