Why Rent When Buying Is So Affordable!
Do you dream of owning your own home but never know if the time is right
? Now might be the best time in years to buy a house due to multiple factors. Housing has never been more affordable due to interest rates that are maintaining at around 4% for the last couple of years. In fact the Federal Reserve is committed to maintaining the low interest rate through mid-2013. Take into account when thinking about homes for sale and with interest rates holding steady it allows prospective home-buyers to afford more home for their money. In addition with the economic recession housing prices are lower which also allows prospective buyers to purchase larger homes for sale with a great interest rate.When considering options on homes for rent or homes for sale there are several factors you should keep in mind. How long do you think you will live in the area? Are your personal needs going to change in the near future, such as, size of family, relocating, etc. For the area I currently live in what are the going rental rates and how much house will that give me? After reviewing your circumstances, it is best to consider every month you will be spending a large amount of your budget towards a place to call home. Would you rather invest your money into your own investment or assist someone else with paying off their investment?
Trulia.com is reporting that during the month of July, buying was cheaper than renting in 74% of the countrys 50 largest cities. Also the increased demand for rental units is pushing rent up and making it a good time to purchase rather than rent. There are additional financial factors that we should review.
When weighing affordability, be sure to factor in the tax advantages that owning a home will provide. Once you purchase a home for sale you have the ability to deduct your mortgage interest from your yearly tax return. Also after purchasing a home you will start to pay property taxes yearly for the home but you can also deduct 25%-28% of your property tax bill off of your yearly taxes. A portion of your homeowners insurance may also be deductible on your tax return. For example if you spend $1200 in rent a month, all of that money goes to the landlord. If you spend $1200 a month on a mortgage payment you are not actually spending a true $1200 due to reducing the payment by the tax deductions you will receive. Also each month you make a mortgage payment it is like making a payment into an investment account.
On-Site Realtys staff feels you should contact a trustworthy mortgage broker or banker to find out how much you are comfortable with paying. Your lender will be your trusted advisor throughout the financial process to ensure you are staying within the limits that you consider affordable. You should also hire a Realtor that can assist with finding the right area that has traditionally shown to be a good investment area. Also a great Realtor can show your market trends that will enable you to make an informed decision in renting or buying. When considering homes for sale or homes for rent in the Sanford, Fayetteville, Carolina Lakes or Ft Bragg, NC area, be sure to contact one of On-Site Realtys professional realtor agents!
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