Pride of ownership – Piggington's Econo-Almanac

This topic has 32 replies, 10 voices, and was last updated 11 years, 9 months ago by scaredyclassic.

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January 16, 2013 at 4:37 PM #20458

scaredyclassic
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“pride of ownership” … I don’t think owning a home in itself is any reason to be proud; I’m not proud that I own, say, a particularly nice suit, or a car. It’s nice to have it, but I don’t feel proud. However, I am proud of my particular home. I’m proud because I saved up (for me) a lot of money to get it under family circumstances where it was difficult to save. I negotiated and got a good deal. I got my credit in really good shape. And now I’ve refinanced it down to where I’m paying less than a nice apartment around here per month. For me, the pride isn’t in the thing itself, but in the having handled life in a sharp way and doing things so they work out financially.

I know a guy who recently bought something really cheap off a craigslist ad who subsequently discovered that it is actually very collectible and valuable. He was going to sell it and make a thousand or two . I told him I thought he should keep it and display it in his house; every time he looks at it, he will think, man I’m smart. Plus it’ll probably appreciate in value too. I think it’s worth it just to have something around that makes you feel like you have a good eye for value.

That’s how I feel about my place, my refi, the whole deal; like I am not a sucker.

Maybe I am a giant sucker…Time could prove me wrong, but for now, I feel very clever.

January 16, 2013 at 4:47 PM #757853

SK in CV
Participant

I’m very proud of you too. Will be even moreso if you make it to squat300.

January 16, 2013 at 4:50 PM #757854

The-Shoveler
Participant

Enjoy it while it lasts.

You are only as clever as you last success and/or as dumb as your last screw-up.

You will have to trust me on this one.

January 16, 2013 at 5:21 PM #757857

earlyretirement
Participant

I don’t think there is anything wrong at all to be proud of purchasing your home if it’s something that you can comfortably afford.

Of course I think you will really feel proud once you own your home free and clear from the bank. Because until then it’s the bank’s house not yours.

I don’t buy real estate (or stuff in general) to display them or look at it and think “man I’m smart”. I do own several properties and I am proud that I own them. I don’t think there is anything at all wrong to be proud of something that you work very hard and save up to purchase.

I think most people don’t buy real estate to feel clever about. Most people buy real estate to either (a) live in and it’s a home to them; or (b) for cash flow via rentals.

January 16, 2013 at 5:22 PM #757858

NotCranky
Participant

I feel proud because you have me to thank for holding your hand through it all.

January 16, 2013 at 5:40 PM #757863

scaredyclassic
Participant

I don’t intend to ever own this free and clear.

I will be dead before 2043.

I have accepted the fact that a low monthly payment and maybe some equity will be all i can achieve in this lifetime.I Think it was fantasies of actual ownership free and clear that were holding me back from buying…

January 16, 2013 at 5:56 PM #757864

The-Shoveler
Participant

a) I think you will live to see it paid off.
The price you paid will seem fairly modest in 10-15 years IMO.

B) I think you will outlive me and I plan on living past 2043

C) You will most likely buy a more expensive home in 7-10 years. (I know you think you will be there until they carry you out, most everyone does at first, but very few do).

January 16, 2013 at 6:14 PM #757866

scaredyclassic
Participant

[quote=The-Shoveler]Enjoy it while it lasts.

You are only as clever as you last success and/or as dumb as your last screw-up.

You will have to trust me on this one.[/quote]

True. It’s been quite a while since my last giant fuck up. I guess my guard is down

January 16, 2013 at 6:44 PM #757869

carlsbadworker
Participant

I feel stupid most of the time lately…except occasionally when I am very productive at work. Life is just a giant roulette. Even if you just won a lot, you are never able to tell whether you will lose all the next round.

January 16, 2013 at 9:18 PM #757873

scaredyclassic
Participant

I don’t feel dumb lately. I feel distracted, forgetful, anxious, disgusted, awesome, muscular, fatigued, exhausted and seasoned.

But not dumb.

Maybe next week.

I’d rather owe 250000 on a place worth 800000 than own a 250000 place outright. I’d be prouder to have the debt. A free and clear deed would not bolster my pride.

i’d also rather ahve a super cheap monthly payment ona bitching place, than a free and clear dump.

January 17, 2013 at 2:47 AM #757880

flyer
Participant

We all have different dreams in life, and, IMO, if you achieve those–regardless of what anyone else has, does, or is–that’s what really matters–and, as you said, squat, you should be very proud of those achievements.

When you realize everything on earth is temporary, you really see life from a different perspective, and it is very liberating.

January 17, 2013 at 3:47 AM #757881

CA renter
Participant

[quote=squat300]

I’d rather owe 250000 on a place worth 800000 than own a 250000 place outright. I’d be prouder to have the debt. A free and clear deed would not bolster my pride.

i’d also rather ahve a super cheap monthly payment ona bitching place, than a free and clear dump.[/quote]

This surprises me. I’ve always thought you were debt-averse and financially conservative to an extreme.

Nonetheless, you’ll probably be living in your paid-off house for a good decade or more. You’d be surprised how many people think they’re going to die early, but live well beyond average life expectancy (and many of them are totally unprepared for it financially).

January 17, 2013 at 4:43 AM #757883

flyer
Participant

[quote=CA renter][quote=squat300]

I’d rather owe 250000 on a place worth 800000 than own a 250000 place outright. I’d be prouder to have the debt. A free and clear deed would not bolster my pride.

i’d also rather ahve a super cheap monthly payment ona bitching place, than a free and clear dump.[/quote]

This surprises me. I’ve always thought you were debt-averse and financially conservative to an extreme.

Nonetheless, you’ll probably be living in your paid-off house for a good decade or more. You’d be surprised how many people think they’re going to die early, but live well beyond average life expectancy (and many of them are totally unprepared for it financially).[/quote]

Have to agree, CAR. Even though it’s all temporary, it’s still wise, and does make life far more enjoyable to be financially solvent for as long as each of are here.

Also nice to be able to pass things along to the family, so they can enjoy their lives as well.

January 17, 2013 at 4:53 AM #757885

CA renter
Participant

Could not agree more, flyer. I have some funny stories about relatives who were writing their wills and “final letters,” getting everybody ready for their demise, and 15+ years later, there they are, very much alive and kicking (though many of them didn’t want to be).

January 17, 2013 at 7:02 AM #757886

scaredyclassic
Participant

I have come to embrace the American system of mortgaging ones self to a house.

Barring major medical advances and severe accident or environmental toxicity, I would place my death age at 78.9, about 1.1 years prior to mortgage payoff.

Hopefully on the day of my death, I will squat 325 lbs in my yard, have a breakfast of homegrown pomelos, sit down to read the latest issue of laphams quarterly and die virtually instantly from a majOr heart attack. That’s the best case scenario, anyway.

Unless I can stop worrying so much. Then id peg death year at 82.6. That’s 2.6 years free and clear! Somehow I think I’ll have other things on my mind than not having that monthly payment then.
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