The reasons given for easing into buying a home.
Taking your sweet old time. Not rushing out to become a property tax payer in the alphabetical listing rolls for a municipality. Renting not owning a home. When is it prudent to hold your horses on rolling the dice to buy property to start the investment? If you can not get a bank loan, that is a good reason to keep renting a house or apartment. Because you don't have another choice.
Or if you are relocating soon because of shaky employment prospects, maybe buying a home right now is not the best way to play your cards.
Or you can buy a home, but in markets where affordable housing in your price range is scare, it's hurry up and wait. Take a number. Have a seat.
Not wanting to mow a lawn, worried about paying utilities that you are used to being rolled into the monthly rent. For one check to write and everything is included. Another reason you hear for renting not buying a home is rising interest rates. But it sure beats couch surfing, sleeping in your car! A home is well, a home base. Gives you roots, something solid that is not like a ride or game you keep putting quarters in for the round and round.
My first house loan was a corker 12.25% fixed mortgage interest rate.
Don't laugh. I hear you chuckling. I got a deal on the price for the home because the Maine real estate market was buyer advantaged. Double digits for interest home loans was the norm. But you don't stop paddling. And I knew I was only going to be at this home address a short time. No one get too comfortable. We're not hanging around long enough for moss to grow under anyone's feet.
Sold the 1957 modified cape house near the park and high school to the head of the Maine State Police.
Within two years my new family had packed up, the second daughter came home from the delivery room to the new place.
As we loaded up the truck and headed out. Did not move to California like the oil tycoons. But slowly across town four blocks northwest. To a larger house for plenty of bedrooms, more bathrooms for the one by one four kids that arrived on the housing scene. Two of each flavor. The 1913 Federal style home created the living area square footage needed to raise kids nicely. To grow up straight and strong. To have the needed space for what the stork delivered from overhead. And to also gain a spot for a real estate office on high exposure US RT 1 at the same time. For the long 32' feet away daily commute into the re-worked carriage house where the real estate agency shingle swings.
Watch, listen to my real estate, buy a home video story.
It is hard to hear anyone whine about interest rates in the 3%, 4% range these days but in the early 1980's the cost of money meant adjustable rates and up to, over 20% in some commercial paper cases. Get off the fence. Those long deep splinters are painful. It hurts leasing too long and settling in to the rent rut. Stop hemming and hawing. More on renting vs buying a home discussion.
You can always refinance, get the best rate available but don't say pass to buying a home. Read full article on "Why Buy A House In Maine | The Value Of Home Ownership".