Renting-to-buying

Is This The Year You Switch From Renting To Buying?

With rents on the rise this could be the perfect time for you to buy; but here’s what you need to consider first:

ADVANTAGES OF BUYING…

  • By maintaining regular mortgage payments, your credit score will increase over time.
  • If you itemize deductions, you could lower your federal tax liability by taking the mortgage interest deduction.
  • When you buy a house, you will know that the mortgage rate for the 5 to 30 years is going to be the same every month. Rent may continue to increase each year.
  • With each payment, you will build equity and increase the amount of total home ownership.
  • There may be down payment programs available in your area that can help you purchase your first home.

YOU SHOULD CONSIDER BUYING IF…

  • You want to build wealth.  Investing into real estate is the fastest way to add zeros to the end of your net worth.
  • You want to settle down, build community and know you will be in the same city or town for at least 2 years.
  • You want to invest your income into property that will hopefully provide you with a payoff should you decide to sell in the future.

YOU SHOULD KEEP RENTING IF…

  • You need flexibility and don’t want to commit to staying in the same location for the foreseeable future.
  • You have limited income or are unsure about your current job.  Renting allows you the flexibility to downsize 

If you are thinking about buying a home, reach out to your local Realtor to get started.

*Print version

 

Tags: No tags

Comments are closed.