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Home ownership is still very much a part of the life's dream but one that requires research and considerable effort on your part.
First decide if it makes sense for you to buy a house or rent one. If your job keeps you on the move, it may not be worth it. You may need to stay put for at least three years to recoup your costs.
If your desire to own a home is based on wanting to create stability, keeping control over your living situation, building equity and investing in your future, go for it.
Next decide what sort of home you want. A single-family home in good condition offers instant livability. While it's more work than a condominium, and likely more expensive up front, you don't have to share ownership. You can build equity quickly if you have the skills and ample time by purchasing an upper apartment and making it livable.
Duplexes can be an excellent way to generate income, by owning one half and renting the other. Tenancy units are another option. |
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