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Should I buy a home now
Should you buy a home now? The short answer is yes, if you plan on staying there more than 5 years. But the market is going down, you say. True, however interest rates are still really very good from a historical perspective. That and think of all the money you will save in rent and get back in tax savings on the home will you now own. Home ownership is one of the last saving graces for the American family. Word to the wise though, get a fixed rate 30 year deal and none of that funky loan crap. Buyer beware, put at least 20% down and dont worry if the market goes down from where you bought it. What does it matter if you plan on living in the home for more than 5 years. At that point you will be well above water and not have to worry about having lost equity in the property. If you are concerned about upkeep consider a condo or coop alternative, both good deals and good rental potential if you decide to move or upgrade at a later date. At the end of the day the American dream of homeownership is still alive as long as you use common sense in your financial situation now and going forward. |
Advice on Homes
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This intel was contributed by tregco
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May, 2012
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