Are you trying to decide if buying a home is right for you? Are you agonizing over whether this is the time or not to buy?  The answers are a resounding Yes, and Yes!

In some cases renting may be the right choice, but in the long run, there’s no clear-cut benefit to renting versus owning your own home.  You can reap the financial and personal benefits that renters can never match.  To wit:

 

Don’t pay your landlord’s mortgage.  When you pay rent each month, your landlord increases his financial position.  The landlord can use the money to pay down his own mortgage, finance a vacation, build up his retirement account – all sorts of ways that your money can be put to work for someone else!

 

Don’t throw your money away on rent.  Unlike paying monthly rent, when you make a monthly mortgage payment you help strengthen your financial future. As you steadily pay down your mortgage, you are building equity in your home.  When you have 20% or more equity in your home, you can tap into it through a home equity loan and use that money how you wish, whether it’s to improve the home, purchase a car, pay for education – you decide!  Or you may decide to refinance your into one with a lower interest rate or a shorter term.

 

Plan better with fixed housing expenses.  Rent will always go up! And they often go up considerably, as market prices change and the landlord’s property maintenance and tax costs increase.  If you choose a fixed-rate mortgage, your mortgage costs will remain the same over the term of the loan.  Of course, your homeowners insurance and property taxes may increase, but you’ll be better able to plan for those increases by knowing your monthly mortgage payment won’t increase.  

 

Do anything you want with the property.  Yes, when you own your home you can do what you want with it (provided you adhere to local zoning and building codes and neighborhood covenants).  You are free to paint rooms, hang pictures, have pets, renovate rooms and change the landscaping.  Want to put up holiday decorations or hang a flag?  Go ahead! Being a homeowner means you have the freedom to create a home that reflects who you are, not who your landlord dictates you to be.

 

Enjoy tax benefits.  Homeownership is an important part of the economy, and federal and state laws exist to offer unique benefits to homeowners.  You can deduct the interest you pay on your mortgage and property taxes up to a certain amount.  That’s like getting a raise without having to work more hours!

 

Put down roots.  Owning your home helps you become more invested in a neighborhood and the surrounding community. You can become involved in local community organizations and schools, participate in town government, take part in whatever local groups and activities you like, while developing fulfilling relationships within the community and putting down lasting roots. 

 

Of course, deciding to buy a home is always a personal decision, based on your particular needs and goals, but if you’re considering buying a home let’s talk!  Together we can discuss the pros and cons, connect you with a mortgage professional, and see if it makes sense to go out and find you a place of your own!