Buying may be easier than you think. FHA offers a mortgage with only 3.5% down. If you purchase a home at $150,000 your down payment would be $5,250.00. If you purchased a home your monthly payment could be about what you are paying for rent.
I used to think that buying a home would restrict me in ways I didn't want to be restricted. What if I decided to move to another state? What if my employer asked me to relocate? It actually happened to me and my employer would have helped me with the sale of my home, had I owned one. What about the maintenance? I'm not handy and didn't want to be. What about all the costs of owning a home; property taxes, insurance?
The thing that changed my mind from being a tenant to being a homeowner - my AHA moment - was when I did the math. Why was I giving my landlord the rent check every month when I could be giving it to myself. And when I did that I would be able to deduct a large portion of that payment every month on my income taxes. And property taxes are tax deductible. I decided for the savings in taxes alone I could afford to own. And I could find a handyman if I needed one.
Do the math .... With home prices where they are now, it makes sense to buy. Start your home search.
No comments:
Post a Comment