Before beginning the process of buying a
home you should start by thinking about your situation. Are you ready to buy a
home? How much can you afford in a monthly mortgage payment? How much space do
you need? What areas of town do you like? After you answer these questions, make
a "To Do" list and start doing casual research. Talk to friends and family,
drive through neighborhoods, and look in the "Homes" section of the newspaper.
HOW DOES
PURCHASING A HOME COMPARE WITH RENTING?
The two don't really compare at all. The
one advantage of renting is being generally free of most maintenance
responsibilities. But by renting, you lose the chance to build equity, take
advantage of tax benefits, and protect yourself against rent increases. Also,
you may not be free to decorate without permission and may be at the mercy of
the landlord for housing.
Owning a home has many benefits. When you
make a mortgage payment, you are building equity. And that's an investment.
Owning a home also qualifies you for tax breaks that assist you in dealing with
your new financial responsibilities- like insurance, real estate taxes, and
upkeep- which can be substantial. But given the freedom, stability, and security
of owning your own home, they are worth it.
