Buying a home is a big decision, but with the
housing market on the rise it is more cost effective for you to buy now. If
you are on the fence about renting vs. owning, here are some things to
consider. First of all, when you own your own home, you have the freedom to
decorate, remodel or alter the landscaping however you choose. You gain a
sense of belonging in the community and gain more self confidence in reaching your goals. Then
there is of course the financial benefits of owning your own home.
When it comes to the financial benefits of buying a home, here is
one way to see why now is the best time to buy. Let’s say your dream costs
$250,000 today, at 4.41% interest, your monthly principle and interest
mortgage payment would be $1,253.38. Then let’s say you decide to wait to own
for another year, with the rates and prices increasing, the same home costs
$270,000, at a 5.7% monthly interest. That makes your monthly payment at
$1,567.08; a $313.70 difference in monthly payments. Now looking at it
over the long term (30 years) you would have saved $112,932 over that time by
buying now.
Still on the fence about buying?
For many, the idea of taking on a mortgage can be intimidating. However,
unless you are living with your parents, you are paying a mortgage ~ either
yours or your landlords. When you look at it that way, doesn’t it make more
sense to invest in your own property (where there is an actually return on
your investment) than on someone else’s?
Some other benefits to owning your
home are:
What is holding you back from
moving forward to buying your own home? Give us a call today at 801-774-1615
to find out what we can do for you.
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Tuesday, April 22, 2014
The Perks of Owning Your Home Compared to Renting
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