Should You Buy or Should You Rent by real estate expert Brian Brooks
If you have ever rented, then you have probably more than once wondered if you should rent or buy your own home. In our discussion today, we will give you three tips to consider.
Tip #1 – Have you considered all of the costs?
Now as much as it would be nice to own your own home, and as much as people are always willing to suggest that you should move into your own home, no one tells you about the various expenses that you will gain if you move in to your own home rather than rent your own home. Of course you have to pay the mortgage and the utilities just like you do if you rent. You also have to add on expenses such as insurance, taxes, maintenance and repairs, and improvements plus some considerations such as lawn care and snow removal if you live in that type of area.
Tip #2 – Home ownership responsibility
Are you ready to take on all the things that might occur if you were to purchase a home? Let me give you some examples. What are you going to do if the furnace goes out or the air conditioner goes out? What are you going to do if the sump pump stops working and your basement floods? What are you going to do if the roof starts leaking? These are all of the things that you are responsible for if you own a home rather than rent a home. You must remember that you are responsible for the appliances, painting, and carpeting, actually everything to do with the house. If something goes wrong with the house that you are renting, all you have to do is to call your landlord.
Tip #3 – Tax Advantages
There are some tax advantages to owning your own home, so it is important to remember this when making this decision. You may deduct what you have paid in interest, and this is an important tax consideration. You are also building up equity in your home, which is something that you will not do at all if you are renting a home.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 831-760-6317 or email me at Brian@BrooksCa.com.
Interested in buying a home in the Monterey Bay area, including monterey, carmel, pacific grove, pebble beach, seaside, or marina, and carmel valley go to Monterey real estate guide or call Brian Brooks directly for free advice and lists of homes that fit your specific criteria.