To Rent or to Buy a Home? What Fits You?

The Advantages To Owning

One of the advantages of home ownership is the ability to deduct certain costs associated with home ownership from federal income tax.  Most homeowners itemize their deductions.  This allows, under current tax laws, the following deductions:

• Home mortgage interest
• Property real estate taxes
• State income taxes
• Personal property taxes
• Most moving expenses
  

Consult a tax professional for an accurate and up to date understanding of the full tax advantages of home ownership in your community.
Loan term equity is another advantage of home ownership.  A house may be an investment as well as a home.  Over time the value of the house may increase depending on market conditions.  To gain a more complete understanding of the history of home values in your neighborhood give us a call.

Other Factors To Consider

• Is your commute realistic and/or affordable?
• To purchase a home, can you continue to save money?
• Have you factored in maintenance costs of a home? Try this formula, 1% of the purchase price of the house for annual maintenance.
• In addition to the down payment have you factored in the closing and the moving costs of associated with a home purchase.

Do the math and compare it to the rent you are currently paying. You can do a home search online at www.HuntingtonRealestateGroup.com for anywhere in the Salt Lake area and there is a mortgage calculator at www.NorthCapitalFinance.com. Crunch the numbers and see if your ready for the American dream.