Renting to Owning
Everyone dreams of buying their own home one day. If you are currently renting and have been wondering how you can easily make the transition from renting to owning, read further.
When completing a tax return, most property owners maximize on what they deduct. Typical deductions that can be itemized for homeowners are property real estate taxes, property mortgage interest, charity donations, medical and dental expenses, and moving expenses. There are many costs associated with homeownership. In addition to your monthly mortgage payment, you will pay property tax, homeowner’s insurance, and other miscellaneous costs, like closing fees. These can all add up and it is wise to do your homework beforehand to determine if you can afford everything.
Owning a home is, of course, a great asset. Your estate agent can advise you what your future home value should you be uncertain as to whether it is a good investment. If you are considering buying a home, you should note that you will be responsible for general maintenance and safety. This can take up a lot of time and may new homeowners do not realize the time investment as landlords traditionally are responsible for the upkeep of rental properties.
A great advantage of owning a house is that you can make it completely your own and any investment you make in your house will add to its value! Renting a property does, however, allow you to be wonderfully mobile. It is easy to just pack up and move should you decide to relocate. When you rent, there is also a lot more choice in terms of the location you’re seeking and type of property. Whichever option you decide to go with, it is a good thing to note that whether you rent or buy is a very personal choice, based on your current life circumstances!