Buying a Home | What You Need to Know About Home Ownership

Buying a home is a big deal! The financial and emotional stakes are high but the rewards can pay dividends for a lifetime. Plain and simple, owning a home can improve your quality of life, provide stability for your family and give you a sense of control you just can't get from renting. You have a place to live when you rent, but buying is something much deeper and better.

However, not everyone should be a home buyer. Renting your home can sometimes be the best choice. Most home buyers must make a 30-year mortgage commitment. Even if your mortgage is only for 15 or 20 years, that's still a long time! Owning your home is a long-term proposition.

Let's go over some of the advantages and disadvantages of both owning and renting:

Advantages of Owning Your Own Home

  • Pride of ownership
  • Part of a community
  • More stable housing costs
  • Greater privacy
  • Possible appreciation in market value over time
  • Equity growth (savings)
  • Mortgage interest and property taxes are tax deductible

Disadvantages of Owning Your Own Home

  • Long-term commitment - more difficult to change your mind and move elsewhere
  • Maintenance and repair costs can be expensive and unexpected
  • Lack of flexibility
  • Usually more expensive (greater cash flow) than renting
  • Higher up-front costs (requires a down payment, closing costs and moving expenses)

Advantages of Renting Your Home

  • Lower housing Costs
  • Shorter time commitment
  • No or minimal maintenance and repair costs

Disadvantages of Renting Your Home

  • No tax incentives
  • No fixed housing costs
  • No buildup of equity

Are You an "Experienced" Home Buyer?

If you've purchased a few homes in your life, you probably feel fairly comfortable with the process. But you may not be not current on the state of the market, current lender rules, what mortgages are available or best for you, and other important issues.

Are You a Millennial?

If you're a millennial, you may literally be experiencing the "jitters." Even though you may be a super-competent user of computers and the internet - and may be a "genius" at doing searches," you are unlikely to know the strengths and weaknesses of various websites. Trust me, real estate websites are not all alike, and are certainly not all equally accurate and up-to-date. That's OK...we're here to help, and to guide you every step of the way. Let us be your trusted adviser.

It's a Complex Process

A real estate transaction consists of many steps involving stacks of paperwork and any number of outside service providers and contractors. An experienced buyer's agent can guide you through the process, answering your questions and serving as your advocate.

As an Accredited Buyer Representative (ABR), I have received extensive education and training. As your Buyer's Agent, I will help you find the property that fits your needs, submit offers and counteroffers, suggest a good property inspector and other professionals, and provide all sorts of relevant advice. With a buyer's agent, you'll have someone on your side, looking out for your interests every step of the way.

Take a peek inside the official website for Accredited Buyer Representatives and look at the requirements to become an ABR. Then choose your agent wisely.