Is buying a home still the best first investment?

Asked by Rhayward, Brooklyn, NY Mon Apr 1, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Russ Richard…, Agent, Myrtle Beach, SC
Mon Apr 1, 2013
It can be a fantastic first investment but you have to be extremely careful in property selection and timing. With drastic market fluctuations, the time you buy is critical.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Apr 1, 2013
Investments are really a matter of personal preferences; however we all have to live somewhere...you decide...
1 vote
Rhayward, Home Buyer, Brooklyn, NY
Thu May 16, 2013
Still conflicted but found this useful- thank you.
0 votes
Serge, , Brooklyn, NY
Wed Apr 3, 2013
Not always. Buying a house is an investment decision. If you have to move and sell too fast, you will loose closing costs and commission on sale.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Mon Apr 1, 2013
Dear Rhayward:

99.99% of the time it is. The 0.01% of the time that it is not would only apply to someone who actually lives rent free. Hence, unless you are a squatter or living in your parents basement, the answer is yes.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Fajardo Dela…, Agent, Flushing, NY
Mon Apr 1, 2013
Yes, for the long term and what you are thinking is best for you.
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes
Kathryn Lilly, Agent, New York, NY
Mon Apr 1, 2013
Absolutely! It costs money to put a roof over your head, no matter which way you go! You have two choices:
Pay rent and be guaranteed an increase every year and probably have to move every few years and not always at your choice and have nothing to show for it. OR
Pay a mortgage, that can stay the same for the next 30 years if you choose a 30 year fixed mortgage and you control your maintenance costs + you get a tax deduction off your income tax + your home should at least keep up with the rate of inflation and when you choose to retire you have a huge pay day!

Paying rent...you move out with nothing and your savings account does not even keep up with the rate of inflation!
You buy...you have choices...you have a landlord, you give your money and your choices to your landlord!
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
0 votes
Luke Constan…, Agent, Brooklyn, NY
Mon Apr 1, 2013
Hi Rhayward,

Think about this:
When you pay rent, you're literally throwing money away, giving a landlord money to pay their mortgage.

When you own you're not throwing money away, your putting it into your invstment. You can get this money back when you sell, or use it as equity towardsanother property, a car, etc.

I have helped many first time homebuyers who thought they couldn't buy a home...
Give me a call anytime! :-)


Luke Constantino
Realtor
Keller Willams Real Estate
(212) 300-3919
lukeconstantino@gmail.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more