Frame of Reference

How we think of our homes has a lot to do with our purchase decision. I see several general stereotypes.

• Some folks see their home purely as investment, buying and selling often. They rarely personalize a home and never really set down roots in the local community.
• Some folks see their home as a place to live and call their own (i.e. their piece of the American Dream). They are proud of their home an involved in the community.
• Some folks see their home as a retirement strategy. They want to own a home outright by the time they retire in order to use their retirement income for other necessities and activities.
• Some folks see their home as the place where the often go when they are not at work.

I'm sure there are more types, and obviously some of these are compatible. For instance I would say I am part American Dream part Retirement Strategy. On the retirement strategy side, with a 30 year fixed rate loan, I should have purchased a year ago if I wanted to retire mortgage free by 65....sigh. Although chances are, retirement age will be closer to 70 by the time I get there. The way I figure it, I will have to make due on 401k alone (since I doubt there will be much left in the SS fund by the time I retire). Actually owning my home outright will make that much easier to do.