If you are on the market to buy a house, I want to ask you this question. Did it ever cross your mind that there could be right and wrong reasons to buy a house? Only today did I really give it some thought, and it hit me that there are good and bad reasons to buy a house, and that buying a house is not necessarily for everyone. If one compares it to marriage it is the same as making a commitment to a partner for the next 20-30 years of your life. Owning a home is a big commitment, and besides the financial implications it also takes a lot of hard physical work. So barring this is mind, just like marriage could there be good or bad reasons to buy a house?
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.
With the global economic crises, interest rates rising and falling and properties getting more expensive, is it a good idea to take on such a big commitment and are you doing it for the right reasons? In this article we will investigate 3 of the best and 3 of the worst reasons to buy a house.
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 deductable 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.
Before you make the decision to buy a house make sure to reassess your reasons for wanting to buy a home, to make sure that you will be happy laying down roots in one place for a long time to come.
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.
Author Resource:
Danny Aaron manages the website http://www.isureins.co.za , a site devoted to providing you with the best information about mortage
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