Is buying your own home still better than money in the bank?

It is obvious that we are in an unprecedented realty situation at the moment. Losing your home is listed as one of life's major crises, up there with death and divorce, and yet this crisis is predicted to continue for another year. It raises the question in many people's minds - is it worth buying your own home?

Many people have been burnt by the foreclosure crisis, and those who have had to walk away from their homes may not want to try to buy a house again. Do the disadvantages of renting really justify buying your own home? For the people who have lost everything, including their credit rating, the answer is probably 'no'.

But lets look at what are the advantages of buying your own home, and do they outweigh the rental options? In some cases it could be argued that it depends on the type of place you may be either renting or buying. There are rent able places that have most of the features that we want in a single family dwelling.

For instance, if you want a yard for your kid to play in, then you can rent a townhouse. If you want to have extreme luxury, you can search out that type of condo. You can rent a home with as many as three bedrooms. On first glance it would seem that buying has no advantage over renting.

At any time you can be given notice to leave. Your kids may have to leave the school district, your friendly neighbors will be no more and all your life patterns will suddenly be changed. Security is probably the biggest single reason to explain why we struggle to buy that first piece of property.

Security is a very important requirement in our lives. We just take it granted that whatever place we choose to 'hang our hat' will be our home, and stay that way, until we say so. This is the most common reason for buying a home and not renting. Your home is your own and most of the time cannot be taken from you.

There are many other 'plus' factors in buying as opposed to renting. Some reasons will be particular only to each householder's requirements, but many of them are common to all; here are a few reminders:

Your children can play in their own fenced back yard.

It is a way of saving money: it may be long and slow, but rent never accrues in your favor.

You can claim tax relief against the interest on your mortgage.

By the time you are drawing social security and living on a limited income, you will have finished making the payments on your house. You never finish paying rent.

Your life can be more independent with less rules and less need to consider others.

Knowing that you are a home owner will be a boost to your self esteem.

Finally, the price of real estate, in spite of downward hiccups, has always gone progressively upwards. Even now, house prices are still up from a few years ago. In the last ten years the value of a home has almost doubled. That is a big return for your savings and not one that any bank can match! Consider buying real estate through Packard and  Associates. We know the Everett real estate market and can help get you into a home you can be happy with for years to come.

If you are burdened with huge debt, you should opt for a solution. Debt consolidation programs offer the most effective way of debt solution. The DebtCC community is an effectual platform that gives proper guidelines to the debtors.