By: dancinghorse

Buying a Home- A major decision in life. For the majority of us it is the major financial transaction we have in our life. Based on those explanation it is easy to see why some prospective buyers have a hard time pulling the trigger. Some questions they may be asking themselves include, can I afford this, what if I lose my job and canít make the payments and do I want this responsibility? After writing that, I feel like I should sell my house! But let take a look at the position because I really donít think buying a house is risky.

In this section, I would like to justify the reasons some people do not buy rather than concentrating on the benefits of the ownership, tax savings etc.
Affordability is the main concern while buying a home but this can be easily solved by any of the banks, mortgage brokers and lenders.Most first time home buyers are pleasantly astonished to learn they can qualify and even more astonished by what price of home they can shop for.

What if I lose my job and canít make a payment? Why is that so distinct from, what if I canít pay my rent? The renter who canít pay the rent is out on the street looking for a different place to live long before homeowner is forced to move. Depending on the area the tenents stay, they can be expelled by the homeowners in a number of days. Did you ever face the circumstances where the homeowner expelled you for not paying rent? Would you want to rent to that person, especially if they donít have a employment ? If you do find a new rental it will demand a significant dollar deposit that if you had you would have used to pay the rent at the last place. As you can see this is not a very pretty scenario.

Homeowners have some advantages when it comes to capability to make payments. Landlords want to expel and get a new renter; lenders do not want to shut out unless they have no other alternative. Lenders are more apt to work with a borrower who is having short-term financial problems because the foreclosure process is expensive and in general end up with some dollar amount being exposed to loss. Most lenders will not even start the foreclosure process until you are 60 to 90 days delinquent in your payments. In many places around the country and mostly in California where we have experienced rapid appreciation over the previous five years, this time given by the lender allows the homeowner to find solutions including selling the home. Often the sale even results in the homeowner making a profit.

Why everybody doesn't aspire to buy a house, if it is providing the security? We need to inquire ourselves that can I take the responsibility of home owner? Tenents may not have the responsibilities which the homeowner has. As long as persons get the picture the risk factors this decision comes down to determining if the extra security and extra benefits of owning your own home is worth the added responsibility

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