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Buy Curious?

Dec 18, 2013

Buy Curious?

Are you having a hard time deciding whether to rent or buy a home?  Many people choose to rent because it allows for flexibility and no long-term commitment.  There are, however, more compelling reasons to buy a home.  Historically, property was the largest asset a person possessed. Today, this is mostly still the case.  A home is an investment, and likely, it will be the biggest investment of your life.  Beyond that, buying a home makes financial sense.  When you rent a home or an apartment, that money is lost, but when you buy a home, the monthly payment is going towards your investment.  If you are paying a monthly sum to live somewhere, it should go towards something you own.

Another benefit of home ownership is the option to write off the mortgage interest on your Federal Income Taxes.  This will end up saving you quite a bit of money, as interest usually makes up the bulk of a mortgage payment.  Property taxes are also tax deductible.  Equity in your home can also allow for borrowing more money for home improvement, business, or other investments.

Home prices are very reasonable right now.  Interest rates on home mortgages are also still very low; however, there are signs that they may soon be on the rise.  It would be smart to get locked into a low rate now. If you are in the market for a home, you should consider buying; it makes sense (and cents) both now and in the long run.

At All American Title Agency, LLC, we assist buyers, sellers, and agents in real estate transactions, title examinations, closings, and more.  Please keep us in mind when you buy a home.  For more information, contact Christina Lowrance at 985-641-8002.