The Everything Guide to Home Buying and the #1 Scam to Avoid

Even after the bursting of the great housing bubble, buying a home is still one of most American’s biggest financial goals.

Owning your own home not only makes for a solid investment but also a pride of ownership you won’t find with other assets.

Do your homework though and you’ll find a place that will not only put a roof over your head but will help create the memories that will define your life. 

Reasons Why You Should Buy a Home

 You may find other reasons but the those most often cited include a home’s role as a financial asset, pride of ownership and for lifelong stability.

1. Even on a shorter 15-year mortgage, buying a home means staying in one place for a long time. If your job requires that you move around frequently or if you want to experience other cities before settling down, hold off buying a home.

Reasons Why You Should Not Buy a Home

2. Some jobs may make it difficult to make payments on a house. If your income is irregular or there’s a good chance of layoffs in the future, taking on those mortgage payments might be a bad idea.

3. Consider renting if you have trouble paying your bills, either because of your income or for you just can’t seem to remember to make the payments. 

Is a Home a Good Investment?

Yes, It hold some reasons: 1. You’ll save between 5% to 6% on the rent you would have paid. To find your rent return, divide the annual amount you pay in rent by the price of the home.

2. Home prices keep up with inflation because they are physical assets. Inflation has been weak over the last few years but the longer trend adds another 2.7% to the return on your home.

3. You get a deduction on your income taxes from the mortgage interest you pay. It’s not much but can add another percent return.

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