Wow! Just read an article from Time magazine that discourages people to buy homes. It then says that the government should not allow the interest on a mortgage to be deducted from taxes!
Ok - first of all...Time magazine...WTH??? The economy is not bad enough already so you feel you need to go and plant more negativity in the minds of consumers?
If ever there was a good time to buy a home it is now. Interest rates are at historic low rates and you are fooling yourself if you think they are going to stay this low. Also, the bubble has burst folks...the housing market has corrected itself and now you can buy WAY more house than you could just a few years ago. What part of this makes buying a home a bad decision?
It's basic supply and demand...we have a surplus of homes available right now therefore the prices are down and buyers can snatch some major deals!
Consider owning your home as a forced Retirement plan. Sadly, many Americans do not save. However, if you own a home and have it pretty much paid for by the time you retire then you have created lots of options for yourself. You can sell the home and sail around the world if that's what you want. You can take a reverse mortgage on the house and have the bank make payments to you based on the equity you have built into your home.
And thank goodness Time magazine doesn't control whether the government allows us to deduct the interest paid on our mortgage! Don't get me started on that one - maybe I'll cover taxes later when I have ALOT more time!
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