Abberly Green Blog

To Rent or to Buy?

TO RENT OR TO BUY

We all need a place to call home but even with the real estate downturn, many people continue to think thatbuying a home is a good investment and a way for them to build wealth.  When times were good, this was not really the case for most people.  Wherever you choose to live, make sure it’s for the right reasons.  Owning a home can be rewarding. Renting an apartment home in Mooresville at Abberly Green can also be very rewarding.  Don’t just take our word for it – check out thisarticle on Yahoo Finance.

This article from yahoo finance will go over questions like:

• My home is my largest asset. Why shouldn’t I rely on it to provide my nest egg?
• But it’s certainly better to buy a house than to pay rent, right?
• But I have to live somewhere! And I have to pay something for a place to live. Certainly it’s better to pay “deductible” mortgage interest than rent…

Be in the know.  Do your own research and be confident in the decision that you make to rent or to buy.

The tax credit that is being offered in 2010 is a great incentive for those who are READY to buy a home. Being ready involves many things, some of which people do not consider before taking on the responsibility of home ownership. It is really important that you are both
financially and emotionally ready and some people (including myself) can get easily excited about the prospect of buying a new (or existing) home.

Two of the things that I have learned from home ownership is that it is a place to live, not an investment AND if you need to sell in a
down market, be prepared to wait until the market turns around! If you need more space, crave yard work, or just want to be able to tell others that you live in a home AND you can afford the additional expenses associated with home ownership (down payment, closing costs, taxes, insurance, mortgage interest, repairs, redecorating), etc. then it’s probably a good idea for you.

The tax incentive you may receive will (in most cases) not offset the additional costs. It will also not give you free time on the weekends and the ability to move whenever you want.

Selling a home takes patience and money, not to mention that you may have to sell in a down market and pay money out of pocket to sell!
There are so many things to consider . . . .

By Jennifer Moran