If you are looking to buy a home.... this might interest you
By coffeebreak
@coffeebreak (17797)
United States
June 30, 2009 7:09pm CST
3 bad reasons to buy a house
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/the-3-worst-reasons-to-buy-a-house.aspx?page=1
I'd say.. bottom line... the only advantage to buying over renting at least financially, is you have equity with a home that you don't with renting. but how often do you "use" your equity? You can always rent a house. But the "american dream" of owning a home is something that means something too.. so...choose make your choice!!
2 responses
@snowy22315 (208846)
• United States
1 Jul 09
When you buy a house you are responsible to no one except for yourself and paying themortgage. I think there are some peoople who just like the idea of not having to answer to somebody, but also you get a tax break for owning a home and that is definitely worth something. I like home ownership for the above reasons.
1 person likes this
@coffeebreak (17797)
• United States
1 Jul 09
That is true. But the part in the article about the interest deduction being an extra tax deduction.... depending on your tax bracket, the itemizing and using the deduction of the interest might not be any more than if you claimed the regular non-itemized deduction amount so it might not benefit you in that area. That is something no one thinks about.. I didnt and i was in loans for a long time and never a single mention of that then either.
Everyone has to decide for themselves... the problem is that many don't bother to research it... which is why the foreclosure issue hit.. they could pay the payment on the low interest they got when they signed the ARM mortgage, but didn't bother to see if they could afford the payment in three years when it hiked up a couple percentages.
@drannhh (15219)
• United States
1 Jul 09
I think autonomy is the best reason to buy rather than rent. Capital gains is the worst reason, of course. But when you own, nobody can come in and snoop around, and at some point there will be no more mortgage payments so you will be living "rent free"--also real estate is a good kind of savings account. Although it is not liquid, in an emergency it is always possible to pull money out to use. I don't recommend anybody actually doing that, but it gives one a nice secure feeling knowing that one could.
@coffeebreak (17797)
• United States
1 Jul 09
Yep all those things are good reason to buy. YOu just have to stay for any of them to materialize. I am looking now, have been for a year, but cant afford anything in my area.. foreclosure just didn't hit affordable homes.. just hit the million dollar ones and brought them down.. to half a mil! And I am not in a huge town.. just one that is a hub to lot of other places. Million dollar homes in this area was totally stupid! But the property values sky rockted about 10 years ago when new major freeway went through and athe airport expanded and some buliding went on.
