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Home Buying - Buy or Rent
When it comes time to make the decision of buying a home or renting, there are many different things to consider. The obvious is that when you own, you build equity in the property whereas with renting, you are giving money away to your property owner each month, building nothing for yourself. However, beyond that, other things need to be thought about, as you will see from the information listed below.

First, buying a home provides you with a sense of accomplishment in that the home is yours and you can do what you want. In other words, if you want to plant a garden, plaint a bedroom purple, and make any other changes you like. Not only do you have the freedom to show your personality and style, but also you will feel great about the updates and changes you make.

As mentioned earlier, another huge benefit is that the amount of your loan interest can be deducted from your Federal income taxes and sometimes, your state taxes as well. Other taxes that can be deducted include the property taxes. With renting, as soon as you pay the monthly payment, that money is gone – forever!

One consideration for buying a home is to consider a HUD home. HUD stands for Housing or Urban Development and too often, people associate HUD with low-income housing. While that is a part of what they do, it is certainly not everything. In fact, if you were in the market to buy, you should definitely see what is available.

What happens in many cases is that a homeowner is not able to pay the mortgage, causing them to foreclose on the property. That home then goes to HUD, where it is put up for sale at a very reasonable price. Now keep in mind that you might be required to do some work on the home but finding a good home is actually quite common. Therefore, you should not discount this option.

If you have less than perfect credit, and have not been able to save a sizeable down payment, you might still qualify to buy a home. The Federal government has a number of outstanding programs that could hook you up with a HUD home. To determine if you would qualify, you can contact your local government to see what programs might work for you. Typically, the blue pages in your phone book will have the number for your local HUD, which will assist.

Additionally, many people on one income buy a home. Therefore, if you are a single parent or an individual, do not assume that you would not qualify for a loan. You should contact a real estate agent in your area and go over all your income and debt, again to see what type of program you might qualify for so you can own your own home. Sure, you could rent, but with so many fantastic opportunities and this being a buyer’s market, if you can, you would do much better buying than you would renting in the long run.

 
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