There has been much talk in the news that maybe home ownership might not be a good thing at this time. It is true, for a while, some bought homes for all the wrong reasons. For many, a house was their personal bank. When they wanted some money (often for unnecessary purchases or vacations) they got a home equity loan. At the peak of the market, I saw at least one home worth only a half of the home equity loan proceeds given to the owner.
The real purpose of a house is to provide shelter, so here are some good reasons to buy a home. Therefore, it is no wonder that a large number of those buying homes are first time home buyers. If we take a step back and look at the real reasons to own a home, then home ownership makes sense even in these tough times. You should buy if you are:
- Someone renting who would like to have more control. For example, you are renting and you are in the downstairs apartment and the upstairs tenant paces all night. This might seem extreme but trust me it does happen. If you owned your home you would not have this problem.
- Someone renting in a no smoking apartment and you keep getting whiffs of the neighbor's smoke.
- Someone with a large family. Remember, the number of persons to a bedroom is limited. If you need to rent a 3 or 4 bedroom apartment then buying a home might be cheaper.
- A pet lover but are having a hard time finding an apartment that is pet friendly. Here again, buying a home makes sense because you just want to keep your pets
- A parent and you would love to have a yard for your children to play in, instead of being cooped up in an apartment.
- A young couple looking to start a family and want to do so without having to move as your family grows.
- A Mom and Dad needing to downsize but don't want to move to a senior complex.
So, you get the point, there are many reasons why buying homes make sense and what a better time than now, when rates and home prices are way down?
Copyright © by Jennifer Fivelsdal, all rights reserved-Should you buy a house now?