19 April 2010
Renters: Buy a Bronx Home Instead
There's really no better time to buy a Bronx home. Although it's true that lending practices have become stricter than in years' past, financing is still available for many buyers. So if you've been renting and you've managed to save up some money for a down payment on a home, now is the time to seriously look at purchasing one of the Bronx homes for sale.
There's really no better time to buy a Bronx home. Although it's true that lending practices have become stricter than in years' past, financing is still available for many buyers. So if you've been renting and you've managed to save up some money for a down payment on a home, now is the time to seriously look at purchasing one of the Bronx homes for sale.
There are four things to consider when it comes to decide if you should rent or buy a Bronx home.
1. Quite often when you are renting, you're paying for someone else's mortgage. Instead of paying a landlord, you could be investing those monthly rent payments into your future instead.
2. Renters usually don't get locked-in, monthly payments. While it's true some homeowners have adjustable interest rates, you can choose a fixed payment. That means aside from yearly increases in insurance or taxes, you can expect to pay the same amount year after year. For renters, although you might sign a lease for a certain number of months, your landlord can always raise your rent. By buying a Bronx home, opposed to renting one, you'll have peace of mind in knowing what you'll be expected to pay each month.
3. As a renter, you're losing tax advantages given to you by Uncle Sam. Homeowners today get income tax deductions for interest costs, which can literally mean hundreds, or even thousands, more in your pocket come tax time (depending on your home price).
4. Homeowners are more emotionally satisfied. Believe it or not, there is a fair amount of pride involved in home ownership. Plus, researches have found a correlation between children's grades and homeownership. So if you're a parent, owning a home, as opposed to renting, can actually help your child's report card.
So if you're a renter, and you've been toying with the idea of buying a Bronx home, now's the time. To get started, simply contact a Bronx Realtor like myself to discuss what you're looking for in a home.
