Is your income stable or tending to increase right now? Are you paying lots of income taxes?
Here's a tip: If you invest in a residence for yourself and/or an investment property or two, and pay them off (depending on your age) in 15 or 30 years, you will then be able to live rent-free and/or have a rental income stream during your retirement years when your earnings from employment probably will begin to decline. Home prices are currently fantastic and values may begin to improve again (but you don't have to depend on that to prosper). There are currently rental property income tax write offs that save your income and there is nothing wrong with tenants buying a house for you, right? So don't be a tenant...be the landlord instead.
Many people fear being a landlord but I have not found the experience to be that bad. If you owe more on your home than it is worth you really have little choice but to rent your present home if you want or need to move.
I prefer block homes close enough to drive to, in working class neighborhoods near employment, shopping, medical, etc. If the home is older, it should be in an updated condition, especially the major systems like plumbing, electrical, roofing, kitchen and bath, or you will have to put those dollars in yourself.
Whether you are buying your first home, moving up to have more room, buying an investment for college or your future, or downsizing to have more freedom, contact me for a home selling/buying experience and an investment in your future you'll write home about.
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