For Your Serious Consideration; Buying a Home
With the downturn in the housing market the past few years, many individuals are upside down on their homes. Many individuals are in home foreclosure. It use to be that the American Dream was owning your own home. The dream was so real, that banks and finance corporations would go out of their way to give you your dream. For many individuals it was just that, "a dream."
The "American Dream" has now switched to having a job. It might even be a job you hate. It might be a job that is having it's medical insurance and retirement devalued. Still, it is a job. You accept the sacrifices, because you do have a job.
There are some people that still believe that buying a home is the way to go. When you look at the cost of leasing or renting, buying a home might still be the way to go. There are factors to consider though. When you buy, you are committed to an area. You will have added expenses (taxes, down payment, insurance, utilities, remodeling, maintenance and other expenses).
Staying Within Your Means
Many individuals over extend themselves by getting in too deep. If you can stay with what you know you can financially handle, buying a home can build up equity and value. The big problem is, when individuals refinance their homes, the temptation of extra cash is a killer. They use it to add to their property or worst yet, lifestyles. Many people think they are saving money but, by the time you include added expenses, you might not be saving what you thought.
Many individuals blame the banks for the housing problem. The blame should be with all of us. There is nothing wrong with having a dream. We just have to keep it realistic.
Published by Bill Hanks
Just an average Joe living in the Midwest. I am a retired High School teacher/coach. I work part time for a small college. I am president of our local Kiwanis club. I am also a city alderman. But, most of... View profile
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8 Comments
Post a CommentVery good advice. Far too many people try to buy homes they can't afford.
Many of those people on those shows who are having the rehab done get the money from sponsors who provide the materials...like Bella wood flooring. Sponors provide their products free as as a form of advertisement, so the homeowner doesn't pay much to have the work done.
Very practical advice. Thanks.
Your advice is always on target.
Excellent.. :o)
Very good point and that is a big part of what landed us in the basket we are all in now. Many people bought homes they could not afford instead of buying homes that they could, and the banks allowed it to to happen. Now we all suffer, even those of us who didn't go over board and over spend on our homes.
So true, Bill. Many people are struggling to hang on to jobs and/or homes.
Well done!