Renting Or Buying Your First Home - What to Consider
You may have doubts in the home buying process if you have rented a property for several years. We will explore the pros and cons of both buying and renting a home in this article to help you finally decide which path to take.
Long time home renters might feel uneasy about the idea of buying their own home. This is because buying a home is much more complicated than the renting process. Homebuyers are obliged to apply for home insurance, pay for monthly home maintenance costs, and settle real estate taxes and fees. It might seem daunting at first, but anyone can be more comfortable with the home buying process by knowing more about it.
The first thing you need to do is to list all payments attached to your prospective home. You can usually ask your realtor for information regarding average fees, maintenance costs and taxes. Place all information on a digital spreadsheet so you can compare costs for different homes quickly. Arranging all information you gathered in this way will also give you a precise calculation of a home's total purchase price and the monthly costs you have to pay.
Buying a home also means you are buying into your local community, according to writer Ilyce Glink, author of '100 Questions Every First-Time Home Buyer Should Ask'. Owning a home in a particular community may require you to pay for local taxes and other services that you do not have to pay if you are renting.
Owning a home usually offers a greater tax benefit compared to renting but this is dependent on your income level and your annual real estate property tax. You may need to research on the subject a bit to determine if you'll have a tax advantage by purchasing a home.
The idea here is to figure in all your deductions and current income level into the calculation of your tax benefits. You can ask an accountant or financial advisor for assistance in determining the exact tax benefit you'll get.
Owning a home must be seen vis-a-vis your long-term plan. You need to determine how long you intend to stay on one location. If you embrace a mobile lifestyle then you are better suited to rent a home instead of buying one. Renting allows anyone to move from one location to another easily. You can rent a home on a per year or even per month basis and be free to move as you please.
If you're not feeling settled in a particular city or neighborhood, buying a home may be causing a lot of anxiety. Make some solid decisions about where you want to settle and where you're willing to relocate to in the long-term so you can make the best decision about your new home. - 23159
Long time home renters might feel uneasy about the idea of buying their own home. This is because buying a home is much more complicated than the renting process. Homebuyers are obliged to apply for home insurance, pay for monthly home maintenance costs, and settle real estate taxes and fees. It might seem daunting at first, but anyone can be more comfortable with the home buying process by knowing more about it.
The first thing you need to do is to list all payments attached to your prospective home. You can usually ask your realtor for information regarding average fees, maintenance costs and taxes. Place all information on a digital spreadsheet so you can compare costs for different homes quickly. Arranging all information you gathered in this way will also give you a precise calculation of a home's total purchase price and the monthly costs you have to pay.
Buying a home also means you are buying into your local community, according to writer Ilyce Glink, author of '100 Questions Every First-Time Home Buyer Should Ask'. Owning a home in a particular community may require you to pay for local taxes and other services that you do not have to pay if you are renting.
Owning a home usually offers a greater tax benefit compared to renting but this is dependent on your income level and your annual real estate property tax. You may need to research on the subject a bit to determine if you'll have a tax advantage by purchasing a home.
The idea here is to figure in all your deductions and current income level into the calculation of your tax benefits. You can ask an accountant or financial advisor for assistance in determining the exact tax benefit you'll get.
Owning a home must be seen vis-a-vis your long-term plan. You need to determine how long you intend to stay on one location. If you embrace a mobile lifestyle then you are better suited to rent a home instead of buying one. Renting allows anyone to move from one location to another easily. You can rent a home on a per year or even per month basis and be free to move as you please.
If you're not feeling settled in a particular city or neighborhood, buying a home may be causing a lot of anxiety. Make some solid decisions about where you want to settle and where you're willing to relocate to in the long-term so you can make the best decision about your new home. - 23159
About the Author:
Author: Alexandria P. Anderson specializes helping people to find and purchase St. Louis Park homes for sale in Minnesota, as well as Saint Louis park condos for her home buying clients.
posted by X - Men @ 2:39 AM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home