Should I buy a home or rent? Yes, we are a real estate brokerage in the business of helping people buy and sell real estate, but did you know we also work with renters?
Owning your own home can give you financial and emotional peace of mind, but is it the right decision for you? Sometimes renting is the right answer, especially if you plan to move in the short term, if you are working on saving for a downpayment, or building or repairing your credit.
Are there benefits to owning a home? For many of us, the feeling of owning our own space in the world is priceless. As a homeowner, you can remodel, paint your walls purple if you want to, display your award winning collection of garden gnomes – the choice is yours. That freedom and the security of home ownership is still part of the American Dream.
There are some financial advantages to owning a home as well. Here are a few of our favorites:
- Equity. Your mortgage payments are building equity in your home that you can recoup when you sell your home, or take advantage of while you are still living there in the form of a low interest home equity loan.
- Tax Breaks. In most instances, your mortgage insurance and property tax payments are deductible for income tax purposes.
- Do you have an IRA? If you are a first-time home-buyer, you may also be able to apply a portion of your IRA to yourdownpayment without penalty. **(consult your tax professional for details)
- Be a big fish. The pond of real estate buyers is smaller than with traditional investments in stocks or bonds. You will likely be competing against fewer qualified buyers for that great deal.
Ready to get started?
Buying a home is an exciting process and you’ll need a great team behind you to make it a success.
If this is your first time buying a home, take a look at our Steps to Buying page. It has some great information to get you started, and guidance on how to assemble your team.
Remember, we’re here to help. Drop us a line or give us a call and we’ll answer any of your questions.
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