| There are many great reasons to own a home. | | | | maintenance and upkeep of your home and your |
| For one, the place is yours. | | | | property. |
| When you own your own home you have a place | | | | If you are somebody who plans to move soon, |
| to raise your children and to be a part of a | | | | the downfall of owning is that you have to wait |
| community. You can even pass your home down | | | | to sell your home to move. Depending on the local |
| to your children and their children, creating | | | | real estate market, you might not be able to sell |
| security for generations to come. | | | | your home quickly. You should also factor in the |
| Owning your own home can even help you | | | | likely expense of hiring a real estate professional. |
| reduce your taxes. You can deduct the interest | | | | Fees can be negotiated and vary across regions. |
| on your mortgage and property taxes you pay | | | | They also vary from professional to professional. |
| on your home on the tax returns you file each | | | | The last risk is that property values can |
| year. These tax savings partially reduce, or offset | | | | depreciate. You can lose value in your home for a |
| somewhat, the actual cost of owning your home. | | | | number of reasons, such as a recession, the |
| Another good reason to own your own home is | | | | condition of your home not being kept up, or a |
| that your monthly payments won't ever go up, | | | | drop in a neighborhood's home values. If your |
| that is if you choose a fixed-rate mortgage! A | | | | home loses value and you have to sell it for less |
| fixed mortgage is one that stays the same for | | | | than you owe, you will be required to repay the |
| the life of the loan. If the mortgage is 30 years, | | | | full mortgage. |
| you'll pay the same mortgage payment each | | | | Many people don't even consider buying a home |
| month for the entire 30 years of the loan. | | | | as they believe that you need great credit to |
| So what are the risks of owning a home, you | | | | become a homeowner. The fact is, you may still |
| might ask? Overall, homeownership is a good | | | | be able to buy a home with less-than-perfect |
| investment for most people. If you understand | | | | credit. And remember, you can improve your |
| the benefits and risks of homeownership, you can | | | | credit over time. |
| make the best decision about when to buy a | | | | Another myth about buying a home that often |
| home. | | | | keeps people from looking is that you need to put |
| The first risk is that your monthly housing | | | | 20% down. There are many types of mortgage |
| expenses can increase if your mortgage is higher | | | | products and programs that allow low and no |
| than what you are used to paying in rent. On the | | | | down payments. But remember to factor in other |
| flip side, rent goes up while your mortgage can | | | | costs such as closing costs, property taxes, |
| stay the same. Another risk is that if an appliance | | | | moving expenses, and repairs. |
| breaks, you will have to pay for its repair or | | | | So are you ready to buy your first home? |
| replacement. You are also responsible for the | | | | Certainly the benefits outweigh the risks. |