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Is Buying a Home Still a Smart Plan?

With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.

The housing market, like every type of market, unavoidably has its ups and downs. That doesn’t mean buying a home is a bad investment. As a long-term investment, homeownership is still one of the best investments for individual households. Historically, real estate has consistently increased in value, despite shorter periods of depreciation due to local markets and/or national economic conditions. The data shows that homes generally appreciate about 5% per year.

Savings & Investment

Five percent may not seem like a great return on investment, but you have to think about it in the context of the situation. For example, let’s say you put 10% down on a $200,000 house. That’s a $20,000 down payment, or initial investment. At a 5% annual appreciation rate, your $200,000 home would gain $10,000 in value during the first year. Earning $10,000 on an investment of $20,000 is a whopping 50% return.

For further perspective, let’s say instead of spending that $20,000 on a down payment, you invested it in the stock market. With a 5% return, you would gain only $1,000 in profit.

Tax Benefits

So now you’re saying that a home may have a higher return, but that’s before you consider all of the costs of home ownership, such as taxes, etc. Well, think of it this way: your property taxes as well as the interest on your mortgage are both tax deductible. You can deduct those costs from your income, thus reducing your overall taxable income. In other words, the government is subsidizing your home.

Other Benefits

It’s easy to get carried away with all of the economic reasons for home ownership, but it’s important to remember that not every reason is financial. Have you ever wanted to paint the walls of your apartment? Well when you’re renting, you can’t. Has anything in your apartment ever needed updating, but the landlord refused to do it? When you own a home, you can make the space yours in almost any way you want. And you benefit when you do home improvements, both financially and psychologically. Homes generally have more space, for storage, living, etc. than other living arrangements. Not to mention that you have space outdoors for barbecuing, pets, and kids. Owning your home carries with it a sense of pride, accomplishment, and even an elevated social status.

So when you’re considering buying a home, consider the broad range of benefits that owning a home can have. And always make sure you have an experienced real estate agent and loan officer to help make sure you’re getting a home that is right for you, both financially and psychologically.

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BUDDY HARPER TEAM REALTY
5130 Wilkinson Blvd.,
Gastonia, NC 28056
Licensed NC & SC
Phone: 704-879-7155  

Fax:      704-879-7157
Email:bharper1@carolina.rr.com
Direct:  704-747-4016

Testimonials Page

Christyn is the best! She knows her stuff backwards and forwards, is the nicest person you will ever meet, and she will fight to get you the best in any situation. We have worked with her twice and my extended family has relied on her many times over the past few years and we have never been disappointed!  Emily 2-27-19
 
Stacey and I had a wonderful home buying experience working with Christyn Denton. Her knowledge of the Belmont area; her understanding of our home wants, needs and desires; and her professionalism were excellent. We had to find something in a short period of time, and she helped to take away our stress during the process. We highly recommend Christyn for your home buying needs. Sincerely, Mike & Stacey Andrea
Christyn, "I just wanted to take a minute and thank you for all the hard work and effort you put forth in our recently ratified contract. Your professional manner and commitment undoubtedly contributed to the successful conclusion to you or clients offer. If more agents were of your caliber our business would be so much more enjoyable." Tim B
Buddy, We want to thank you for the Excellent service you gave to us in finding our "Dream Home"! We appreciate all the time you spent in negoiations and getting us the best price on the house! Our best regards, Mike & Karen Worrell
Buddy, Thank you for helping us to sell the Stanley house, we really appreciate your hard work and friendship. Jeff & Emily
Buddy, We want to thank you for all your hard work that you did in finding a house for us! We cannot tell you how much we appreciate all the time and effort you put into us! We miss you already. Chan & Natalie
Buddy, I can't tell you how appreciative I am of all you did to help me. I must say, you have made me change my mind about realtors and their integrity. I certainly am convinced of yours! So thanks for all you do and for who you are. May God bless you! M. Hayes
Buddy Thank you so much for all your hard work to help us buy our first house! We really appreciate you going above and beyond for us. Thanks again! Ryan & Lisa
Buddy, thank you so much for all of your help in the past several months! You have been a God send, and we couldn't have done it without you! Thank you again, The Devers
Dear Buddy, Not everyone can do what you do. But anyone can see that what you do makes a wonderful difference. Thank you for your involvement and commitment in finding our home. The Green's
I appreciate everything you did for me. I feel like you went above and beyond and I'll never forget it. Thank you! I love my new home, it's perfect. Thank you again for everything! Sincerely, C. Phipps
We would like to thank Buddy Harper for all the time he took with us while we looked at condos all over town. He's like the Energizer bunny, he never runs out of power. He listed our house to sell on Thursday and we had a contract on Saturday. If you are even thinking of selling or buying you need to call the Buddy Harper Team Realty for results! Jimmy and Sandy Carr
Thanks for all your help in making our "dream home" a reality. We really appreciated that you went the extra mile to get us the best price for our home. You are truly a professional. Grant & Tammy Field
In all our dealings with Realtors over the past eight years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you! Tisha Jackson
Thank you so much for taking the extra effort to make our first home purchase successful. You were there guiding us through all the crucial and important steps! You really listened to what we wanted in our home and you found exactly what we were looking for - at an amazing price! If we ever outgrow this home, we'll definitely be calling you! Ben and Catherine Hoersch
You made buying a home so easy for my wife and I. We were grateful for how much patience you used in answering all of our questions and taking us to look at so many houses. You never pushed us into looking at something we were not interested in. We strongly recommend you to anyone looking at buying a new home. Matt & Jennifer Keepes
Thank you so much for all you have done for us to make this so easy and stress free. Also, thanks for taking care of all the additional things that had to be done. Looking forward to seeing you soon. Tom & Carol
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