New Britain herald., 1919-07-30
OWN YOUR HOME.

; 2deavored to show that the house. l holder in New Britain must hold on Ito his home, despite the fact that a | 8seemingly high price is being offered ! for it, we would aga in discourse upon E the need for building in the city as a remedy for the exceedingly high cost of rents and the lack of them at #any price. It must be apparent to I all that the selling of ones home will
 mean that the householder is out of
 a rent and must find one, with the &result that he will be spending more
 than the income from the sale of his Mdisposal of his place may have melted him a big profit. He will find that #he is paying more than the interest on the whole sum, profit and all, and Producing the original amount by a &certain sum each year in getting a
 place to live in. Poor business,
 isn't it?
 Il The only thing that would make it
 Reasonable for a person to acquire d #certain sum of money, partly profit, flor his home and then go out and 8spend it in rent would be the possl- bility that property would decrease in
 price before all of the profit from the
 sale had been eaten up in rents. Then
 money would be placed in the former owners pocket. But that is not going ] to happen. Property is not going to decrease in value, but, rather, in saves expenditure from his capital
 and will later partake in the increase : in value. DO not sell your home. But We discoursed at some length upon this subject last evening and have no desire to reopen this par 1ticular topic, despite it's seriousness and timeliness. The building situa- stion, rather, was the idea which We had in mind.
 Building costs are great at present. &They are not high in one sense of the
 
 lower. They are great, in that it costs #more now than ever before to build #a home. But it will cost just as %much three years from now, if not
 more. The person who is not build Fling and is waiting for lower prices
 has a long time to wait With the
 interests of the city of New Britain J at heart and the welfare of the home #naker in mind, we urge that any
 'building that is contemplated be got
 under way at once. There will be no more opportune time for it.
 The man of small income will ask, @How can build now; I haven't the money?" That is, unfortunately, the ! 2condition hereabouts. But we ask S Sfhat man if he has tried to get the money on mortgages. It is easier now than ever before; there is more money available and the banks are willing to put it into real estate ls(which is a pretty good argument for the safety of the investm by the 1way.) By paying what his rent costs may have a home of his own. It is true that he will not actually own l., as mortgages will cover it; but he will be able to profit by the increase in value over which he has paid. If he is able to make payments in addi- tion to the interest each year. he has as much money represented as if he had put the payment in the bank anl was collecting five or six per cent interest on 1t. The persons who are buying real estate here are sure oe making money on it. The small in vestor should be just as well satisfied. 8 We will grant, for the sake of ar gument, that the owner desires a place that will cost, for the house and lot five thousand dollars. He should I be able to place mortgages covering that amount at an average interest of five and a half per cent. Thus it will cost him twenty-three dollars a month in interest to own the house. It is also necessary 10 add about one hundred and twenty five dollars year for taxes and another hundred for upkeep. Five hundred dollars a year, then, is the cost which repre- sents the amount that would be lad out in rent, or the payment of inter- est and upkeep of another mans house That is in the netghborhood