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Welcome to Indy Links

Let's face it, buying a home is still pursuing the "American Dream". There are definite benefits but also some drawbacks to consider. All in all, it's a good time to buy and you're in the right place.

Benefits of home ownership:

  • Save Money. Renting is at an all-time high these days and often home-ownership is actually cheaper. 

  • Pay yourself. Why pay someone else's mortgage? If you're putting your monthly payment in to your own home, you're building equity. Equity gives you more leverage.

  • Tax benefits. There are deductions you can take on interest and also in many places tax deductions. 

  • Belonging and Privacy. Owning a home in a community give you pride in your home and the neighborhood. You also have greater privacy and control of access.

  • Stability. Financially, your payments are fixed by a mortgage, so no fluctuations by a leasing company. And, by planning maintenance and repair, you'll keep your costs steady.

Drawbacks of home ownership:

  • You are fully responsible for maintaining your home. Its condition, the appliances and mechanicals typically all fall on your shoulders. (Condos and some other arranged communities may help with some of this.)

  • This is a long-term commitment. Financially speaking, you are signing up for 30 years, typically.

  • Committed to your neighborhood. Sometimes it is much more difficult to up and leave a neighborhood when you've bought a home and invested in a community. The opposite is also true that sometimes you choose a neighborhood for all the wrong reasons and you have to stay put to make financial sense.

  • You'll typically have to have some money saved for a down-payment, moving and closing costs.

  • Borrowing against your home can be very enticing but can also leave you "house poor".

  • You may not see equity for a while. Some areas and price ranges don't see equity for many years. 

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