Other than the fact that it just seems like "the thing to do" or everyone says you should, you must think about your proposed home buying in a way separate from preconception and emotion. Even though you may have heard that buying a home is the best investment you'll ever make, is it possible that this is just wrong?
The stability and comfort that come from home ownership are important in ways that are not strictly measured by finances. You may be excited by the prospect of transforming a house into your personal and individual sanctuary and playground. You may even be prepared to spend some time on household chores that you now spend socializing. Be aware that the financial advantages of home ownership are frequently exaggerated.
But this is a win-win situation isn't it? I have to live somewhere, so instead of paying rent I will acquire a valuable asset that becomes a built in savings account that constantly appreciates. My profits if I sell will be Capital-Gains tax free. Is it all really so simple?
I get to deduct the interest from my income taxes. I can control the costs because rent can go up but my mortgage will not. I suppose property taxes, insurance and maintenance can go up with time, but probably not by much. Am I missing something here? Buying their home is something most adults do most people think but it is not always that simple.
Do you have the cash? How is your credit score? Can you prove sufficient income for the last two years to handle the mortgage? You must take a hard look at your own financial situation in the same way that your mortgage lender will. Consider also:
Do I want to commit to living here long term? If you don't want to stay at least 5 years it may not be worth it. How is my job security? Is the proposed home centrally located to job, amusements, shopping, church and schools to make my life easier? Is there a higher cost of living บ้านมือสอง ราคาถูก in this area? Do I like this home for the right reasons? Can I afford it?
In many cases it is a wise decision. In other cases it may be wiser to wait. Let us examine some of the factors that should go into your analysis of whether this is the right decision for you at this particular point in time or at some time in the near future. Do not let anyone pressure you into thinking there is a rush to get in now.
Bear in mind at all times that, although interest rates are attractive,
Prices are not expected to really hit bottom for years to come. Prices will bounce along stagnant for more years There is a lot of inventory out there with an aging population ready to downsize and put even more on the market. Banks have an oversupply of foreclosures waiting to hit the market
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