Should you buy or rent ?!?
There really is no easy answer to this question, yet there are certain pro's to consider. Buying a home means making an investment. As it is the case with any investment, the question you have to ask yourself is "are you in it for the long haul or not". If you answered this question with yes, purchasing a residence might be the right choice for you. If you are looking to make a quick buck, there might be other, better solutions, but real estate can still be a viable option. Let's take a look what the advantages of purchasing a home are ...
1.) You will get to deduct your mortgage interest as well as certain closing fees from your taxes at the end of the year. If you rent, the only one that gets a tax deduction is your landlord.
2.) Your mortgage pays for principle and interest, the principle lowers your mortgage balance and you ultimately own your home. Your rent payment essentially does the same thing, just not for you. You actually make your landlords mortgage payment and help him own the building you lease from him.
3.) The value of your home will go up over time, so even considering the fact that you are paying interest on your loan, your investment will ultimately pay off. Again, if you choose to rent you are making one person happy, "your landloard" ...
Should you rent or buy? Only you can answer this question! The best starting point is probably your pocket book, check your credit, check your finances and find out what you can potentially afford and what that would cost you per month. Take that number, compare it to your current rent payment and decide if the benefit of owning vs renting is worth it for you.
Also check out:
http://www.hud.gov/buying/comq.cfm
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