Advice to student about buying a house - Article Example

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While renting may sound to be the better option of getting residence, the monthly rent paid to the landlord may make the buying option more plausible in the long run. Assessment of potential houses should…
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Advice to student about buying a house
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Advice on Buying a House Buying a house comes with many responsibilities and financial obligations. While renting may sound to be the better option of getting residence, the monthly rent paid to the landlord may make the buying option more plausible in the long run. Assessment of potential houses should include costs projection in order to examine the planned expenditure against the market rates. Before buying a house, you should take the points below into consideration.
Do not be afraid of buying a house because everybody is worried about the uncertainty of owning a home such mortgage fees and other charges. According to Mr. Buffetts principle, the more people fear home ownership, the closer the investment comes to perfection. Although around 30% to 50% of current mortgages have sunk in the recent years in the U.S. market, recent weeks have seen good terms of investment which means that the market is not extremely on the negative side. Besides, housing prices have been on the rise tremendously with Case-Shiller Index rising by 2.2% in more than 20 urban cities such as Atlanta, Chicago, San Francisco and Minneapolis. This increase has been on the rising trend which makes renting not a better alternative.
Buy a house when you are fully prepared to settle down in one place. The housing market is very volatile. Prices rise and fall within few years or even months. Buying a house when you have not decided to stay for long exposes one to transactions of buying and selling and thus the risk of losing more money during reselling. Another problem is capital gain tax which will be required of you if you sell the house at a profit. This indicates that either way, it is a loss-loss situation.
Buying a house is feared by many people because of mortgage charges. However, proper analysis of renting a house reveals other underlying costs in renting a house as opposed to buying a house. Buying a house is a good investment when done properly.
Works Cited
Sinai, Todd, and Nicholas Souleles. "Can Owning a Home Hedge the Risk of Moving?" American Economic Journal: Economic Policy, 5(2): 282-312. 2013. Print. Read More
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