Should I Buy a Home?
by E'toile Libbett 10/25/2020
Photo by Monkey Business Images via Shutterstock
While homeownership often gets referred to as the American Dream, when you purchase before you are prepared, the consequences can be dire. Here are a few reasons you should buy a home.
- You feel certain. Buying a house is a huge step. It’s sensible to be cautious when making such a substantial purchase. You’re taking on added responsibility and the ongoing cost of upkeep. But, when you're ready financially, it's an excellent step to take. Ownership can provide a sense of stability and security that sets you up for future financial success.
- To build future equity. The best thing about owning a house is that it builds equity. Rather than tossing money away on a lease payment every month, you are paying a portion into your home’s value. Later, when you sell your home, some of this value returns to you. Be mindful, though, that housing markets only offer the guarantee of unpredictability; so housing values fluctuate widely over time. Once your home is paid off, you save yourself that monthly outgo — an excellent strategy for retirement.
- Your employment is secure. If you believe your position is certain and that you’ll stay in your present job — go ahead and buy a home. Having that sure income helps you stay on budget, make your mortgage payments, and build future equity.
- To access tax breaks. You can deduct a portion of your interest from your income and reduce your tax liability.
- Stability for your family. Frequent moves and uprooting your family is usually less than desirable. Owning your home in the right school district and neighborhood gives everyone in the household a sense of stability.
Owning a home offers people a level of security. Putting down roots in a location you own can bring stability to you and your family. There’s also the sense of community that homeownership offers.
When you’re ready for the stability and advantages of homeownership, reach out to your real estate professional and begin settling into the perfect community for you and your household.
