Rent
or Buy?
Deciding whether to rent or buy is a complex decision.
You'll need to compare costs and understand the financial factors
to make the best decision for your situation.
Renting
-Free of maintenance obligations
-Not committed to house or neighborhood
-Can move quickly
Buying
-Build Equity
-Tax advantage
-Stable monthly payment
-Strong sense of community
-Emotional security
Personal benefits of homeownership can include:
More living space
Freedom to design and decorate your home
Security - a landlord cannot ask you to leave.
Compare costs and understand the financial factors that are
involved to make the best possible decision.
Why own a Home?
Some people like the flexibility that comes with renting. When
you rent, you can live in a neighborhood for as little or as
long as you want. You're also free of most maintenance responsibilities
- your landlord usually handles repairs.
Yet there are many reasons for owning a home.
Build Equity
In the early years of most mortgages, the majority of your monthly
mortgage payments go towards interest on your loan. Over time,
an increasing amount of the monthly payment goes toward reducing
mortgage balance, or "principal".
As you make payments, your reduce the principal and increase
your share, or "equity", in your home's value. If
your home increases in value through appreciation, your equity
will build even faster.
Building equity - or savings - in your home is important. For
many people, it lets them plan for retirement and other future
goals.
Why not you?
More than two thirds of people in the U.S. own their home today.
And the number keeps growing. But some people still believe
that they could never own a home.
Could this be you?
Maybe you're not sure you know enough. Or you worry you can't
afford to buy a house or that your credit isn't strong enough.
Maybe you can't imagine saving enough for a down payment. Maybe
you don't think you can make mortgage payments.
Think again. Why not you?
The dream of ownership could be within your reach!
With First Residential, you'll be able to see if homeownership
is right for you. You'll also find ways you can prepare to own
your own home.
We'll show you how to open the door to your own home.
