Dear Prospective Buyer,

When deciding whether or not to buy a home for the first time, it is essential to compare the benefits of buying versus renting. Renting provides the liberty to move when the lease expires rather than having to wait until you sell your home. On the other hand, landlords can also decide to end your lease, and then you are forced to move. Renting allows you to avoid the cost of maintaining the property and requires less cash up front; however, home owners have the freedom to remodel as they choose and can deduct the cost of home repairs from their taxes. Also, renting throws away money that could be building equity.

When you own your home, your monthly mortgage payment not only pays for you to live in the house but is also an investment. Although you generally invest 10% percent of your own money and 90% of the bank's money, you receive the benefit of 100% of the house appreciating each year. When you sell your house, you receive money that you would not have received when you are renting. Plus, you can deduct items on your taxes, including interest on your mortgage and property taxes. Another great tax benefit is that you do not pay taxes on any profit you make from the sale of your home. Provided that you choose a fixed rate mortgage, you lock in a consistent payment, while renters should expect a few rent increases over the years.

If you decide that you are ready to buy a house, I would like to help educate you about the process. Please contact me.

Kind Regards,
Candace Robinson
Home Smart Real Estate