Why Buy a Home

Welcome back to expertrealestatetips.net. I'm Ilyce Glink and today we're going to look at some reasons people buy and some reasons people keep on renting.
 

If you're on the fence about whether to buy your first home you're not alone. Every year, thousands of people ask themselves that very question. Some wind up buying a house. Others decide to rent for another year.

Why do people want to buy a house? Well, there are a few tried and true reasons you've probably heard before:

One thing you might have heard is that you have to buy a house. Why? It's the American dream. Owning a house is a sure sign of success.

You might hear my parents told me it's the single best investment you can ever make. Or you've saved enough money for a down payment and you don't know what else to do with it. If you know where you want to live and what kind of home you want to live in, buying a house might make sense.

You might have also been told that you'll save a whole lot of money if you buy a house because part of your mortgage payment goes towards paying down the principal balance and builds equity.

If you're tired of throwing money away on rent, sick of dealing with a landlord and just want a place that you can call your home that you can decorate any way you like. Those are all great reasons for buying a house.

If you feel committed to your community and to your job then you might also be ready to become a homeowner. But you have to examine the other side, and why you might want to rent instead of buy:

If you don't know where you want to live, it's a lot easier to pick up and move when you're a renter than if you actually own the property. All you have to do is let your lease run out or find a subletter.

That's a lot easier than trying to put your house on the market and then waiting for an offer.

Another reason to rent is that you're not sure about your job.

Maybe you're thinking about making a move to another company or maybe you're even thinking about a new career.

Don't buy if you're unsettled about money. It just adds a whole lot of stress. Finally, you may want to rent if your personal life isn't quite settled. The time to buy is when you know you're going to be in the same size home for at least the next five years.

Did a bell go off in your head as I listed the reasons to buy or as I talked about reasons to continue renting? Buying a home can be one of the most rewarding experiences of your life, both financially and emotionally. But you have to be ready.

This video is also available on YouTube: Video: Why Buy a Home

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NOTE: This video transcript is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This content may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.