Home Ownership
As of the 15th of October, my family and I are the proud “owners” of our very own rent-to-own home. Photos and recaps of various interesting design decisions that were uncovered during the renovations will be forthcoming. For now, feast on the simple joys of reading my description of the house and how we got here.
My thoughts regarding the whole rent-to-own thing versus the idea of a mortgage is fairly simple. I have no need for a mortgage. My current rent-to-own situation is similar to a mortgage in that we’ve factored in “interest” at a 10-year term. I do not want a mortgage because I know that having one would simply allow me to think I have “equity” which is like a virtual stake in my own home. I’m certain that I’d be tempted to use the equity in the home at some point. Since I don’t have my name on it at this point, I can’t actually do that. The situation keeps me from getting into the situation that many American mortgagees are in right now. Read more…