Why Purchase A Home?

With all this talk from a San Diego mortgage company about refinancing and home buying – and all the work that goes into securing those deals – some of you might be left wondering why even go through the hassle of purchasing a home in the first place.

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I mean, if buying a home and later trying to refinance it down the road takes as much time and energy as we’ve detailed over these last few posts, why bother in the first place?  Why not just stick with apartment living; that’s gotta be much easier, right?  Sure, if you like being packed into an industrial-sized sardine can with large groups of your fellow man above and below you, all day every day.  Oh and look, the neighbors in the unit right next to yours just bought their 5-year old son and drum set for him to play with – isn’t that just precious?

Still wondering why you should bother buying a home at all?  Well, here are a few more reasons for you to consider, just in case:

  • You get to be a proud homeowner!  This is the numero uno reason most people give for wanting to buy a house.  And why wouldn’t it be?  Having your own home means no pesky neighbors on the other side of paper-thin wall (now you’ve got a whole YARD between the two of you!), getting to turn the volume on your TV up as loud as you want, paint the walls and ceilings, and remodel the hell out of that kitchen and master bathroom.  It also gives you a real sense of stability and security that you don’t have with any rental property.
  • It’s a great investment!  Buying a home now isn’t just the best option for putting a roof over your head – it can also be a sound financial investment for your future.  Like any industry, real estate is pretty cyclical; it has its ups and downs, but for the most part, a home will appreciate in value, and your investment can be a great way to hedge against any inflation.
  • You get all kinds of deductions!  Another reason most people tend to prefer home buying vs. renting is because our tax rates generally favor homeowners over everyone else.  Assuming that the balance of your mortgage is lower than the price of your home, the interest on that mortgage is fully deductable on your tax return.  And if this is your first home, your real estate property taxes are fully deductable as well.

Have any thoughts on your own about buying vs. renting?  Let us know what you think in the comments!

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