Younger adults starting out in the world might be tempted to rent an apartment or home, but there are a number of compelling reasons— both financial and practical—why people should buy instead, according to U.S. News & World Report.
First of all, you can never be evicted by your landlord if you buy, because there is no landlord. Some renters can face unexpected eviction if a landlord decides to sell. Also, because there’s no landlord, you can customize your home any way you like. Want to tear down a wall? Go for it—just make sure the roof won’t cave in.
Homeowners save money in a number of practical ways, according to U.S. News. They buy less furniture because they’re not always moving into new places that may require different furniture. There are more opportunities to make energy efficiency improvements if you own your own home, and some homeowners can apply for tax deductions.
In the western states, aspiring homeowners can consult with a mortgage specialist at Mountain America to determine which credit union home loans might be right for them.
Preparing for Homeownership
Homeownership is a big step in a person’s life, and the investment not only affects your dayto- day actions, but your overall financial situation. Before contacting a real estate agent, you may want to consider these three tips:
1. Create a realistic wish list. Select five key requirements for a home and how important they are to you. You may want to rate them so that if a home has only four out of the five qualities, you have a better idea on how you will choose.
2. Set a budget. Estimating is not a good idea with such an important purchase. Crunch the numbers and remember to include everything to determine what you can afford and what you would prefer to spend to remain comfortable.
3. Cover down payment and closing costs. Be sure to include the closing costs in the overall purchase. Combined with the down payment requirements, costs can add up quickly.
For additional tips on first-time home buying, go to http://blog.macu.com/blog/homes.