Buying vs. Renting a Home

Is now the right time to buy a home?

When buying a home you have many options to consider and choices to make. Buying a home is a BIG responsibility, financially and emotionally but it's well worth the time and trouble. Real estate often is an excellent investment, perhaps the number one source of wealth-building for families and single people.

Owning a home has many benefits.

When you make your mortgage payment you build equity in your home and that's an investment. There are also tax advantages to home ownership. The mortgage interest and real estate taxes are tax deductible. This allows you to subtract part of your housing-related expenses from your taxable income, which could reduce your tax bill. In many cases with the tax savings, the amount of money a homeowner spends on a mortgage can be about the same or less than what a renter spends on rent. As a renter, you lose the chance to build equity, take advantage of tax benefits, and protect yourself from rent increases. Also you may not be able to redecorate without permission or face loosing your deposit because you repainted or hung too many pictures on the walls. YIKES!

Home ownership may not be for everyone.

Buying a home is a HUGE financial commitment. Starting with the initial shock of your purchase including your down payment, closing costs paid to your lender followed by years of monthly mortgage payments, real estate taxes, property insurance and maintenance costs, home ownership may become overwhelming. However, it NEVER cost a buyer a dime for my professional buyer representation and many times we can get the seller to pay the buyer's closing costs. This strategy can lessen your sticker shock and get you into your home with less of an initial investment than you thought. Also, many times your ongoing real estate taxes and property insurance is escrowed into your monthly mortgage payment by your lender, so you only have one bill that includes all three.

I'm here to help.

I can apply my expertise to help you decide which option is right for you. To get started, log on to StevenCarder.com, click on the Buyer page and download my free Buyer Report.