In these tough economic times, you have decisions, decisions, decisions. Prices are low, and so are interest rates. You can also still get a tax write off for owning property –maybe not the $8,000.00, that is, unless you were in the military and deployed last year. But still you can get a decent tax write-off for purchasing your own home.
So here is the scenario, you are working and so is your significant other, spouse, partner or whatever you want to call them. You want to buy, but you are scared. What if the market continues to go down? What if I lose my job? What if I can’t afford my home? What if my relationship doesn’t work and I have to pay the mortgage alone?
STOP WITH ALL THE QUESTIONS!!! If you keep asking all those questions, you are going to “What If” your way out of a great investment. Calm down, regroup and take three deep breaths!!! Write down all of your concerns and start doing your research. Write down and analyze if it is more beneficial for you at this point in time to rent or purchase. One thing I must warn and will keep warning people about . . . don’t keep up with the Joneses! If you are trying to, STOP!!! The Joneses filed for Chapter 7 bankruptcy, irreconcilable differences and their kids are in rehab. Stop trying to be like them!!
You want something to call yours, so start off with something small. Purchase a condo or a coop. Once you get in a better position financially, you can up the ante. But stop trying to put obstacles in your path by asking “What If?” Start opening your paths, by asking yourself, “Why Not!!” Start doing your research, write down advantages and disadvantages to home-ownership, and do what is best for your individual circumstance.
Take advantage of what is out there now because it is not going to be around forever. RESEARCH, ANALYZE and above all, HAPPY HOMEBUYING!!!!