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Refund Anticipation Loans -- More Harm than Help
If someone offered to loan you $2100 of your own money at interest rates of up to 222% you’d probably laugh at them and walk away; but, this spring, 1 in 10 Americans will do just that: they’ll borrow their own money at interest rates as high as...
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21 No-Cost (Or Extremely Low-Cost) Ways To Remind Your Special Other Of How Much You Love Them
It's so easy, as we race through each day trying to accomplish an impossible number of tasks, to forget about those we love. Soon, and often unintentionally, one partner, or both, are left feeling unappreciated, overlooked and in need of some...
How to Sing the Song of the Unsung Hero on Your Team
This article is for you if you’re a behind-the-scenes kind of person – the admin assistant who gets the presentation ready for the guys in marketing but doesn’t get to go to the meeting; the PR pro who writes all their speeches and answers all...
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Life insurance, the universe and everything
You may have noticed that life insurance is coming back into fashion. It’s true that it may not be the financial term on everybody’s lips, but sales of life insurance have been going up, according to the Association of British Insurers. Whilst we...
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Homeownership: Could it be in Your Future?
Whether you are young, newly divorced or in transition, or a newcomer to America , you rightfully want full participation in the American Dream to own your own home. Still, renting might be the best choice (or only alternative) for you right now.
In order to realize your dream of homeownership in the future, the time to set your goal and make your plan is now. Although this will require budgeting, saving, maintaining good credit, and timing, the rewards of planning for homeownership can be considerable.
If you have never owned a home before, take heart: All or nearly all of today's older homeowners were once the nation's renters. It is the American way to strive toward ownership of one's own home for the sake of privacy, independence, security and self-expression.
Homeownership is also the starting point for accumulating wealth and enhancing your financial security. According to the U.S. Census Bureau, renters say their number one reason for saving is to buy a home. In addition, 85 % of us identify the first step toward “the good life” as “owning a home.”
Historically, landowners have been the decision-makers and power-brokers in our nation. Until 1860, renters were not even allowed to vote! Unless you have good reason to remain a renter --- love of the carefree lifestyle and a good financial plan to steadily accumulate alternative investments to finance your retirement --- you should make plans now to become a homeowner as soon as possible.
Build and follow a financial road map that leads you to the home you really want. Scrimp a little today to realize your dream tomorrow.
If that sounds easy, it's not. All major decisions, including our housing decisions, are fraught with emotional factors not often recognized.
In making your housing decisions,
you employ your personal housing value system, including all that you value about where and how you live. This system incorporates personal, social and tangible factors as well as financial perceptions that are not necessarily objective views.
In addition, you have a housing history, made up of the values, wants and needs associated with every place you've ever called "home", and that also influences your decisions; left unexamined, it can mire you in the past and undermine your goals.
If you decide that you too wish to be a home owner, it is important that you begin to accumulate savings while you are renting.
Begin observing the housing market to get a sense of what houses cost and where different houses are located. While doing this begin to develop a sense of the importance of market timing - when is or isn't a good time to buy.
Make decisions about the living arrangement you want in the short term and in retirement, and set these as goals to work toward.
Modify your plan realistically through the years, and live up to it.
Anchor your retirement planning with the home of your dreams, and save regularly to make your dreams come true.
And, finally, learn all you can about your housing history and value system to that you can make the right decisions as your plan unfolds.
If you follow all of these steps, a new home could very well be in your future.
About the Author
Lois A. Vitt is a housing expert and financial sociologist, and is the author of "10 Secrets to Successful Home Buying and Selling: Using Your Housing Psychology to Make Smarter Decisions", the first book in the real estate market to demystify the psychological forces behind our housing decisions. To learn more about Lois and this book, visit www.RealtyStudies.com.
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