Buying A House: First-Time Homebuyers
If you are presently renting the home and are considering whether or not to purchase a real state or continue renting consider the pros and cons of renting versus buying.
Benefits of renting:
- no property upkeep in most cases
- flexibility of being able to move with little notice
- can easily transition from one location to another
- flexibility with job placement
- flexibility with job stability
- no long-term commitment
Benefits of buying a house:
- A place to call your own
- significant tax benefits likely can own property for the same if not lower cost as renting
- affordability
- ability to raise credit score with a mortgage
Buying A House as a First Time Home Buyer
The right time to purchase a house is when your income, job outlook, assets and debt are going are in line with each other. What life events are changing? Is there a job promotion at work? How about an addition to the family? Is the cost of the purchasing a home equal to or lower than the cost of renting? Needing a break on your income taxes? Property taxes, mortgage interest and in most cases mortgage insurance if applicable, are usually tax deductible. Maybe you just are just looking for a place to call your own without having to answer to anybody else? If your answer is yes to any of these scenarios, consider ubuying a home as there are many flexible government-backed programs available for today’s first-time home buyer.
As first-time home buyer, you can enjoy many government home loan programs. Because the real estate market has an abundance of foreclosures, REO’s, short sales and other distressed properties, the prospect for buying a house starts to make a lot of sense especially considering today’s favorably low interest rates. Consider taking out a flexible fixed rate mortgage with a low interest rate for buying your next home.