2torial #0935:
Learn2 Buy a Home

A home of one's own

Nearly everyone dreams of owning a home. Ownership brings responsibility, but also a sense of security that virtually no other material possession can provide. And it's one of the best investments you can make, thanks to hefty tax breaks and long-term appreciation in real estate values.

However, the process can be intimidating, especially for the first-timer. You have to deal with a gaggle of professionals--including realtors, bankers, and inspectors--all looking to get their piece of the purchase price. And since it's probably one of the biggest financial decisions you'll ever make, you don't want to get it wrong. That's why we've prepared this preview of the process.

Before looking seriously for a new home, it's important to take stock. Ask yourself how you expect your life to look in 5, 10, or 30 years. You'll have a better sense of the kind of home you need for the long term--and whether or not now is a good time for you to buy.

If it's likely you'll have to relocate in the next several years (for example, because of a job or relationship), you may want to wait until things settle down. Buying a home costs a lot of money over and above the price of the home itself. You'll be shelling out extra money for things like property taxes, inspections, and insurance, and the benefits of short-term ownership may not be worth the expense or hassle.