Home Ownership

Home Ownership, Is it for you?

Gary Armstead

Gen/200

June 04,2012

Whitney Morrison

Home Ownership, Is it for you?

When you embark on the difficult and most of the time daunting task of buying a home, The first thing you need to do is ask yourself is: what would make more sense, to continue renting or to buy my own home? One of the first things I had to figure out was how long will I remain in the home? And if I decide to sell the home what will the appreciation be if any. After talking to several people that have bought homes throughout the years, i was informed that if I were to planning to stay in the house for at least seven to ten years and had a low interest rate (about 4% ) I should make out okay if I were to sell the home in about ten years. But no less considering the market today. Home ownership is a huge responsibility, and it does have its rewards like when uncle Sam allows me to deduct part of my mortgage interest and real estate taxes each year, especially the first few years when most of the monthly premium goes towards interest on the loan instead of towards the principle. Also I don’t have to worry about my mortgage shooting through the roof like in an a rental with a fixed rate loan. (A variable rate is a different story). For me being the primary provider for my wife and three children. I look at it as it is the least I can do for my wife and my children deserve a nice place to live. And with all of the extra activities we do as a family, i.e. camping, fishing, motocross riding down to cooking smores in the backyard makes it all worth while.

Also I can connect my personal responsibilities at home to my college success because the better that I can do at my studies, my children will see that their father is doing it and we can do our homework together. And also When I finally complete my degree I will be able to have the opportunity to increase my income by at least 20 percent in the information technology field according to my...