Why Should I Buy a House?

Chances are you have raised that question at some point in your life. It just seems easier just to be a tenant. There is after all less responsibility, no maintenance, can move easily, etc. It just doesn’t seem to make sense when the economy is in such a flux. That said, purchasing your own home pays off in the long run. Any time a new president is elected the question of whether or not to end social security always comes up. It could happen. If it did happen, how would you support yourself past 65? Even if there is social security when you reach 65, more than likely It won’t be enough to support you. You may say, “Well, I will just keep working.” That is a good answer, but don’t you want to retire someday and maybe do some traveling or pursue some hobbies. After all, who wants to spend their entire life working on a job that only allows them to barely get by.

It is a challenge for some to save enough money for a down payment but wait, that’s no excuse because of down payment assistance. Florida has something called Hometown Heros which allows for certain professionals to get assistance with their down payments. There are other means of getting help with the down payment that can be explored through a mortgage broker. Most of us never get that far because we have stopped dreaming. I encourage you to weigh the pros and cons. Well, forget the cons because there are not any. You have to have a place to live and most times a mortgage is comparable or even less than rent.

Here are a few Pros

The biggest Pro is something called equity. Hypothetically, if you buy your home when you are in your 20’s and you purchase at least 3 homes, by the time you are 65 You could sell house number 3 and still have more than enough money to downsize with enough left over to help support yourself during your senior years. You can’t get that high of a return by putting your money in the bank and most other investments are not as stable as real estate.

A part of equity is investment which I mentioned before. I will just reiterate that. Even though there are other ways, this is the easiest way to invest your money so that it will always bring a profitable return. When you are renting a home, there is no return on your investment for you. The return on investment goes to your landlord.
Every year when you file income taxes, you will be able to take a sizeable deduction. That deduction may get you a refund or at the least you will owe less taxes.
Nobody can cancel your lease. You are in your home for as long as you pay the mortgage. Even if you don’t pay the mortgage, It will take the lender a few months to foreclose, giving you time to sell the house and still make a profit. “Why?” you might say, would I ever not pay my mortgage? Well there are a few reasons and we hope you never meet any of them but should it occur, you are in better shape than in a rental because you only have to miss one payment with a rental and you are evicted.
Saving: If you are a poor saver, buying a home is an automatic way to save your money.

It may seem unreachable to buy a home because of your credit. It doesn’t take long to bring up a low score. If you talk to any Realtor or Mortgage broker they can give you short cut ways to bring your credit to the point that you will be able to make a purchase. The earlier you start out with home purchase number one, the more money you will accumulate before retirement.

Give it some thought because it does make sense. Contact us today and we will help you get started.