Why Buy Instead of Rent?
Is it time for you to get out of the rent race and buy a home of your own? While buying isn’t right for every
person or for every life stage or circumstance, there are several perks of homeownership that tend to stay
stable over time. These include building long-term equity, the comfort and pride that can be associated
with owning your own home and, of course, lower overall monthly cost.
If you don’t think you can afford to buy a house right now, then you may not know all of your options.
Many loan programs offer options for low down payments and some programs offer 100% financing.
Other programs allow gift money as a down payment. Also, sometimes a seller is willing to contribute to
your purchase if they want to sell quickly.
If you plan to stay in your home for several years, buying a home could save you thousands of dollars over
renting. And you can get rid of the nosy neighbors upstairs!
BENEFITS OF HOMEOWNERSHIP:
Unlike rent, property taxes and the interest on your mortgage payment are all tax deductible.
Home equity is the difference between the value of your home and the amount you owe on your
mortgage. As you pay your mortgage down each month and your home value appreciates, you build
more equity to your overall net worth.
Your mortgage payments could be the same or less than what you’re paying in rent. With a long-term,
fixed-rate mortgage, your payments will also remain stable and predictable.
When you own your own property, you get to control it. That means planting your favorite flowers in the garden, allowing Fido in the kitchen, and having friends over after hours.