Buying a Home: If You Can You Must
1. Locking in Wealth Even in some of the country’s strongest real estate markets homes are still selling for half of what they were a few years ago. There are no educated experts who wouldn’t agree the new up-cycle will push these homes above their previous values in the next few years. That means buying a home for $250,000 today could easily lead to a $250,000 windfall in equity and wealth in the next 5 to 15 years. For many this is their only path to get ahead and get back on track to building enough of a nest egg to retire. For many others it is at least going to be the only vehicle they have for keeping up with the Joneses. 2. Avoid Paying 4x More Later There is no question that putting off buying a home till later will cost more but what most don’t get is that home prices are only a tiny part of this. In addition to higher property taxes from not locking in a homestead exemption now in those states which offer it rising interest rates will mean paying double or triple in monthly payments and interest over the life of a home loan as well. That’s while those buying a home now have already begun to rack up a good amount of equity. What if you can’t qualify for a home mortgage today? If you don’t think you will get approved for a mortgage for buying a home right now at least take a look around at local government assistance programs which could provide down payment or rehabbing money. Then talk to a real estate or mortgage professional about what you need to do to get your credit and paperwork right to be able to qualify ASAP and make a plan.
2 very important reasons buying a home isn’t just attractive today it is an absolute must…