Benefits of Buying

Renting is overrated. The money is being thrown into the wind while your landlord is rolling in your hard earned cash and paying off their mortgage while telling you they’ll get to that leak under the sink “soon.” I remember renting one year when I didn’t even see the landlord. I couldn’t tell you what they looked like. My dishwasher was broken and the maintenance man told us to not use our health hazard heater because it was outdated. Needless to say it was a cold winter and we moved out of there quickly as possible. Does this sound like a familiar situation? Then you may be ready to sail into the sea of ownership where you are the Captain and that ship is under your control.

Buying a home comes with certain freedoms. One of those freedoms is not having a landlord. You are able to paint, hang wall art, and landscape as you please without the risk of not getting a deposit back. There are no noise restrictions, pet deposits, or remodeling. Butters, the hound, can run and be free in his house without his human worrying about what the landlord will say about his accident on the carpet. Renting stifles this ability to truly make a space your own. A home is yours to customize into a beautiful space that mirrors your personality with no guilt.


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Taxes are a big stressor. Who doesn’t want a little relief when April comes around? Homeowners are offered several tax breaks. Some of those include Mortgage Interest, Tax and Penalty Free IRA, Home Improvements, Energy Credits, Home Equity Loans, and Real Estate Taxes. There is even a Home Office credit if you work from home. So many deductions, so little stress.

A homeowner’s net worth is 45 times that of an average renter. While rent is never recovered, mortgage payments build equity. It is an investment in the future by increasing an individual’s net worth. Not to mention it is cheaper to buy than rent. The average mortgage is lower than a rental payment and over time the interest portion of the mortgage payment decreases therefore the interest that you pay will be lower than a rental cost.


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Having a home in a neighborhood provides a sense of community. You know your neighbors. You know where your children will grow up and go to school. You know that you can walk your dog every night with a peace of mind. One doesn’t always get that when renting because you never know when the rent may be raised depending on your lease. You may not even be able to renew your lease when the time comes. Community is a sense of stability and security.

Free yourself of the waves of rent, buy your dream boat.

 


Come to our First Time Home Buyers Workshop if you would like to learn more on August 26th:

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Home Titles can have issues! Here’s a few!

Mechanic liens: These are liens placed against a property that a general contractor or someone who worked to improve the home filed before beginning the work. This is to ensure the contractor gets paid, and the lien is to be released when the job is complete. The procedure for how mechanic liens are filed and processed vary widely from state to state. But problems can surface with these liens when the contractor doesn’t file a “satisfaction” of the lien and, thereby, the lien remains on the property title. Some mechanic liens will expire after a certain amount of time. Regardless, if a mechanic lien is still present when trying to go to settlement, the process can be time-consuming and could prompt a delay in closing.

Bankruptcies: This can be cause a problem, for example, when a seller buys a home while single but then marries someone with a recent bankruptcy. The title company must ensure the new spouse has signed off on the deed and also that the bankruptcy case has been discharged. If not, the title company would need to petition the court to release the property from the bankruptcy process.

Divorces: This often causes problems when a divorced spouse doesn’t remember to remove a lien for child support, even though the debt may have been resolved long ago.  Also, lien issues may arise from past-due spousal support or delinquent taxes.