Saturday, September 30, 2006
Risks Of Home Ownership
It is often said the American Dream is owning your own home. But, is it right for you? There are risks involved and understanding these will help you make a good decision for you and your family.
1. Increase in monthly housing expenses. Taxes and insurance costs related to your home are sure to increase overtime, but usually these increases are off set by tax advantages and a pride of ownership.
2. You are your own landlord. No more calling the landlord when something breaks down. Maintenance and upkeep are yours. but, youo can also decorate anyway you want!
3. You must sell to move. No picking up and moving with a 30 day notice. You must plan ahead and give enough lead time to get your home sold before relocating. However, you benefit from the equity buildup since you first purchased your home.
4. Property values can go down. Over the long term real estate appreciates, but markets are cyclical and in the short term there is a possibility for your home's value to go down. Take into consideration how long you will live in the home prior to deciding to buy a home.
If you would like to discuss if buying a home is the right decision for you, contact me. I'm glad to help. Also, visit my website to search all Vermont real estate listings.
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