When you’re considering the purchase of a home there’s always a million reasons to wait.
“What if a recession hits?”
“Home prices are going to come down”
“I don’t have a down payment”
“I need to improve my credit”
“I’m waiting for a promotion”
There is literally an endless supply of excuses…if you’re looking for one. But to the financial expert, most of the aforementioned reasons are mainly excuses NOT real or permanent obstacles.
There were reasons not to buy in Denver in 2010, 2000, 1990, and 1980 too.
But if you could go back in time and purchase a home would you?
Of course you would.
Because purchasing a home in Denver, over any 10 period, has always been a great financial investment.
The truth is when a person continues to avoid home ownership, they are postponing investing in themselves.
Equally important as the financial returns home ownership brings is the increasing quality of life it confers. This includes increased stability for oneself and ones family (especially children) commitment to a local community, improved personal responsibility, and pride of ownership. All these attributes contribute to increased happiness and strengthened life purpose.
In the end, every person must make their own decision about what’s right for them. But if you ask me, the only reason to keep a person from pursuing home ownership is a reason rooted in sound financial logic, corroborated by the opinion of a trusted financial partner.
Sadly, in my 22+ years in finance, all too often, the reasons I see people postponing purchasing a home is rooted in lack of financial self-confidence, misinformation, hearsay, or downright financial ignorance.
God only knows the $millions in lost equity by good people who were to afraid to do pull the trigger on a new purchase. God will forgive us, but our personal balance sheets will not.
Building a successful financial future isn’t easy and life is fraught with risk, financial and otherwise. But if you seek a better financial future ask my advice, I wouldn’t hesitate: Start with the purchase of a home.
At 47, I’ve met dozens upon dozens of financially successful people. All have net worth in excess of $1,000,000.
Not one of them is a renter. This sums it up.
“The Journey of a thousand miles starts with a single step” (Chinese Proverb)