“Can I afford to buy?” The real question to ask is “Can I afford to continue renting?” Most tenants don’t realize the amount of money they pay over a period of several years. An average rent of $1750 a month over 10 years is $210,000! “Why should I buy when I can rent and not have the responsibility of house problems?”
Here are the top 3 benefits of home ownership.
- Tax Advantages – both property taxes and interest payments are tax deductible. Always talk to your tax advisor as to the benefits specific to you.
- Home Value Appreciation – benefits from increased value over time which builds equity and increased value from home improvements added for your enjoyment.
- Pride in Ownership – it’s yours! No more asking for permission to make changes on the place you call home. You now have a sense of permanence and solid foundation in your own home.
There are many programs available for buyers today including programs for Teachers, Medical Professionals, Police Officers, Military and Firefighters. Also, there are county bond programs and state programs to help buyers. Even our company offers a New Buyer’s Program that works in coordination with these programs on new construction to help buyers even more. When considering purchasing a new home or a resale home, it’s important to have a Real Estate Professional and a Mortgage Professional to represent you and help you get the most for your money. Don’t do it alone!
Seriously consider the pros and cons of buying versus renting—paying your own mortgage or paying someone else’s mortgage. With interest rates still historically low at or below 5% on a 30-year fixed mortgage, why rent? Now is a great time to buy.