Owning a house is a privilege/Carlos Pueblo

Owning a house is a privilege/Carlos Pueblo

It is a goal to own a house of your own no matter via finance or out right purchase. We must have a place to live 24 hours a day. All my retirement plan is based on that I own a house without any debt obligation except the real estate tax. Then, I can calculate and balance my income and expanse in order to live comfortably.

There are several economic down turn in the recent history in Houston due to the oil price. in the 80's for instance, there was one that the loss of 200,000 plus oil industry related jobs. Most of my insureds who were engineers lost their jobs and yet tried to hold on till they felt no hope to make it. Foreclosure of mortgaged dwellings and banks were very common. It was because of the mortgage default. Fortunately, Houston is still a big job market and we gradually obtain some other business than oil in the area. People are moving back to Houston for their family to build a life. At that time, I was terminated by an insurance company and received a small lump sum payment for my agency. I paid off my first lien of the house and later took a 0% credit card balance transfer to pay off the second. This decision allowed me to have my second opportunity to build up my new agency again. 

Houston is prosperous again as always. In 2012, we sold the old Traviata house to a builder for $400,000 and he had already sold the land to a rich and young family to build a mansion of 1.25 millions. We instead to purchase a less aged and well built two story house three miles south for $252,000. This is what now I have enjoyed so much on the morning walk, home gardening, playing tennis, swimming, and getting to know so many pet dogs friends and their owners. Again, my obligation is limited to the real estate tax and home owner association fee annually. If I divide such cost into three of us, it is about $100 per month much better than a lease of an apartment.

During the Chinese Wuhan Novel Corona Virus Pandemic, I feel no threat at all on my finance. It is because that I have had a house free of mortgage and is a privilege. There are some minor issues like all houses and I ignore them as long as that they don't bother my way of life. I'll be gone very soon and I shall let Arthur to worry about it. A builder may step in again to tear it down for the next owner and it is no longer my concern.