Recent headlines, as well as some of my own blog posts, have some consumers wondering: "Should anyone buy a home in today's market?" And the answer is a definite, but qualified, almost enthusiastic, yes. An article in the NY Times, points out some of the obvious benefits of home ownership:
● A mortgage can be a type of forced savings
● Home owners don't have to deal with the difficult or fickle landlords who may decide to sell or experience foreclosure
● Rental units may not be available in the area in which you wish to live.
And in previous posts I've pointed out that home ownership can provide:
● An anchor to the community (Owners are more involved in community, civic, and political affairs)
● Stability (Owners move less often and are more likely to develop relationships with neighbors)
● Freedom (Owners can customize or modify their accommodations as they wish and as often as they wish and will reap the financial benefits of their improvements)
● Pride of ownership (Becoming a home owner provides a sense of accomplishment)
● Security (Neighborhoods filled with owners have less crime, and strangers do not have keys to your home)
● Homes provide a place for family activities (Backyard swing sets, tree houses, or room for family pets)
And while the recession has placed the focus upon the financial risks associated with a home purchase, when purchased wisely, homes can be financially beneficial. Because of the leveraged factor, a shrewd purchase sometimes offers significant returns. Unless you are an investor, however, homes should not be purchased for investment potential.
Should anyone buy a home in today’s market? Yes, but not everyone who is qualified. There are numerous considerations, and for some a purchase could prove disastrous. However, those who wish to own a home and who are financially stable should certainly consider their options; and having an experienced buyers’ agent to help locate the best home in the best location, provide expert guidance through the complex purchase process is essential.
The Housing Guru: The expert source for all your housing questions