Thinking of Buying a Home? What to Know Now - Aitkin Independent Age
“While homeownership is often referred to as the ‘American Dream’ for good reason, it isn’t necessarily everyone’s right move,” says Freddie Mac Senior Vice President and Head of Single-Family Sales and Relationship Management, Christina Boyle. Understanding the pros and cons of homeownership can help you make a wise decision. At tax time, you may be able to deduct the interest on your mortgage and property taxes, offsetting a portion of the cost of ownership. With fixed-rate mortgages, your monthly principal and interest payments will stay the same for the entire period of the loan. This will make it easier to plan and budget over time, as opposed to renting, where rates are largely beyond your control. Furthermore, creating equity for the future will help provide stability and security for your family. Budget for maintenance costs -- from little fixes to such major, costly issues as roof replacement and water pipe repair. Other home-related costs to keep in mind include utilities, homeowner association dues, homeowner insurance premiums and property taxes. This will help you maintain good credit and is essential if you want to borrow again in the future for home renovations, new cars or student loans. An honest self-assessment can help you determine if buying a home is right for you. Source: www.messagemedia.co
