Friday, October 23, 2009

Buying Your First Home

By Quang Nguyen

Buying your first home is the ultimate American dream for everyone. Many look at it as a financial decision, however, I suggest you to look at it as a lifestyle decision. If you picture yourself handling the responsibility of taking care of your lawn every week or if you picture yourself as just leaving the condo every night to hang out with friends will result in different housing options. Moreover, mortgage payments require you to save money for at least couple of years so your personality is definitely important when coming to rent or buy. In addition, real estate is immobile, so if you are the type of person who moves every year or the type who stays at one location for many year also counts toward the decision of buying a new home. The neighborhood is also very important since you would not live happily if you live in the wrong neighborhood and has to deal with issues everyday. The goal of owning a home should be for a happy lifestyle instead of a strong financial status.

So when you decide that buying a home is definitely your thing, please think twice on when to buy. Many people think that the real estate market is at the bottom and now is the best time to buy. However, that might not be the case, as the housing market is expected to be much lower. For example, in Miami, it is expected that price would continue to drop 29.9% by next June after it has already fallen 48% for the past three years. The same go for others locations, such as Las Vegas 23.9% and Phoenix 23.4% by June 2010.

When you do decide to buy a home, you really want to buy something special, something that would give your guests an awww when they visit. With the low price on real estate market, it is possible to get yourself that amazing house that you have seen on TV. In Redwood City, CA, a home with elevator and cliff-side setting and bended-roof bamboo originally costed $1.4 million; now you can get it for $1.2 million. In East Hampton, NY, with homes described as "synthesis or architecture, art and science" will take you $4 million. Or do you want to live in a castle? A 1930s cottage and stone castle in California is now on the market for $1.8 million. You want something exotic? How about a house on top of the volcano? With $750,000 and this baby in Newberry Springs, CA, will be yours. How about a lighthouse somewhere in New England like that movie? You can spend $2,873,000 to live in one of those in Deer Isla, ME.


1 comment:

  1. Real estate blogging encourages a culture and principle of RESPECTFUL debate. Great stuff as usual…. Thanks for this.

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