What’s a rule of thumb to determine how much mortgage you can afford? There’s no one rule, but these four tips will tell you.Home ownership should make you feel safe and secure, and that
Top 7 Reasons To Buy A Home
Buying a home can be daunting if you are unfamiliar with the process. Fortunately, there are Realtors and real estate agents out there who make the home buying process much easier than say, walking into Best Buy and looking for a TV. But even knowing that the process can be easy when guided by the right consultant, some people hesitate to make the commitment to purchase. I understand it is a big commitment, so here are some reasons why people choose to purchase a home.
Historically, real estate does not falter. There may be a few slips over the short term, but the overall growth and value have been stable. The National Association of Realtors has stated that median home prices are averaging 5.2% each year from the early 70's through 2014. Cities such as Round Rock, TX have seen increases upwards of 13% year over year.
2) Tax Benefits
Many of the costs associated with purchasing the home, property taxes, and mortgage interest can be deducted when you file your taxes each year. Some cities will even let you deduct moving expenses entirely!
If you pay rent, the money belongs to someone else. If you pay a mortgage, you are building equity for yourself.
One common occurrence in rent is that it rises each year. Mortgage rarely rises, although that is not to say that insurance and taxes won't.
If having a relationship with the community is important to you or your family, then consider the stability that comes with home ownership. As an active member of society, you become a direct contributor to the economy, schools, roads, et cetera.
Americans need to have a savings plan. There is a surplus of people living from check to check because budgeting was not taught to them. If you are paying a mortgage, it can be a forced and forgotten savings plan. On the rainy day when you decide to cash in, there may be hundreds of thousands of dollars at your disposal.
When you lease a car, you can do a few things to it but it has to be put back the way it was when you first received it upon return or you will pay dearly. It is very much the same with real estate. So when you buy your own home, you can decorate it and dismember it until your heart's content. Have your pets without paying an extra deposit, have baby accidents on the floor, live life a little without the worry.
8) Bonus Reason: Appreciation and Pride of Ownership
There are few people in life that would agree material possessions are the reason for living. Most people I have run into would say it's for feeling, love, building a family, friendship. Owning a house has transcended from a material possession to becoming a safe haven for families, to create a feeling, and share the love. It isn't called the American dream for nothing.
What are some of the reasons you bought, or want to buy a home?
Thank you for reading, liking, and commenting. #ianofaustin
P.S. Hey, don't go anywhere just yet, I need your help! I make video walkthroughs for people like yourself and would love some feedback on ways to improve. Check out one of the videos here. Remember, it's a 360 video so you can move it around. ;-)
I have lived a full life. One of my lofty aspirations is to have an impact on everyone I meet. One way I am able to achieve this is through Real Estate. Whether you are buying your first home, selling....
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