Rent
or Buy
Disadvantages of Owning a Home:
-
Home
Ownership usually costs more.
-
Buying
a house ties up your cash.
-
Selling
your house may not be a solution, if you run into financial trouble.
-
Owning
a home usually makes moving more difficult and complicated.
-
You’ll
need to spend money on maintenance and repairs for as long as you own
your home.
-
There’s
no guarantee that your home will increase in value.
Advantages of Owning a Home:
-
A
home is usually a sound investment.
-
Home
ownership offers great tax advantages.
-
You
are better able to plan your housing costs.
-
You
gain the satisfaction and security of ownership.
What
are the Major steps in buying a Home?
-
Look
at your personal financial position. Seek out professional advice as
to how much you can really afford.
-
Begin
house-hunting. Start with a wide geographic area and then focus your
attention on the area that most interests you.
-
Negotiate
the details of the purchase.
-
Hire
an attorney to review the contract and have an engineer inspect the
home.
-
Apply
for your mortgage.
-
Close on
the loan and move into your new home.
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