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Why do you want to own a home?

shoppingcart_houseThe local market is absolutely the best that it has been in several years, especially for first-time buyers. Interest rates are historically low, prices are the most affordable they have been in the last six years.  There is plenty of inventory to choose from, mostly bank repos, where you can get excellent deals.


But before you get all excited, ask yourself why do you want to own a home? The number one reason given is pride of ownership; the desire to have a place you can call your own. A home is a place where you can exercise your right to quiet enjoyment, and where you can express your taste undisturbed; a place where you can raise your family safely and comfortably for as long as you want to.


Then there are the financial reasons. Some of these include tax considerations,
accumulation of equity and buying for investment purposes. But given the actual
market conditions, some of these should be thought of as secondary, and only
viewed as long-term benefits of owning.

You must also ask yourself if you are ready to take the responsibility of maintaining a home. A cost usually neglected during the discussion of your qualifications. The cost of maintaining your home may include: potentially higher water and electric bills, repairs, updating, escalating property taxes, insurance and HOA fees. Unlike a rental, you must plan and commit to a long-term stay because you can never count on selling your home quickly or for a price to recover, at least, your initial investment.

The closer you look at you financial situation, motivations and commitment, the more confident you will feel to jump on the market and score a good deal of
your own.

 

 

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