Early this Summer, I was asked to read Renters Win, Home Owners Lose: Revealing the BIGGEST SCAM in America by Tom Graneau. As a NYer that rents, this book sounded very intriguing, I previously posted a guest post similar to the title of this book: 5 Surprising Reasons Why Renting May Top Owning, but Tom Graneau’s book explains in greater detail why renting wins and home ownership lose.
The thing I enjoyed most about the book besides the statistical data, was the relatedness to the reader. I found the book to be a very interesting read. The author explains to us what the “American Dream” is…
“The ‘American Dream’ invites curious minds into its grasp, tantalizing them with hopeful visions of grandeur and magnificence, only to trap their longing souls in endless debt and financial anguish.” (Tom Graneau)
The book also goes on to explain how home owners spend money on home improvements in hopes to someday sell the home and hopefully make a profit.
All spending on the house can usually be “justified”. More than a need to fix something, the owner sees every dollar spent as an investment that will come back tenfold when the property is sold.
But at the same time the home owner is using money from credit cards to make home repairs while drowning in more debt, but in his/her mind it’ll be worth it in the end, when the property is sold.
The book also suggests winning strategies for home buyers as well as winning strategies for renters both which are both informative and helpful if you are thinking of buying a home or renting an apartment or house.
One story I’d like to share happened a few weeks ago while I was on the train reading this book. The commuter sitting next to me noticed the book and asked me ‘how’s the book so far?’ I stated ‘very good and interesting’ and I showed them the cover of the book. They went on to say that they are against home ownership, and how they feel it’s “a waste of money. Renting is so much easier, when something needs fixing you just call your landlord, same thing with moving, you just get up and leave.”
The same day, I received a call from a coworker that I haven’t spoken to in a while, she went on to tell me how a house she just purchased in another state is becoming more of a burden than a dream come true. Stories like this makes me not want to get in the home ownership game.
After reading this book and listening to my coworker’s story, I realized I’m in no rush to buy a house, if I can’t afford it, I think I just won’t do it. Renting is flexible and works for me, at least for now.
Renters Win, Home Owners Lose is a definitively must read! KMP Blog is giving away a copy of the book to one lucky reader to leave a comment on this post. Just state if you are for RENTING or OWNING. I’ll select a winner randomly by Monday, September 13, 2010
Click here to purchase this book from Amazon:
Renters Win, Home Owners Lose: Revealing the Biggest Scam in America
WINNER is Wynsters!!! Congrats!