Should I Pay My Landlords Mortgage | Rent vs. Buy | Wilmington NC real estate

 

Whether To Buy Or To Rent?

At one time or another, two questions cross the minds of most renters.
 

 

Should I be buying a home instead of renting?

  • Could I buy a home even if I wanted to?If you — or someone you know — are on the fence about buying or continuing to rent, consider these four steps to a realistic decision.1. Analyze. The first step is to analyze the key reasons for considering a change. Are you settling down from a life on the move, when renting seemed less restrictive than owning a home? Is your family growing, requiring more space that is hard to come by in a reasonably priced rental? Are you a habitual renter who, until your monthly payments started going up, has believed that life is simpler if you rent a home rather than own one? Have you always dreamed of owning your own home, but thought the process of buying too complex and your resources too meager?

    2. Know the difference. Take a close look at what homeowning means and how it differs from renting. Homeowning involves, of course, many things besides keeping a roof over your head. You acquire, along with a structure, the responsibility for maintenance and repair. Most homeowners find the benefits of owning far outweigh the upkeep efforts — and many homeowners enjoy the responsibilities.

    When you own your home, you can express yourself in ways impossible in rental properties. From remodeling to landscaping to pet-keeping, the home you own gives you a sense of uniqueness and proprietorship you don’t have when you rent. In your own home, you can:

  • Relax in the security of owning the roof over your head.
  • Realize savings in the tax advantages of homeownership.
  • Put down roots and become more involved in the community you’re living in.3. Study the financial picture. If these homeowning advantages appeal to your heart and head, you’re ready to examine your financial capabilities. Bear in mind:
  • Homeowners receive great tax breaks, including the ability to deduct mortgage interest expenses and sell with tax-free capital gains within limits.
  • Monthly payments go into your own investment, not your landlord’s pocket.
  • While monthly rent payments go up over the years, you can take out a fixed-rate home loan to have the same mortgage payment as long as you keep the home.4. Get the facts. Now is a great time to buy a home thanks to an excellent selection of homes on the market, flexible sellers and a wide variety of loan programs to choose from. Contact us, and we’d be happy to help you achieve the dream of homeownership.
  • 5. Call us.  Our expertise is working with first time home buyers.  Use our knowledge and experience to help educate yourself in the real estate market of Wilmington NC.  There are tax advantages to owning your home.  Please visit www.cbbaker.com for all your Wilmington NC real estate questions and to search real time for your home.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: