Buying a house can be the best financial decision you ever make. For starters, owning a home is cheaper than renting, because you’re not paying someone else’s mortgage. And while there are more upfront costs associated with buying a home, they are generally tax-deductible and result in a greater return on investment than any other investment class over time.
Here are a few reasons why everyone should buy a house if they have the means to do so:
1. Houses Are Cheaper Than You Think
The average homeowner spends about 18% of their income on housing — compared to renters who spend about 30% of their income on rent, according to Trulia. This difference is even more dramatic for people who live in expensive cities like New York and San Francisco where buying is much cheaper than renting because prices have skyrocketed over time due to demand for housing outstripping supply.
2. It’s Easier To Get A Loan Today Than Ever Before
In recent years, lenders have become more strict when it comes to issuing mortgages because of the 2008 financial crisis when many homeowners defaulted on their loans due to imprudent borrowing practices (e.g., buying homes they couldn’t afford). However, things have
Buying a house is a big step, and it should be treated as such.
If you’re thinking about buying your first home, you might be wondering whether it’s worth the hassle.
The answer is yes! Here are just a few reasons why you need to buy a house if you have the means to do so:
You can build equity. Homeownership builds wealth over time because the value of your home increases with inflation and appreciation. Every time you sell your home, you’ll make money on top of whatever cost you incurred when buying it in the first place.
It allows for more freedom and flexibility. Renting means being at someone else’s mercy, so if there’s an issue with your apartment or condo, you have no recourse but to fix it yourself or move out. With homeownership, however, if something goes wrong with your property — whether that’s a leaky roof or broken pipes — you can call a professional contractor to come fix it right away so that nobody gets hurt. And if there’s an issue that needs to be fixed but isn’t covered by insurance? Well … good thing you’re not paying rent anymore!
Make sure you purchase an abstract title search before you buy!
An abstract title search is a legal document that identifies all of the owners of a property, including those whose names are not shown on public records.
The purpose of an abstract title search is to determine who owns a property and if there are any liens or other claims against the property. An abstract title search will also show whether there are restrictions on the use or transfer of real estate.
An abstract title search can be performed by a title company like MacGregor Abstract,, real estate lawyer, or escrow officer. It usually costs less than $100 per parcel, but may be more expensive for larger properties with more complex ownership histories.
