Buying your first home is a major step. There's a lot you need to know to make the right decisions - and also to avoid making the wrong ones. And that's particularly true in this current buyers' market, when there are so many homes available and sellers have such diverse motivations. The good news is that if you know what you're doing, or if you're working with a highly-experienced REALTOR® who does, this market offers fantastic opportunities to get a great home at a great price.
Owning Versus Renting
Without question, owning a home comes with responsibilities and risks that you don't have to worry about when you rent, such as a mortgage, taxes, homeowner's insurance, maintenance and repairs, to name a few.
Historically, it has trended that over time, you'll lose money by renting instead of owning your own home. Why not build up equity in a home instead of paying your landlord's mortgage?
• Although there are periodic market drops, historically owning a home has been a prime financial investment
• You can take advantage of many ongoing tax benefits, like deducting the interest on your mortgage and property taxes from your income tax
• Owning a home isn't just a good investment in financial terms, it's also an investment in a higher quality of life - particularly if you have a family or if you're planning one
• There is a special kind of pride in the ownership and upkeep of a home that you won't get with renting
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