There are tax breaks associated with owning your own home: interest is deductible, as well as transfer taxes from when you pruchase, and property taxes.
You will gain equity in your home. Money paid for rent is money down the tubes, but mortgage payments let you build equity ownership interest in your home.
Building equity in your home is a ready-made savings plan.
Unlike rent, your mortgage payments don't change. Property taxes and insurance costs may rise, but your mortgage payment won't. Therefore, housing costs may actually decline as you own the home longer.
There is freedom in owning your own home. You can decorate as you see fit, and benefit from your decorating and remodeling investment both while you live in the home, and when you sell.
There is stability to your life. Remaining in one neighborhood for several years provides one with the opportunity to establish lasting friendships, allows more participation in community activities, and, if you have children, they can benefit from educational continuity.
Answering that question is dependent completely on you. Ask yourself these questions. Do I know my credit score? If not, you qualifying for purchasing a home is based on your score. You'll want to check with a lender to see about getting your credit score to find out if you qualify. Another question is, do I have money saved to put toward the purchase of a home? Depending on the amount you qualify will determine the amount you need to have saved. Do you want home ownership responsibility? If so, then that is another reason to purchase rather than rent. Owning vs renting also gives you tax write-offs that you do not get with renting. If you don't have a credit score that qualifies you for a purchase, not much money saved or want the responsibilities that come with home ownership, then renting is the direction you should go.
Flagship Mortgage Corporation
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Happy to help you if I can - Trulia and many other sites also offer rent vs. buy calculators to help you get a sense of specifics once you have an area and price in mind.
You need to ask yourself many questions.
Are you planning on staying in this area for a long period of time?
What location do I prefer?
How far from my job do I want to live?
How much can I afford to pay for housing on a monthly basis?
Can I afford to pay the closing costs?
Do I need to be close to schools?
Do I need to be close to transportation?
This list goes on and on.
For more indepth information...contact a Realtor for one on one consultation.
I think that with interest rates where they are, now is a great time to buy depending on your financial situation. You should contact a reputable mortgage lender to see what you can afford.
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If you would like some information on rentals and available properties, please conact me, I would be happy to set you up an email notification for you to review .
That being said you still need to have good credit to get the rates that I'm referring to and you still need to be an educated consumer and make a sound investment. That is what all of us (Realtors) are here for!
Home price's in Pittsburgh were never escalated and there was never a bubble here to burst! Most of the first time home buyer's i've worked with have made money when they bought their home because in most case's the home already has equity in it when they buy. That's a good thing. Contact me sometime, I can point you in the right direction to speak to a lender who will work with you. Donnapelleg@gmail.com
That depends on many factors. Your credit score will effect both what you can buy and how much you may need to put down as security to rent. Get your credit score and then you can compare. The answer is different for a person buying in 15220 that plans to be in this area for the next four or more years. a person with 580 should rent where a person with 780 credit score would most likely be better off in 4 years if they buy. Those in between require a closer look at the budget, space requirements. ages of children. Hope this has helped. If you want more specific information; Please email me at email@example.com where we can discuss your information in confidence.