Logical reasons to buy a home

You walk in the front door and fall in love at first sight. You don't notice the outdated electrical and plumbing but the wonderful fireplace has your full attention. You are having a love affair with this new home and logic has flown out the window. Hold on there, it's time to rein in those emotions and take a more logical approach. Here are a few logical reasons to buy a house.

Investment

Buying a home is usually a solid investment strategy. I say usually because we have all seen the results of the home buying fiasco that was created when people overbought. When buying a home you should keep your budget and financial means in mind. That involves not assuming that next year you will be getting a big promotion or a raise and that you will be able to afford the massive mortgage that would the life out of you right now. In today's world, we can't even be sure we will have a job next year.

Take a close look at what you are paying for rent. If you can purchase a home for the amount you are paying for rent then it is a good investment because you will be able to claim your taxes and interest on your income tax. You also should have a six-month safety net of saving to cover expenses in the worst-case scenario.

Downsizing

Another good and logical reason to buy a home is that your current home is just too large and you would like to get into one that more perfectly fits your needs. Americans have gone through a phase of bigger is better and for many of them, it was too much of a good thing. More space cost more to heat and cool and other than impressing your neighbors serves no real useful purpose. Whether you sleep in a room that is 10 by 15 or 25 by 30 is quite irrelevant to the actual sleep process.

You need space

Is your current abode bursting at the seams? If you have to sleep three or four children in a bedroom, it might be time to consider buying a home or if you only have one bathroom for a family of six. When children become teens, it is often hard to survive with only one bathroom. Owning your share of the American dream

For many Americans owning their own home is a sign of success, of having made it. While this is a good and logical reason given the tax benefits of home ownership it has to be done with a lot of thought and careful planning.

Not having to answer to a landlord, being able to have outdoor space, having a party and not having the neighbors banging on the ceiling or floor are all good reason to own a home. Owning a home gives you a real sense of freedom, with a few strings attached.

Just remember that home ownership comes with its own set of rules and you will need to maintain your new home. You won't be able to call the landlord to fix any problems and you will have to make that monthly mortgage payment. On the upside thirty years from now, you will be truly able to call it your home.

If you are really lucky, you will find many logical reasons to make that home you fell in love with the home you grow old in.