The Age Old Question: Should I buy or rent???
Written by Leigh-Anne Osten, Expert Mortgage Broker with Bank of Albuquerque
In today’s world this question has likely crossed your mind at some point. If you are currently renting, does it make sense to buy or is it better just to stay renting? The answer is, there is no correct answer! Everyone has a different situation, whether it be financial, work, relationship status, family, and so many more. These things can make a big difference in one’s decision on if they should buy vs. rent.
Hello, my name is Leigh-Anne Osten with Bank of Albuquerque Mortgage. I would like to share with you a few reasons that one may consider the aspect of homeownership if they are currently renting.
- Achieving the dream of being a homeowner-For some of us, when we think about the future, we think about being in OUR own home. This gives us the freedom to make home improvements and to put our own stamp on OUR property.
- Stable Payments/Stable place to live-Stable payments that are fixed and you do not have to worry about fluctuation when your lease comes up, etc. The stable place to live is a given but doesn’t it just make sense not to have to move every few years?
- Tax Benefits-Real Estate taxes, interest, and some origination fees may be a deduction on your income taxes.
- Building Equity-When you’re renting and making on time monthly payments, this can help build up your credit. However, when you own, your monthly payments will begin to build equity over time. This can be helpful if you ever need to sell or if you need to take out a Home Equity Line of Credit to help cover important expenses that could come up.
- Numerous Loan Options– One of the main objections that I hear as a Mortgage Banker is “I don’t think I’ll qualify”…. There are many loan options and it is my job is to help take you through the options to see what the best fit is for you and your situation. There are also programs that are designed to help assist first time homebuyers (and even people that aren’t first time buyers) with closing costs in order to help them get into a home. It is always a good idea to look at getting pre-qualified so that you can discuss monthly payment, down payment, interest rates, and loan programs. This also gives you the opportunity to ask questions and to go through the steps of the loan process which can be very helpful.
Next time, you see that open house or For Sale sign in the yard, think of the possibilities! I would love to assist you in seeing what your options are as I know that this can be a very challenging decision. My contact information is listed below, please contact me to further discuss how owning can be beneficial for you.