Practice Management

According to CNNMoney with substantial lower pricing on homes around the nation, home price affordability has improved in many cities.  53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB).  That is up from 44% during the first three months of 2007 with home prices the most affordable they've been since the three month period that ended June 30, 2004.

You can argue about the cause of this increase, but we all know it is because of the real estate bubble bursting of late.  What all of says is that if you are interested in buying a home now is the time to do so.  This is especially true if you are wanting to move your practice home.  It does not make sense to buy a new house at the top of the market.  You buy it near the bottom, improve it where you can reasonably do so, and then allow the equity to build.

If it is your home office, then you will get additional tax benefits as well.  You will substantially cut your overhead, improving your bottom line, and the house becomes, hopefully, an appreciation machine (your biggest and best investment) once the market improves.