Article

Should I Keep Renting or Is It Time To Own?

Posted by Jessica Akright on Nov 29, 2016 15:00:00 PM

Topic: ALL

Couple packing their home

Deciding to buy a home is one of the biggest financial decisions most of us will ever make. And it’s not an easy one. With interest rates still relatively low and the cost of rent continuing to climb, you may be asking yourself, should I ditch my apartment and buy a home?

HERE ARE 6 ADVANTAGES OF HOMEOWNERSHIP:

  1. Greater privacy. In an apartment you may hear everyone else’s TV or music, and smell what they’re cooking. Or your neighbor knows everything you do. Generally you’ll have more privacy with your own home.

  2. Decorating freedom. From the plants in the yard to the walls you paint or knock down, you’re free to do whatever you wish to your living space.

  3. Fixed monthly payments. Although insurance and property taxes may rise over time, principal and interest payments will stay the same for the life of your fixed-rate mortgage.

  4. Tax deductions. Ownership costs can be partially offset by deducting interest and property taxes from your income taxes, and there may be tax breaks on profits when you sell.

  5. Build equity. Historically homes rise in value. But even if yours doesn’t, your equity and ownership percentage increases with every payment. If you plan to stay in your home at least 5–7 years, upfront costs are offset by equity gained and the possibility of increased value.

  6. Acquire a community. As you settle into your new neighborhood, you’ll build life-long friendships.

A lot of factors impact whether renting or buying is the right decision—from your interest in home improvement and maintenance to your credit rating and ability to undertake the costs of homeownership. But there’s no need to agonize over such an important decision alone. Our Loan Officers can help you assess whether homeownership is for right for you and if it’s to your advantage.