The only one who benefits from a rent check is the landlord. Renters never see that money again, while homeowners usually profit when they sell. In addition, renters can't use any of their rent payment as a tax deduction, like homeowners can. If you or someone you know is renting, it's time to put that rent check to better use!
The mortgage-interest deduction is probably the best financial argument for buying rather than renting.
Can A Renter Really Afford To Buy?
The real question is whether renters can afford not to buy. The tax savings alone make the purchase of a home a wise financial decision.Â It is wise to see a lender to go throught the numbers to see how much you could comfortably afford to borrow.Â Â
Pick A Loan
To take advantage of the financial benefits of homeownership, renters must first find out how much buying power they have. We can help. Call us for information about the whole range of mortgage options now available, including low- and no-down-payment loans, and programs that allow buyers wrap home-improvement costs and closing costs into the mortgage.
Although some lenders allow buyers to use up to 41% of monthly income to purchase a house, beware of becoming "house rich and cash poor." Be sure to budget for homeownership costs beyond the mortgage, including expenses for:
decorating and furnishing
homeowners association fees (if any)
utilities-power, water, sewer, cable, trash pick-up
yard tools, supplies and general upkeep
home repairs, supplies, cleaning and upgrades. Today, homeownership is a wonderful dream-come-true for more people than ever before. Let us help turn those dreams into a home to be proud of. There are 100% USDA loans available in parts of New Hanover County, Pender County and Brunswick County.Â Let us help get you started.Â Search all Wilmington NC real estate on www.cbbaker.com
or on your phone at mobile.cbbaker.com.Â There is a special section for buyers that you might find helpful.Â A mortgage calculator is there as well.Â