You'll find that there are many great reasons in which two buy your own house with the top reason being that the home
will be all yours. The following are some other reasons that will help you determine whether or not you're ready to
purchase your first house.
When you are able to own your own house you'll have a place to be able to reassure children and be able to take part in
community resources and activities. You can even choose to pasture home down to your children and they can pass it down
to their children thus creating security for your family for generations to come.
Being able to own your own house can even help you get a reduction in your taxes. You will be able to deduct the
interest from your mortgage and property taxes that you pay on your home each year that you file taxes. These great tax
savings can partially reduce the actual cost of owning your own house.
Get another great reason to owning your own house is that your monthly payments will never go up as long as you choose a
fixed rate mortgage, which is the mortgage that the payments stay the same for the life of the loan. For example if you
get a 30 year mortgage than your payments will be the same for the next 30 years.
So now that you have learned some of the benefits to owning your own house what are some of the risks? You will find
that overall homeownership will be a good investment for most people. If you understand all of the benefits in the
risks in owning your own house you will be able to make the best decision about when you should purchase your own home.
One risk that you need to keep into consideration when you're looking to buy your first house is that your housing
expenses can increase to be higher than what they normally are if your mortgage is a higher rate than what you're used
to paying in rent. Another big risk of owning your own house is that if something breaks in your house you are going to
have to pay for its repair or to have to replaced. You'll also be fully responsible for all of the maintenance and
upkeep of your home as well as your property.
If you ever decide you want to move after purchasing your own home a big risk is waiting for your home to sell them in
order to move. This will depend completely on the local real estate market and you may not be able to get your home
sold quickly. You also have to factor in the expenses of hiring a real estate professional which of course will vary
from professional to professional so you need to be sure that you figure in all of these potential risks before you buy
your own house.
Another big risk to purchasing your own home is that the property value of your home can depreciate. There are many
different reasons that a home can lose value including the condition of your home not being capped up properly or a drop
in the neighborhoods home values. Even if you're homeless of value and you sell it for less than you owe you will still
be required to repay the loan mortgage.
These are just a few of the things you need to keep into consideration before you look into the possibilities of
purchasing your first home. You need to make sure that you keep in mind all of these things and learn all you can about
the risks and the benefits of owning your own home so you can make the best decision as to when is the best time to
purchase your first house.