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?

1. Look at your personal financial position. Seek out professional advice as to how much you can really afford.

2. Begin house-hunting. Start with a wide geographic area and then focus your attention on the area that most interests you.

3. Negotiate the details of the purchase.

4. Hire an attorney to review the contract and have an engineer inspect the home.

5. Apply for your mortgage.

6. Close on the loan and move into your new home.