I currently own my home and have always done well with them .The time is now to buy into the market as long as you are not trying to make money as a "flipper" as those days of quick money are over. When you go shopping take a calculator and notepad and see what it would cost to rebuild the house or replace it .
The rates are good too and if you have 40% down you will do well with a lower payment and attractive financing . Do your homework and don't be afraid of the gloomy Gus paranoia .
DollarBill
of TX
@
Sep 01, 2008 23:09:26 PM
Rather superficial article
A couple of very important points the article does not point out:
The ideal condition in buying a home is when purchase prices are down AND interest rates are down, like now. While the market may drop another 15%, the interest rates will most likely rebound first. Additionally, once the market hits bottom, housing prices will go up. You don't want to start the process when it hits bottom.
In many markets you can currently purchase a home below its appraised value, which will give you instant equity. Investing in real estate, when done carefully, it the best long term investment (and sometimes short term) investment you can make. You can leverage the tangible asset for other financial endeavors, and there are huge tax savings you will not get as a renter.
To see if you are ready to buy, check out the Governments HUD website. A good mortgage broker will not only tell you what price home you would qualify for, but help you set your budget to plan for taxes, insurance, maintenance and other costs you may not be thinking of.
If you're on a budget and don't mind a little extra work, buy a home with a rental unit- separate or attached cottage or apartment, and let someone else help you make your monthly mortgage payment. Lenders will take into consideration the property's rental history in determining whether you qualify for the loan.
Darla in Maui
of HI
@
Aug 28, 2008 16:13:28 PM
Comment
Buying a house is a serious decision. It is the largest purchase one has ever made in his life. It is not an easy task to find an ideal place to live. Recently I have come across one interesting service http://climate.fizber.com/ With the help of climate watch homebuyers can check what the climate is like in another town or city before they move there.
Nikka
of CA
@
Aug 19, 2008 10:27:06 AM
Does anybody ever own their home anymore?
Just a thought, but most people never own their home. They just "rent" for extended periods then sell. Of course if paying $220.000 cash is an option for you, congrats.
of NC
@
Aug 18, 2008 22:59:45 PM
consideration #6
Not all people are meant to be homeowners. With a home comes responsibility much more than the financial commitment so know your limits when you consider buying the "American Dream".
linda in cincinnati
of OH
@
Aug 18, 2008 03:17:13 AM
DollarBill of TX @ Sep 01, 2008 23:09:26 PM
Darla in Maui of HI @ Aug 28, 2008 16:13:28 PM
Nikka of CA @ Aug 19, 2008 10:27:06 AM
of NC @ Aug 18, 2008 22:59:45 PM
linda in cincinnati of OH @ Aug 18, 2008 03:17:13 AM
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