- You don’t have the money for a down payment on a home. There are programs for first-time buyers. You can make use of creative financing and seller financing options. I will show you where to look for these options and how to structure the deal.
- Your credit isn’t good enough to qualify for a loan. It is amazing what you can do with your credit rating score on a temporary basis, which will be just long enough for you to qualify.
- You can’t afford to buy in the neighborhood where you want to live. Buying a duplex or multi-unit property can enable you to live where you want to, because tenant rent helps you pay the mortgage.
- You don’t want the responsibility of owning a house. If you already have the responsibility of paying rent, there’s not much more involved in making mortgage payments. Additionally, you get to write off mortgage interest against income taxes and while keeping the appreciation in equity. (If you are a renter, try asking your landlord for a reduction in rent to match the appreciation in equity you have helped him to gain! It is doubtful he will give you any price breaks!)
- You want to wait until you are married or in a serious relationship before you buy a home. If you want to live elsewhere after you find someone, your house will be easy to sell at a profit or keep as an investment. Why continue to throw away money on rent in the meantime?
This entry was posted on Tuesday, May 16th, 2006 at 8:15 am and is filed under Home Buying. You can follow any responses to this entry through the RSS 2.0 feed.
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