Buying a Own Home May Make More Sense Than Renting
About 11% of all the houses in America are not currently being occupied by residents. While this may not seem like a huge percentage on the surface, it does account for a significant portion of the real estate market that is open for someone interested in buying a home. It is important to consider that with certain tax deductions in place, a home owner that in lives in his or her newly purchased house anywhere from four to seven years can typically save at least 20% and as much as 40% more than if that person decided simply to rent.
Perhaps you just got a promotion or a new job in another city, and you’re busy compiling your list of things to do when moving, which of course may include a new home purchase. Maybe you’re simply looking to become one of the roughly 68% of U.S. citizens more than 30 years of age who own their own home.
Regardless of your particular situation, there are important factors to consider when buying real estate. For example, you won’t want to purchase a home with too high a mortgage rate in proportion to your annual salary. As recommended by Fannie Mae, Americans should devote no greater than 28% of their complete income to paying for living expenses.
The location of your prospective new home can also be a vital consideration. For instance, some people may find Las vegas real estate attractive due in part to the seasonable weather and intriguing variety of night life activities. Regardless of where you want to move, the decision making process should be deliberate and carefully considered. There is no reason to rush into a home buying situation that simply isn’t tenable.
If you have questions and comments about buying a new home, or recommendations for things to do when moving, share them in the section below. To see more, read this.
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In your mind, what is the most critical factor to consider when buying a home?