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Renting? Maryland State Flag

Downtown Silver Spring

Tired of Renting and Getting Nothing in Return?

Renting is great if you don't know how long you plan to stay in an area, or if you're new to an area and would like to spend some time learning your way around. But is it worth it in the long run? If your rent is $1000/month, in 5 years you will have given $60,000 to your landlord. Then you move out and have nothing.

Home ownership is not for everyone, but if it is something you are considering, check out the following benefits of home ownership and see if it is right for you.

Benefits of Home Ownership

Not sure why you should buy? Here are a few reasons to consider buying a home:

FREEDOM - How many times have you passed the paint swatches at you local home store and wished you could paint a room one of those fun colors? When you own your home, you have the freedom to paint, renovate, have a garden, update the appliances, build a deck or have a pet.

SECURITY - The housing in neighborhoods with owner-occupied homes often have more privacy, a quieter living environment, better neighborhood upkeep, and a safer community.

PREDICTABILITY - Unlike rent, your monthly mortgage payments will stay the same throughout the life of your loan if you choose a fixed rate loan.

TAX ADVANTAGE - Home mortgage interest is deductible if you itemize on your tax return. So are the closing costs and the property taxes.

APPRECIATION - Home prices generally increase over time. Appreciation leads to equity in the home which is like a savings plan. When you sell you can take $250,000 ($500,000 for married couples) as gain without any federal income tax.

EQUITY - You can deduct up to $100,000 in home equity debt even if you don't use the money on your home or home improvements. You could use the equity in your home to pay for education or other investments.

UPGRADES - Improvements you make to the home by decorating, updating or landscaping increase the value of your home and contribute to your equity.

COMMUNITY - Neighborhoods that include owners, are neighborhoods where people are truly invested in the community. Owners are less likely to move as frequently so people have time to meet each other and take an active role in the govenment, safety and maintenance of the community.

STABILITY - Children raised in homes their families own have a more self confidence and a sense of security. They also have a better chance of participating in the community, taking an active interest in school, getting higher grades in math and having less behavior problems.

Click here to GET STARTED with the 10 Steps to Home Ownership.

Why Does My Credit Score Matter? There are hundreds of loan programs out there, each with different features and requirements. No two programs are exactly the same, but when it comes to determining your qualifications, they all have one thing in common: your credit score. read more

Who Works For Me? You know when you're at a clothing store and the sales clerk tells you how great you look in everything you try on, no matter how the clothes fit you. Don't you feel like they work on commission? How do you avoid that "every house is great" routine when you're buying your biggest purchase ever. Read how Exclusive Buyer's Agents are different.

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