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Home Buying Process: Are you ready to make the decision to buy?
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What is the home buying process really like with rates constantly increasing? If you had the need to buy a home right now, are you prepared to jump in a competitive market? What methods are you using to win in today's housing pool of sharks?
Using the traditional methods of finding for a home, such as driving around looking at For Sale signs, scrolling through the local newspaper, and even running searches on Craigslist have become challenging. There's constant spikes with the interest rates as the housing prices continue to rise. The cost to now own a home has been increasing from month to month. Which has many home buyers wrestling with the idea of buying a house in today's economy.
Buying a home can be a very good investment. You will be able to build equity over the years as well as tax benefits. If you’re financially prepared, then buying a house is definitely worth it — even in the current market. Buying and owning a home still remains as one of the greatest financial decisions you can make versus renting.
Despite the financial challenges of the current market, there are plenty of reasons why buying a home is still worth it in 2022.
1. Rising prices lead to increased equity
2. Owning gives you opportunities renting doesn’t provide to you.
3. Homeownership means fixed housing costs versus rapidly increased rental payments.
4. The home mortgage interest deduction reduces any out-of-pocket expenses during the early life of the loan, as long as deductions are itemized.
5. Homeownership brings intangible benefits, such as a sense of stability and pride of ownership, along with the tangible ones of tax deductions and home equity.
Renting doesn't mean you’re throwing away money every month, and owning doesn't always help you build wealth in the long run. Of course, everything that glitters isn't gold and buying a house isn’t going to be the right move for everyone. There will be certain downsides to owning your dream home in any market — particularly this current market. But I'm here to tell you what you can do to prepare yourself to buy.
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