To Buy or Not to Buy?
Considerations for First-time Home Buyers
Without question, owning a home comes with risks and responsibilities that you don’t have
to worry about when you rent, such as a mortgage, property taxes, homeowner’s insurance,
maintenance and repairs, to name a few. Even so, financial advisors and homeowners
themselves say there are far more advantages to owning. Here’s why:
• Data indicates that over time, you will
lose money by renting instead of owning
your own home. When you own, you
build up equity instead of paying off your
landlord’s mortgage.
• Owning a home isn’t just a good
investment for financial reasons, it
also provides a higher quality of life –
particularly if you have a family or are
planning one.
• Even though there are periodic market
drops, over the long haul, owning a
home is a good financial investment.
• There is a special pride in being an
owner and maintaining a home that you
won’t experience with renting.
• As an owner, you can take advantage of
many ongoing tax benefits, like deducting
the interest on your mortgage and
property taxes from your taxable income.
• At the end of the day, it just feels good to
own your own home. You can decorate
it any way you like, renovate, build
additions, design your own landscaping.
It’s all a reflection of you.
Do you qualify to own?
There is only one way to find out if
you are qualified: go to your bank
and/or other lending institution and
allow them to perform a credit check
and analyze your financial situation.
You might be surprised to know that
there are many renters who financially qualify to own their own homes,
but don’t know it.
Once you have allowed a lender to
run a credit report, ask for a copy of it.
Word to the wise: too many requests
for your credit rating in a short timeframe can have an adverse impact on
your credit score. Do not have multiple lenders run your credit; do it once.
Note: If you have served in the armed forces,
you may be eligible for loans insured by the
Veterans Administration (VA).
HOME BUYER’S GUIDE
www.HoulihanOmalley.com
914.337.7888
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