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Should You Buy a House?
Should You Buy a House? Why a House is a Good Investment
Written by Travis Carter : MLB Residential Lending: NMLS 7587: Knowledge Center
Should You Buy a House in 2021? First, ask yourself, am I prepared to make a long term commitment to turn this house into a home. Buying a house, although it may seem complex, is rather simple compared to the responsibility to turn that house into a home. Maintenance, taxes, and insurance are just some of the additional considerations that need to be confronted.
Should You Buy a House? Is Buying a House Right For You?
The Additional Costs
Inflation and Making the Decision to Buy a Home
As the cost of homes increased, the value of the homes have also increased. Soon that home was worth seventy thousand dollars but something else happened. Income rose. Inflation can work as a positive if you consider wage growth. Now in 1986, that same family earned a whopping $30,000 a year. The result? This family had a mortgage payment based on thirty-nine thousand, a house worth $70,000, and their income had more than doubled. You see a home is what builds wealth. With assets and family alike.
Next time you consider purchasing a home make sure you are thinking about tomorrow, not just today. I am sure if that family had not purchased a home in 1975, they would have some feelings of regret by the ’80s. Interest rates and inventory are low. Will you have the same opportunity tomorrow?
Should You Buy a House ? Budgeting for a Home
Before you decide to purchase a home sit down and complete a detailed budget of your expenses. In a column beside your current expenses, enter an estimate for a new home. By knowing how much you spend you will know how much you can afford.
It is important to know that this exercise is not meant to give you a precise calculation for a new home. You do not even know what the price is yet! This exercise is intended to be thought-provoking. Thinking about these items will remind you to look into different aspects of a home you might be interested in purchasing.
It Will Be More Expensive
Your home is going to be more expensive than you think…. and it is supposed to be. This is your house. Not a car or an RV but your home. In most households, 30% of the income goes towards the home.
This may sound scary and intimidating but these are the sacrifices we make when we want to own a home. And the best part about investing in your home? It keeps or increases in value. The money you spend on car payments will always end up in a junkyard someday but a home….. That is forever.
So should you buy a house in 2019? As one of the more secure investments you can make, I do fee buying a home a great idea. If you have additional questions about your options, you can reach us at 518-324-5544. We would love to help you along the home buying journey.
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