Friday, October 19, 2007

Is Your Home an Asset or Liability?

Is Your Home an Asset or Liability? It depends on some of the other things that you leverage about your home.

If all you do is use your home to sleep in and store a bunch of stuff you don't use in productive ways then yes a home is not all that good a deal compared to a rental.

We had to sell our home after piling up debt due to medical bills and loss of my job so we are renting again. The thing is we lost a number of things that we could do with our home we cannot do in an apartment.

The major thing is that we no longer have any capability to grow our food. We had a huge garden that was a major supplement to our grocery bill and tasted way better too.

Another thing was that we could process the food we grew or bought from the farmer's market. We helped my nephews family can about 6 bushels of apples at their house. We had a station for cleaning and cutting apples, another to cook them, another to process into applesauce and finally another to do the actual canning process for putting up. The kitchen in our apartment is so laughably small two people can't do anything together in there. Doing applesauce would have taken forever as only one person could do anything in our pathetic little kitchen.

While I never had a chance to do it we were planning on solar panels to go for energy independence and having a well for water independence.

By itself a home is not much of anything at all except four walls and a roof, but it depends on what you do with it. A home can be far more then a storage facility and if that is all you'll use it for then if makes no sense to buy. A small apartment will be a much smarter idea.

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