Home Buying Tips

Advantages of homeownership

 

Every year, millions of people just like you enter the exciting world of homeownership. But buying a new home can be overwhelming. For most of us, it's the biggest financial investment we'll ever make. The decision is easier when you discover the financial advantages and increased quality of life that come along with homeownership.

 

Still on the fence? Using the chart below, you can weigh the benefits of owning versus renting. Good, sensible information will free you from fretting about your big decision. Rest easy! It's time for you to stop pacing the floor 'til 4 am and start dreaming of your new home.

The first and most important step is determining how much you have to spend. Then you'll know for sure that the home you desire is within your reach. How would your new mortgage payments compare with your rent? Take a look at the financing calculators from our preferred lender, Magna Bank, to find out.

 

After a quick comparison, we think you'll agree there's no place like a home of your own.

Own

Potential tax savings from your home and potential equity can be used to pay for your children to go to college.

You are in control of your monthly payment.

Your pets have a yard to play in.

You tend a beautiful garden.

You can try that new, designer painting technique in your bedroom.

You do laundry whenever you feel like it.

Your children can play in your yard.

Mortgage interest is tax-deductible. The IRS's loss is your gain.

Each mortgage payment could go toward building a nest egg for your family.

You have a garage.

You have space for your family and all your things.

You have the pride of knowing you've accomplished a milestone.

Rent

Your rent doesn't build a future.

Your landlord controls your monthly expenses.

Your pets are often unwelcome.

You water a couple of potted plants.

You live with someone else's taste.

You have to scrape together quarters each week to do laundry.

Your children play in a parking lot.

Rent is not tax-deductible.

Every rent payment disappears forever.

You search for parking in the street.

Your children share a room, and space is minimal.

It's someone else's.