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Ask Shop Rate: Monica - Oklahoma

Posted by  on Apr 16, 2009
 
I currently rent, and am thinking about buying my first home. However, I am a single mother who does not know a thing about home maintenance, and am not really sure if buying a home is right for me. What are the main advantages of buying a home? First off, you can use all that money you receive by deducting your mortgage loan interest from your federal taxes towards the yearly upkeep and maintenance of your new home. Never forget that when you rent, you do just that, you rent. However, when you buy a home, you own that home. Homeownership is an investment. If the value of your home goes up and you decide to sell it, you will be getting a nice fat check at closing. Also, since you are a renter, you may have the worries of a yearly rent increase. With a fixed rate mortgage, the only increase may be a rise in your property taxes. Just think, at the end of the day, wouldn’t it be great to come “home” to something you own?


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