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guide
to buying
Why Should I Buy?
How Much Can I
Afford? PreApprovals Types Of Loans
Shopping For A
Home Finding A
Realtor Negotiating Closing The Deal
Why should I buy?
Advantages to Buying:
Equity.
You build up equity, or ownership, in your home over time as you
pay off your mortgage, as long as your home is appreciating in
(or at least maintaining) value. Having to make monthly payments
becomes a form of forced savings.
Price appreciation.
If you buy wisely, and your home is well maintained and in a
good location, your home's value is likely to appreciate over
time. Homes also provide one of the best hedges against
inflation.
Personal taste. You can remodel
your home to suit your needs and tastes. You are unlikely to do
the same for your rented home since improvements are at your
expense but ultimately benefit the owner.
Sense of community.
Owning your home gives you a deeper sense of commitment to your
community. Wanting to maintain property values, homeowners tend
to take better care of their homes than renters. They also tend
to be more involved in neighborhood and community issues.
Source of borrowing.
Your home can be a source of cash in the future. Whether you
decide to take out a home equity loan or reverse mortgage loan,
your equity in the home is available for you.
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