Do you know about - Is Buying a House Still a Good Investment?
Fha Interest Rate Today! Again, for I know. Ready to share new things that are useful. You and your friends.Since the housing crash there have been a whole of articles and talking heads lamenting homeownership. The notion is that it's just not a good venture anymore and for some citizen homeownership is just not in their best interests.
What I said. It is not outcome that the actual about Fha Interest Rate Today. You check this out article for home elevators that want to know is Fha Interest Rate Today.How is Is Buying a House Still a Good Investment?
Let's look at this from a long term prospective. Owning a home adds pride for the home owner as well as the neighborhood. You can drive down most streets in most any neighborhood and tell which homes are rented and which are owned by the citizen living there. Home possession adds stability to the society and to the tax base. Crime is always less in communities where the majority of homes are owned instead of rented. And let's not forget about a home's value. Pride in possession translates into taking care of the property, adding stability and perhaps even increasing its value. Think back to your grandparents or an additional one family member. They bought homes, worked in the society and stayed there till they passed on. Whether the surviving spouse or the heirs sold the house and in approximately all cases they made a large profit. My own grandparents bought a house, lived there for 35 years and then sold when my grandmother moved to Florida with us. My grandmother was shocked when the house sold for ,000; they bought it for $ 6,500.00.
I know you're going to say times are different; citizen don't stay in one place anymore. Yep, you're right, but in most case they still are great off owning instead of renting.
Some 'experts' have the notion that homeownership is dead. Housing values have plunged and citizen are losing their shirts. Yes citizen did buy in the heat of the market. And now the crash has caused their values to plummet. I know you've heard this over and over, but it happens to be the brutal truth: for a large whole of those deals the citizen should have never have been allowed to buy the homes, and 'creative financing' should have been suspect. No money down deals, loans such as pay option Arm's (where you paid a smaller cost with the interest charges adding to the balance on the back end) seemed too good to be true. No one listened. Even worse, citizen production 100K were buying a house that cost 700K with no money down with loans that guaranteed failure. 'No document' loans were for real popular (where buyers were saying they made twice as much as they did and agreeing to 5K a month in payments plus taxes and insurance). And let's not forget investors who bought homes that they never saw in towns they couldn't even find on a map. In my town of North Port, Florida I have talked to citizen who did not even know where North Port was when they bought 2 or 3 houses no money down and notion they were going to make killing on each one. Well, they know where the city is today, that's for sure.
How about the citizen who bought their homes in the late 90's or early 2000's and saw the value of the homes double? They went from a low 30 year fixed mortgage to a higher rate 2 year Arm with cash out so they could buy that new truck or a consolidate of vacations. That low 2 year mortgage cost doubled when the loan readjusted and now they could not make the new payments. Add that to the poor economy, job losses, property tax increases, assurance costs increasing and you have the real estate disaster we see. But does all this for real account for not owning a home?
In my notion the cynics are wrong, wrong, Wrong! Not in my lifetime have citizen been able to buy a home at such great prices and at such low interest rates. If the banks would loosen up the financing to citizen who could actual afford the home buy and Fha would stop putting silly requirements (such as the 20% 90 day rule) and banks stop adding their own inane rules we could for real work our way out of this mess.
In my home store here in North Port, and on my own street you can buy a 3 bedroom 2 bath 1780 quadrate foot home for about 0,000. If a buyer were to put 10% down (,000) and borrow K at 4.75% (30 year fixed mortgage) the cost would be $ 469.48 plus taxes and insurances. The consolidate next door to me rents this exact house and pays 5.00/ month. Even if taxes and assurance are 0.00/ month it's still great to own than rent. We will at last have equity increases when our store gets back on its feet. The interest and property taxes are a write off as well. (But I'm not an accountant so check with your Cpa as to your taxes).
In some markets you can buy houses in the mid 's to high 's and if they qualify for Fha with 3% down the cost would be less than rents in that same market. Let's look at the payment: $ 70,000 loan whole 5.0% interest 30 years payment=5.78 plus taxes and insurances.
What needs to happen is a rational discussion about homeownership and the responsibilities that come with it. citizen need to understand that when they buy a home they hold its hereafter value in their hands. If they let the place go or keep it up, they operate the results. Also citizen who buy a home must feel gather about their jobs and life in that community. But all we hear is America's best days are behind her and we are all doomed. This sells news stories (like any bad news) but it just adds to the angst of buyers and they come to be afraid to make the decision. If the store is going to heighten buyers and sellers must realize home prices have changed and it's one of the best times to buy. Or if you're a distributor and you're retention out for a great offer you need to for real look at the deal you have and how much it is going to cost you to hold on to the house until 'better' deals come your way.
The lowest line: for most citizen owning a home is great than renting in the long run. You must have the courage to look past the cynics and gloom and doom people. You must have the patience and the faith to know that the store will recover. Make the decision for yourself not letting man else make that decision for you.
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