Many of the banks in Florida have given out mortgages to people who cannot afford to pay them back at the time that they requested the money, so there are more and more foreclosures in Florida. The other day on the television I watched a man walk through many houses and talk about the deals you could get from buying a foreclosed house. Never once did he mention the families that were thrown out with no money and no idea where they will live.
It seems so wrong for someone to be able to purchase a house, sign an agreement to pay over time, then lose their house, all the money they have put into it, and in some cases, their prized possessions. Yes, money isn’t everything and nice things do not make happiness, but having a roof over your head can definitely increase happiness in my opinion.
In the economy right now, buying a house is black listed because there is almost no market for re-sale. If you are looking to own this is the best time that you could buy. Many people seaze this opportunity without thinking about the concequences. For example, where will the funds for this magical home come from? Also, what will you do if the basement springs a leak or a tree falls on the roof during a thunderstorm?
Even if you think that you may have the means to support a mortgage on the house of your dreams, home owners insurance is still an important part of any housin agreement. Without it, you are powerless to defend yourseld should something happen. Foreclosure happens alot when people think that they can take on a “fix-r-upper” and bite off more than they can chew. Yes, it is great that you want to do the repairs yourself and make the house your own, but without insurance, you could end up on the same path as these poor, unfortunate florida residents who are now homeless. I urge you to consider the consequences and if you are going to buy a house, make sure that you buy a home owners insurance. If you want any tips on the best type let me know and I’ll tell you about soem companies I like. : )