Home ownership is a part of the American dream. So naturally, many people in the United States want to own a house. But should you buy one? In this article, I will list three reasons why you should buy a house.
Starting A Family –
Naturally, if you’re planning on raising a family then a house is probably something that you’re going to need. Especially if you have a big family. Or perhaps your first child is going to be born soon, and you want to take the plunge into home ownership for their sake. Lets make up a make believe family. Say you have two kids, a dog, you, and your wife.
That comes to one back yard for the dog, one room each for the kids, a bedroom for you and your wife; possibly an extra room each for you and your wife. That’s five rooms and one back yard, total. And that’s probably going to be a fairly expensive house.
Of course you can ration it a bit and have the kids stay in one room, don’t buy a dog, and just have a bedroom for you and your wife. You could buy a smaller house this way and save some money. It just depends on your income level and priorities.
Long Term Job –
When buying a house, it’s usually important to make sure that you’ll be living in it for at least five years. This allows the price of your home to rise, which could lead to a potential profit down the road. But in order to make this profit, you’re going to need to have a long term job.
The job needs to be something that you can rely on. You don’t want to lose your job and then have to file for foreclosure on the house. If you do have to file for foreclosure then kiss your profit goodbye. And I doubt your wife or kids will be very happy about this, assuming you have any.
Yes, a house is definitely an investment. Many people have learned recently that like all investments a house is not necessarily going to be a profitable investment. It mostly depends on when you decide to sell your home, and what the market forces are currently like.
If it’s a down market like it is at the moment then you may have a great deal of difficulty in selling your house. You may not be able to sell your house at all, or you may have to sell it for less than it’s worth. But if it’s a good time to sell then you could make tens or hundreds of thousands of dollars. Maybe even more (think California or New York City).
As you can see, there are many reasons for owning a home. You may want to buy a bigger house for your new family, or you may just want to make some money off of your investment. Whatever your reason is, owning a home can definitely be a smart move. Just be sure that you can afford it.