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3 Reasons Good and Bad To Buy A House

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Home Page > Finance > Loans > 3 Reasons Good and Bad To Buy A House

3 Reasons Good and Bad To Buy A House

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Posted: Nov 01, 2010 |Comments: 0
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Have you ever thought that there could be right and wrong reasons for buying a house?  Not until today did it ever struck me to think if there are good and bad reasons to buy a house. And really I cannot believe it took me until now. I mean if you think about it buying a house is like getting married it is a commitment  that will last you for the next 20- 30 years! It also it something that you will have to maintain  with lots of hard work , patients and love. So just as marriage is not for everyone, could there be good or bad reasons to buy a house too?

We all know that just because someone is physically attractive to us does not mean that we will marry them, so when you want to buy a house is it the same? I mean do you need better reasons than just falling in love with a particular property, and because you have some cash at your disposal idea to marry your property just because it looks good.

With properties getting increasing more expensive, interest rates going up and down and with the world in a global crisis, are you buying for the right reasons. In this article we will see  what the three best and three worst reason are for buying a house in today’s market.

3 Of The Worst Reasons:

1.    People are afraid that if they don’t buy now they’ll never be able to afford it, because of escalating real estate prices.

2.    Tired of paying rentals- people feel they are throwing money down the drain. You are not throwing money away you are exchanging it for a place to live whilst having the freedom to move within a few weeks’ notice, when you like if you find something better or if you lose your job. Owning a house has many other extra costs, and headaches that renting does not have.

3.    Buying a house for the tax deduction. People think that with paying a rental you are throwing money down the drain which you could have been investing in your own home, with the added benefit of getting a tax deduction, but they should remember that home improvements are not tax deductible and these are costs that can really add up.

3 Of The Best Reasons:

1.    To buy a house is still one of the best long term investments. And if you are looking for a way to invest your money without the risk of some other types of  investments.

2.    The security of owning your own home. When the time is right, many of us crave the security and stability that comes with owning your own home.

3.    Buying a property is an investment in the security and financial freedom of yourself and your family. Once your bond is paid that house is yours to do with what you like. Many people want to leave something behind for their partners and children, knowing that if something should happen to them their families will still have a place to call home.

So there you have it! The 3 best and worst reasons to buy a house. Before you buy a house make sure that you are doing it for the correct reasons, and not the wrong ones.

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Albie Steyn -
About the Author:

Albie Steyn manages the website http://www.isureins.co.za, a site that offers information to assist people wanting to buy a house

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REMAX is a real estate company well known around the world for its services in helping people buy a new home or sell a home. It covers even some of the smallest areas of the country. In the US, there are offices in every state and in 82 countries.  

Here are 10 reasons people select REMAX as their real estate company for buying a new home or selling a home.

1. Real estate agents hired by the company have the proper license required to work in an area. Continual education and experience means they have the right skills for the industry.

2. REMAX franchises hire Realtors after assessing their skills and this means that its agents are some of the best in the industry.

3. RE/MAX Realtors keep themselves updated about the latest trends in the industry. Therefore, they can offer the best guidance when selling a home or buying a new home.

4. They are equipped with the best technology like home value calculators, neighborhood valuation tools and ideas to advertise homes and properties. This assures no stone will be left unturned so clients receive the best deal on their homes and properties.

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Your house is a valuable investment that you can own. Thus it is important that you protect your abode from any problems that will be encountered in the future. Thus, if you care about your residence, it is important that you get a house assurance to protect your valued investment.

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It is fast and convenient

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If a buyer has yet to decide whether to buy home foreclosures or a new home, there are several factors that he can consider before making a final decision. Purchasing a home is a serious business and before making any decision, a buyer should make sure that the property he would select is appropriate for his needs.

 

Who Should Purchase Foreclosed Properties?

 

Foreclosed homes are relatively cheap when compared to brand new dwellings. Most of these residential properties are offered at almost half their original market value so buyers who do not have much to begin with will have a better chance of acquiring a home by opting for foreclosed dwellings.

 

Buying foreclosed residences also offer a lot of benefits in terms of financing and tax incentives. Some local areas offer such incentives in an effort to improve the condition of their neighborhoods that have been hit hard by the housing crisis. For a potential buyer, a great deal can be had in the foreclosure market as long as he conducts a thorough research of the property, the neighborhood and the local laws governing residential properties in the area where he plans to make a purchase.

 

Some Setbacks

 

One of the not so good aspects of foreclosure buying is that the process involved to buy home foreclosures is more tedious than the process of buying a new property. In addition, if a homebuyer is not familiar with the market for foreclosures, he could end up with a property in poor condition that will cost more to repair than the purchase price of a brand new home.

 

Purchasing a foreclosed property entails a lot of work, but if the buyer is diligent in his research, he could end up with a bargain, not only in terms of price but also in terms of the type of property and the kind of neighborhood. The important thing is to hire a real estate agent and a licensed home inspector to make sure that the property being sold suits the requirements of the buyer.

 

People who wish to buy home foreclosures should not hold off on spending money on real estate agent and home inspector services. These two professionals can help a lot in terms of finding a good foreclosure deal.

Buying a home is generally considered to be necessary to establish a good financial course in life. Purchasing and owning a home is the cornerstone of good financial planning as it acts as both a place to live and an appreciating investment. While it is possible to buy a home in a less than perfect market, when prices are at an all-time high, there are really only two mistakes when buying a home. Firstly, if you purchase a home with substantial structural faults this can lead to financial disaster. This is not to say a home that needs a little TLC and priced to reflect that requirement is not a good purchase – this scenario affords the possibility of return on sweat equity. Secondly, if you buy a home that is simply more home than you can afford, this will also lead to financial ruin and the likelihood that you will lose the house, your credit rating and whatever equity you put into the purchase. So keep these points in mind – have your potential home purchase inspected by a builder for structural defects and make sure that you are buying within budget and that you have a contingency plan in place should financial problems happen.

It has been suggested by some that while no one can argue with the fact that it is better to be paying into home ownership (a mortgage) than paying another’s mortgage (rent), that homes do not always appreciate in value. Please show me where over sufficient time a property has not appreciated. Real estate is in limited supply. There is only so much available and as the world becomes a more populous place with more of the world’s population looking for a higher standard of living the pressure on the available land will only increase and of course the prices with that. Land should not be compared to the stock market where value is very subjective and very speculative but on a valuable resource. Real estate investment, if it can be compared to any other type of investment is more like an investment in gold.

There are many good reasons to buy a home:.

not paying tax on capital gain up to limits prescribed by law building equity as mortgage is paid down appreciation of your investment. full control of your home.

These represent the building blocks of the “good life”. Home Ownership provides a chance to more fully control your living environment. You can renovate, landscape, and decorate any way that you choose. While enjoying these freedoms you are building equity in the property through a combination of paying down the amount you borrowed and the natural appreciation of real estate.

Are there downsides to real estate investment and are there people who should, at least in certain times, refrain from purchasing real estate? The answer to these questions is yes in limited cases and situations. The main criterion that must be met to make money from real estate is the ability to hold it for at least 5 years. If you will be forced to move due to family obligations, job transfers, or other reason before that time then you would be wise to delay home ownership. If your financial situation leaves you wondering if you will be able to make payments then this also casts doubt on the wisdom of home ownershipas an option for you at this time. However in this market there are great real estate opportunities and a financially stable individual might do well to have a look at these.

Here on PEI there are excellent opportunities for investment in PEI real estate in a market that did not take as string a hit in the financial crisis as many. Our market is more stable and less subject to major swings. While it is true that you will not flip a property for a fast dollar, there are steady, stable gains to be made in the market on PEI.