What’s so scary about home buying?
Last week, I had the pleasure of meeting the Bost Family. Mom, Dad and the three kids were settling into their new home in Crozet, VA. With Piedmont Housing’s assistance, they had learned to manage their money, create a credit history, navigate the home buying process–and access down payment assistance that made it possible to purchase the home. They both agreed that the new home was a blessing for their family, and expressed gratitude to Piedmont Housing for the help they had received.
But it had not been an easy decision. The Bosts admitted they had considered renting to be the safer and more flexible way to go, despite several bad experiences. They may have been experiencing the same hesitancy that is discussed in a recent Bloomberg News post. In this story, the CEO of the Mortgage Bankers Association is unable to persuade his daughter to purchase a home, even though she has adequate income and family support. The meltdown of the economy and foreclosure crisis is at the forefront of her thinking, as is the fact that she has friends who had been personally affected by the loss of a home.
Perhaps, like the Bost Family, she will decide that a home purchase makes sense when children come into the picture. Or maybe she will see enough continuing stability in the economy that she can once again trust in the value of building equity in a home. An affordable home is the cornerstone of wealth building for many families, but it is so much more than that. It is stability, safety, and comfort, and when the families in our community have those, we all benefit.-ktk