and that is related to your fears even before you decide to become a home owner. There are concerns related to property values going down, being able to afford a mortgage, being able to make ongoing payments, job security, visa status, life stability, why get tied to a neighborhood? rent vs buy scenarios and so on. Home purchase is the largest investment of your life and it is perfectly OK to have these concerns. http://youtu.be/byCQ9jj-XVE
of course friends, the decision to invest all your life savings in one asset is a scary thought. However, the home purchase is a big investment and it takes all you got for many of us. Not only your life savings, however, it may take all your courage to make a decision that is so big and bold. However, look at the big picture. Every building, every house that you see is owned by someone, who is in this for a long term. The history shows, that the real estate prices rise over the long term. And do not forget the important fact, that you have limited work life. If you plan to retire by current retirement age of 65 years, and typical home mortgages are 30 years, you better become a home owner today. If you are above 35 years, you have a lot to catch up and if under, you need a good advice on what to do in life. However, as the story goes with many of us, in our 20's we are trying to prove ourselves and in our 30's we are establishing our social presence. So it may not hit you until after you reach 40 to do what's right in life. One of the fear that is so fresh to many is the mortgage crisis of 2008 and the fall in property values.
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