Home ownership offers financial security for many people, but in today's economic climate, it does not come without risk. There is no guarantee that if you do need to sell, the market will be friendly at that time.
First, you'll need to be quite confident that you can continue to make the payments. Selling at the wrong time can be very costly even if you have no choice. Secondly, the location you select to buy will need to serve your needs for many years. with traffic only set to get worse in 2020 and beyond, if a job change must happen the takes you to a different part of town for many days of the week - your lives will change substantially.
All of that said, finding the right home and location can make a substantial difference in your retirement, wherever that may be. Take a look at the list of pros and cons below:
- Making a house “Your Home”.
- Lock in your housing costs – with a fixed rate, the payments for principle and interest do not change for the life of the loan. With today’s super low rates (these rates cannot last forever!). Rents can go up.
- Build equity in payments to your “House Bank” over time.
- Improve your property and add value through remodeling or adding on.
- Possible increase in value oer time through the market itself (not always!).
- Tax advantages (ask your tax man!).
- No worries over upkeep and repairs
- Mobility – had enough? See you later when the lease is up.
- Savings in some insurances and some utilities possibly.
- While it is possible that a house loses value, your rental costs should be unaffected.
Only you and your family can decide what is best for you.
If you feel that it is time for you to purchase real estate, or just have some questions, feel free to reach us via our contact form below or call us directly at (714) 299-7325.
For quick questions, feel free to send a note and one of our real estate professionals will be in contact with you shortly!
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