To Buy or Not to Buy a Home

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Date Submitted: 03/12/2011 12:05 PM

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Purchasing a home is probably one the largest purchase anyone will make in anyone's lifetime, and it is probably one of everyone's biggest dreams come true. All of it may seem like hard work when it concerns pursuing dreams but all they need is a plan. Purchasing their first home is something they do not want to jump into immediately without developing substructure. Set their goals to make their dreams into reality. Considering or planning on buying a home during economic times is considered to be a financial burden, which equals to more responsibility, costing, and the list of excuses goes on. All the preconceived notions on purchasing a home is in relevance of people's personal surroundings and circumstances of their everyday living. If everyone thinks about that buying a home will bring out more investments and give back more than what others assumes the pros will outweigh the cons. If they can do it accurately, they will fulfill their dreams! There are quite a few rule of thumbs they want to consider when purchasing a home; the main rule is to figure out if paying rent saves them at least, 35% over the cost of ownership as in mortgages, repairs, insurance, taxes, and so forth. These are basic essentials when it comes to buying. They want to gather as much as information they need in able to rule out the impossible. In further reading this is a brief explanation on regarding why, buying is better than renting.

Although buying obtain overwhelming factors they can receive the benefit from it in many ways. Owning their own home has many benefits, one of them is building their wealth. Even though they put out more than what they spend when they rent a home ownership gives them the opportunity to build their home by forced savings of paying a down mortgage and through the appreciation and value of their home. Over time, the value of their home and appreciation of it increases. Buying is not always an option for individuals however, it is one of the smartest...