Renters Win, Home Owners Lose
Home ownership has been widely regarded as the "best financial investment" in the pursuit of wealth accumulation. Americans believe that the appreciated value of a home provides a great hedge against inflation, giving home owners an opportunity to make a profit when they sell the property.Today, two-thirds of American families own their homes. Nearly 80 percent of the 78 million baby boomers are home owners. Many of them have bought and sold several homes. Yet, close to 90 percent of American families are broke. Why? What's wrong with this picture?
- What if this popular, "best investment" choice is nothing more than a DANGEROUS DREAM?
- Is home ownership simply a huge economic scam designed to KEEP BUYERS BROKE?
- Could home owners be working to pay a mortgage that make their lenders rich while they STAY POOR?
- What if "home equity" is only AN ILLUSION?
- Could renters be in a BETTER FINANCIAL POSITION than those who own their home?
You decide. Get your copy today and discover the stunning truth about home ownership.
About the book
RENTERS WIN, HOME OWNERS LOSE: REVEALING THE BIGGEST SCAM IN AMERICA answers the preceding questions with stunning accuracy. The book is laced with facts and figures to demonstrate that the well-promoted, home ownership idea is one of the biggest economic deception in the United States.
The work compares buying a home vs. renting and reveals that renters clearly have tangible financial advantages over the majority of home owners. In an absolute best economic condition, most home owners will receive no more than a zero percent return on their investment, and millions will lose big money on the deal.
Renters Win, Home Owners Lose will get you to rethink the way you view home ownership vs. renting. But most importantly, it will arm you with knowledge to take control of your housing choice and win…big! Purchase your copy TODAY and begin to make a financial difference in your life. Do it now!
"Renters Win, Home Owners Lose by Tom Graneau flies in the face of conventional wisdom, questioning the long standing belief that the American Dream–home ownership–is the path to success and financial freedom. Mr. Graneau begins the book with a detailed examination of how Americans are obsessed with home ownership and how the lower risk and often more affordable renting route is believed to be a bad financial choice. Society in general, our parents, and peers have instilled in our brains that renting only makes landlords rich. Now Mr. Graneau asks us to think about whom mortgage payments make wealthy. Bank shareholders win while home owners turn to credit cards when cash flow doesn't equal expenses. Buyers are told to use our equity to take out loans to cover upgrades, remodeling, and repairs and we do it–because it's an investment–or so we believe. Most of us gauge our lives by our careers and by our homes. Owners want to own bigger homes and renters want to buy no matter how much financial burden it puts on the family. Owning is believed to be better as the sacrifices today will pay off later when the home is sold. Home builders associations, realtor associations, financial institutions, and governments each have done their bit in instilling the belief that home ownership guarantees success. I believe the author has done a wonderful job making his point with sufficient evidence to back up his claims. His thoughts are presented clearly in plain, understandable language. He doesn't preach or condescend and I quickly began to see how his suggestions could work for my situation. The back cover outlines the meat of this book as it poses the following five questions: • Is home ownership simply a huge economic scam designed to keep you broke? • What if this popular, "best investment" choice is nothing more than a dangerous dream? • Could you be working to pay a mortgage that makes your lender rich while you stay poor? • What if "home equity" is only an illusion? • What if people who rent are in a better financial position than those who own? Soon after reading Renters Win, Home Owners Lose I was talking to my wife about selling our apartment and renting a larger home. The savings from a lower monthly rent compared to mortgage payments, and no longer needing to pay property taxes, repairs, and condo fees could be invested in our family's future. Over the length of a 25 year mortgage, I believe we may be further ahead as Mr. Graneau has effectively shown here. I highly recommend Renters Win, Home Owners Lose to anyone considering buying a home and to owners tired of experiencing financial hardship."
— By William Potter for Reader's Choice Book Reviews
"I welcomed the opportunity to read and review this book since I am in the real estate industry. I want to say at the outset that I had a hard time writing the review without jumping into "debate" or soap box mode. I have another whole page of commentary that I could post but decided not to include in the review. The book is well organized and the author systematically points out that there are more costs to home ownership than just the down payment and the mortgage principal and interest payments which are part of buying a home on credit, as most people do. At about the time the homeowner closes on their purchase they discover that they will need to pay money for real estate taxes, home insurance, homeowner maintenance or condominium fees (where applicable) and, of course, endless house repairs or remodeling. Mr. Graneau uses "the Financial Chessboard" graphic to show income, expenses, assets and liabilities as they relate to home ownership. These graphics show a huge outpouring of money (paid to banks who get to make a profit by investing the funds again) and a minimal savings or equity effect. It is not uncommon for homeowners to spend all their money, including 401K monies, to maintain their expensive real estate investment and then wind up after many years with no savings and possibly no equity if the market crashes, as it has, or if they pulled all the house equity out for repairs, college or other expenses. Mr. Graneau makes a strong case for renting and saving that extra outflow of money rather than paying homeowner expenses. I had to agree with many statements made in the book. Part of the American dream is to own a home and this dream is promoted by family, friends, the real estate industry and even the government. One section in the book addresses the real estate market crash with discussions entitled "The Blaming Game" and "But Really, Who is Responsible for the Crash?" Here Mr. Graneau compares the American consumer to the quote: "Those who live by the sword will also die by the sword" rephrased to read: "those who make it a habit to live on credit will also die by credit." As Mr. Graneau points out it is "greed" that drives the big construction companies and the mortgage lenders but it is also "greed" that drives people to live beyond their means by buying houses that are too expensive and buying luxury cars and living off of credit cards. Mr. Graneau proposes that renters are winners if they rent and then save the extra hundreds of dollars, if not thousands, a month not needed for taxes, insurance and house repairs. The idea has merit and Mr. Graneau makes good overall summaries, but in my opinion the book skims over many issues, and he does not provide detailed solutions for implementing the idea other than suggesting that renters seek financial planning, which I think is too simplistic and unrealistic. Also the book did not address some of the drawbacks associated with renting such as displacement requiring moving and increases in rental fees. Perhaps the author plans another book to address the savings and investing issues in more detail or perhaps he just hopes that renters and disheartened homeowners will seek financial planning. Considering the number of people struggling financially I wouldn't hold much hope for them to commit money to planning even though the immediate expense might well reap a long term benefit. In any event, this book is easy to read and provides some good arguments to be considered not only by people thinking about buying a home, but by renters who might wish to control the temptation to buy a home and redirect their focus to other savings."
— By MSEreads (mesreads)
"This book may upset your way of thinking, but that's often a good thing. We always felt that home ownership was good for us over the years; I'm pretty sure it generally was good at the time, but not so good as we thought. Glad I got out when I did (now a happy renter). The equity we build up is fragile (now very obvious). The tax deductions are not as beneficial/large as we like to think. The extra costs of owning can be really large. And anytime you re-finance to take out equity, your new lender is doing very well on the deal. We were all propagandized by the government, the lenders, the realtors, etc. This book will help you to take a fresh look at the process. You cannot afford to overlook this book before buying, not any more. And it is very clear and well-written. If you are presently underwater or upside-down in a mortgage, I am sincerely sorry. You may stay underwater for a very long time. Talk to your lawyer (first!) about the possibility of walking; stop paying right now, save money, live for free, pay off the credit cards instead. It will be (probably) many months before your lender takes any action at all. The book does NOT discuss this for you, and so perhaps I should not either. But the book will help open up your thinking."
— T. Ervin (much2learn)