IS IT ALWAYS BETTER TO PURCHASE A HOME?

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D. Gates Wealth Management

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Mar 16, 2023

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Florida - Southwest

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Homeownership is a dream for many people, but is it for everyone? For some, buying a home is a rite of passage, a sign that they’ve grown up and succeeded. However, there are some things to consider before you decide to buy your first home.

Sometimes, buying a home isn’t always the best option. Understanding why homeownership can be a disadvantage may help you decide if buying a home is a good choice at this point in your life.

YOU’RE NEW TO THE AREA

If you’ve recently transferred to a new city or relocated for a job opportunity, you may want to hold off on buying a home until you’re better acquainted with the area. Try taking your time to learn about the local landscape and meet your new neighbors before looking for a more permanent place to settle.

YOUR JOB SITUATION COULD CHANGE

While many workplaces have adopted remote working over the last few years, there are still jobs that ask employees to be in the office. If there’s even a small percent chance you’ll need (or want) to relocate for work, it may be better to rent until you’re in a more stable situation.

YOU CAN’T COVER A DOWN PAYMENT OR CLOSING COSTS

There are a lot of costs beyond the list price when buying a home, and many lenders have minimums for down payments. And besides the down payment, there are also closing costs, inspection fees, insurance costs, and renovation costs, just to name a few.

YOU DON’T WANT THE RESPONSIBILITY

You’re reading or hearing about all of the extra maintenance work that comes with a home, and none of it interests you in the slightest. If you’d rather do anything other than mow a lawn or fix a leaky faucet, renting may be a better option for you. That way, you have a landlord to call when something breaks.

YOU’RE NOT READY FOR A LONG-TERM COMMITMENT

The housing market can be incredibly fickle. You may buy a house today, only for it to potentially plummet in value over the next few years. This is a risk you take when purchasing a home, and market fluctuation may be less of a concern for long-term buyers that are willing to ride out the changes. But if you want more flexibility, renting may be a better fit in the short term.

The perfect home is different for every person, and it may take some time to figure out what an ideal home looks like for you. If flexibility and lower maintenance are your dreams, renting may be a better option.

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Whats more, more than 12 million Americans over age 65 live alone, according to the American Psychological Association. As children grow up and move away, neighborhoods change, and friends pass, the opportunities for close connections sometimes become limited. Financial constraints and loss of independence and mobility can change looking forward to the holidays to dreading them. To help avoid the holiday blues, here are some steps you can take to restore holiday joy.      Find new ways to connect, such as video chat and email. Write letters, cards and call. You do not have to wait for family members to reach out. Take initiative. Connecting with others is one of the best ways to relieve loneliness.      It is heathy to feel sadness about missing family and friends. It is important to acknowledge your feelings.       Volunteer and help others. 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Local Services By This Author

D. Gates Wealth Management

Financial Services 1708 SE 47th St #2, Cape Coral, Florida, 33904

For over 20 years, Danielle has been helping professionals and their families gain a sense of clarity and confidence about their financial future. She is driven by her desire to help people turn their complicated and often overwhelming financial pictures into goal-based, comprehensive wealth management strategies that they can feel good about. Danielle's commitment to helping her clients navigate their financial lives has served as the foundation for her financial services practice, D. Gates Wealth Management. Danielle Gates is a Certified Financial Planner and her personal goal is to be a lifetime resource for each and every client. In her free time, Danielle enjoys pedaling her bike through local trails and beaches, hiking, and traveling.

D. Gates Wealth Management

Financial Advisor 1708 Southeast 47th Street, Cape Coral, Florida, 33904

We, at D. Gates Wealth Management, along with LPL Financial, are dedicated to helping our clients make informed financial decisions about issues that affect their financial needs, goals, and objectives. We strive to help clients to create a sense of financial well-being toward pursuing financial freedom. Additionally, we work with clients to determine what is important in their lives be creating a comprehensive financial plan centered around their values.Whether you're just starting out or you've already built a strong financial foundation and want to know what's next, D. Gates Wealth Management can help you take the next step.COMPREHENSIVE FINANCIAL PLANNINGCash Flow PlanningInvestment ManagementRetirement PlanningSocial Security OptimizationEducation FundingInsurance & Risk ManagementTax Management PlanningEstate PlanningINVESTMENT MANAGEMENTRisk AnalysisInvestment Policy DevelopmentTax Management PlanningPortfolio ManagementBUSINESS PLANNINGRetirement PlanningGroup BenefitsProfitability AnalysisSuccession Planning