Many people will come to a point in their life where they will weigh the advantages and disadvantages of home ownership vs. renting. Buying a home may not make sense for everyone, but the advantages of home ownership in today’s market often outweigh the alternative.
Because of lower interest rates, we are seeing mortgage payments that are considerably less than rent payments for the exact same home. Many homeowners who lost their home during the recent housing crisis are now coming back around to this question. Because FHA loans require two years to have passed since the foreclosure date to qualify for a new loan, these homeowners are able to take advantage of owning a home with a great interest rate and payment.
A good way for you to compare your options is to have your realtor give you comparable listings for homes in your area
alongside rental listings with the same type of criteria. Additionally, you can go to websites such as http://www.apartments.com to view apartment listings.
So what are the pros and cons of buying a home here in Arizona? How can you tell if owning a home would benefit you?
- Tax Advantages - Your mortgage interest paid is tax deductible and may help reduce what you pay in taxes every year. Contact your CPA for more information.
- Equity - Owning your home is a great way to build wealth/net worth which increases as you gain more equity through market appreciation, and by making your mortgage payments.
- Security -Your home
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provides a place where you can live, grow, and expand while making your home your own.
- Fixed Payments - Your monthly payments will be the same every month, unlike the prospect of facing rent increases from your landlord. This is assuming you choose a fixed interest rate mortgage when you buy your home. There are many loan options, and you should thoroughly discuss all of them with an expert loan officer.
- Home Value - The value of your home can increase or decrease. There is no guarantee that your home will gain value.
- Flexibility - When you own a home, you will have a monthly obligation that must be paid for the lifetime of the loan.
- Mobility - Typically, when you buy a home, it is not possible to sell it for a profit. This can make moving to another home or location more difficult.
- Maintenance Costs - You will be responsible for the upkeep of your new home—inside and out! That means that there will be extra costs associated with keeping your home in good condition. This will help maintain the value of your home as well as contribute to any increase in value for the future.
If you have any questions about home-ownership vs. renting, please feel free to contact us at 602.753.7801.