My Lease is Up. Do I Rent or Buy a Home?
CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc.
Published on October 23, 2022

My Lease is Up. Do I Rent or Buy a Home?

When it comes to the eternal debate of whether or not to buy a home, there are pros and cons on both sides that need to be weighed. Here we’ll explore some key points to consider when trying to make this important decision for yourself.

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For starters, let’s look at some of the key reasons why buying a home can be advantageous. One big perk is that you’ll have a fixed monthly payment, unlike if you were renting where your costs could potentially go up over time. Additionally, as you make mortgage payments you’ll be slowly building up equity in your home. And once you’ve paid off your mortgage completely, you’ll own your home outright!

There are a few common types of mortgages you can choose from when buying a home. The most common is the 30-year fixed rate mortgage, where your interest rate and monthly payment will stay the same for the entire 30-year term.

There’s also the 15-year fixed rate mortgage, which has a shorter term but comes with a higher interest rate. If you’re looking for some flexibility, there’s the 5/1 ARM or 7/1 ARM which have adjustable interest rates that can change every year or every 7 years, but come with lower initial rates than the 30-year fixed.

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Whichever type of mortgage you choose, be sure to do your research and compare different offers to find the best one for you.

There are also important financial benefits to consider when debating whether or not to buy a home. For example, the interest on your mortgage is often tax-deductible. This can be a huge saving come tax season! Additionally, in times of market volatility, homeowners typically see their property values hold steady or even increase while renters can be forced to move if their rent becomes too expensive.

One way to increase the value of your home over time is by making updates and improvements to it. You could do things like renovate the kitchen or bathroom, update the landscaping, or add a deck or patio. These types of improvements can not only make your home more aesthetically pleasing but also add value to it in the eyes of potential buyers.

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Another way to increase your home’s value is to buy it in a desirable location. If you buy a home in a neighborhood that is known for its good schools, low crime rate, and strong community, you’re likely to see a higher return on your investment when you eventually sell.

Of course, there are also some drawbacks to think about before making the leap into homeownership. One big one is that you’ll likely need to come up with a significant down payment in order to buy a home. Additionally, you’ll be responsible for all of the maintenance and repairs on your property, which can be costly. And finally, if you do eventually want to sell your home, there are no guarantees that you’ll make a profit.

If you’re thinking of buying a home, one of the biggest things you need to save for is the down payment. This can be a challenge, but with some careful planning it’s definitely doable. Here are a few tips to help you get started:

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1. Start by evaluating your current budget and see where you can cut back on expenses. Maybe you can cancel some subscriptions, or brown bag your lunch instead of eating out every day. Every little bit counts!

2. Try to make extra money on the side. There are lots of ways to do this - you could start a side hustle, sell items online, or do odd jobs for your friends and family.

3. Set aside money each month specifically for your down payment fund. This may be difficult at first, but once you get into the habit it will become easier and easier.

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With these tips in mind, you should be well on your way to saving up for that down payment!

So what’s the verdict? Ultimately, whether or not buying a home is right for you depends on your unique circumstances. You’ll need to consider things like your financial stability, your long-term plans, and your personal preferences. Weighing all of these factors will help you make the best decision for yourself.

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CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc. Virginia Beach
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(757) 558-2603