Are you currently renting, but thinking about purchasing a home? For some people, buying a home is one of the first big purchases of your adult life. However, deciding when the time is right to make that purchase varies from person to person. Here are a few things you should consider when trying to decide if it is time to go house hunting or to just renew that lease!
Owning A Home Offers Certainty and Personalization Options
Besides being an investment, owning your own home allows certain tax incentives and your mortgage may be cheaper than the monthly rent of an apartment. Owning your home allows you the flexibility to customize your home as you would like. You can paint the walls and change out flooring without having to worry about being kicked out.
However, owning a home also brings with it a good deal of expense. You carry the burden for ongoing repairs, lawn care, routine maintenance, etc. This is something many people forget to consider when buying a home. There is also the risk of losing money when it comes time to sell the home. You always hope that a home will gain in value, however, that is not always the case in the real world.
Just keep these things in mind when you are trying to decide if purchasing a home is right for you:
TAX BREAKS -The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes, and some of the costs involved in buying your home.
EQUITY– Money paid for rent is money you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
FREEDOM – The home is yours. You’ll benefit from your investment as long as you own the home. Decorate how you want!
STABILITY – Remaining in one neighborhood for several years let you participate in community activities, establish lasting friendships and offers your children the benefit of educational continuity.
Renting Offers Flexibility
With renting, you do not have the security of an investment, but the flexibility to move whenever you want. You may spend a little more each month to rent, but you know that it covers any repairs or maintenance issues. Renting also keeps you from paying property taxes. By renting, you could be working on saving money for when you decide it is time to buy a home.
When you decide to buy, contact Team Couch! TEAM COUCH is your best choice for buyer representation. We can help you determine what your dream home should entail and how it should function for you and your family. Together we will determine your specific needs by taking into account your family, desired location along with a multitude of other criteria. These factors determine what you are looking for and allow us to tailor our approach so we can find your dream home as efficiently as possible.