Home Ownership has long been considered a “must”, as part of the American dream. That, however, assumes we all dream the same dream. You may think that because The Sharon Quataert Team sells so many homes that we want to sell a home to everyone. We just want to help you achieve whatever is best for you!
With over 30 years in real estate, we understand that those we serve are individuals, with individual needs.
So let’s be fair to those we all know who is “renting”. For many, renting simply fits their current needs.
The Advantages of Renting
Stage of Life-Young
You’ve just graduated from college or a competitive trade school. Student debt and/or the need to locate good-paying and reliable employment can be a lot to handle. Even IF you received a great job offer, you might struggle to get a home you want at a price you can afford right now. There’s nothing wrong with renting.
Stage of Life – Midlife or Senior
If you’ve just gone through a life transition such as divorce or losing employment, finances may be very tight. In the event that capital is not available for a healthy down payment, renting may make the most sense.
Property Maintenance
The lawn has to be mowed and little fix-it jobs will almost always appear. If you’re not interested in using your personal time to attend to these or hiring someone else to, renting may be for you.
If any of these are you and you’re renting, it may be your best choice.
There’s nothing wrong with knowing “who you are right now”.
HOWEVER…
There ARE advantages to homeownership. Let’s consider them here.
Equity
This is the part of the property you own. For example, if your home is worth $200,000 and you owe $50,000, your equity is $150,000. Equity can fluctuate as values change. So in the event, you’ve paid off your $200,000 home and it now assesses at $225,000 you’ve gained that extra $25,000 in equity. Can you USE it? Well, maybe. The best place to ask that question is starting with your real estate professional.
Tax Advantages
There are some things you can count on and one of them is TAXES. While we all grumble about them, there are rules around taxes related to homeownership that can work to your distinct advantage. For the vast majority of Americans and western New Yorkers, Interest and Property Taxes paid on a home can be deducted from your taxable income. In fact, if you’re self-employed you may even be able to write off a portion of your mortgage, and other services. As always, we encourage you to consult a tax professional to take the best advantages available to you.
Fixed Mortgages
A long time favorite for homeowners, the fixed mortgage helps to stabilize annual household budgets. Unlike a Landlord who can choose to significantly increase rents once a lease has expired, mortgage lenders are under strict guidelines and must adhere to the agreements within a given mortgage. Things that can increase a mortgage include upgrades or improvements to the property. Features like a finished basement or expanding the home with addition can add to the value, the taxes, and by extension, the mortgage. These kinds of changes however are primarily at your discretion.
Privacy
If you’ve ever lived in a rental space and shared a wall with someone who works nights when you work days, this needs NO further description. While expecting to be respectful of your neighbors, what happens in and around your home is mostly “your business”. Should you live in a neighborhood with an HOA, the benefit is you’ve agreed as a neighborhood on what you’d like to see.
Values tend to Increase
Although this is never a given, in general, a smart home purchase will tend to increase in value so long as the property is well maintained. Among those factors that determine an increase, two are population growth and inflation.
Investing in a Community
Last but not least, this one may be easiest to identify and the hardest to quantify. Family and friends add so much to our lives. Buying a home and choosing to spend the next 5, 10, or 30 years there is an enormous commitment. That’s also one of the reasons why the Sharon Quataert Team takes such satisfaction in our labors. Consider the people you want to grow with and the children you want YOUR children to be with. THAT may be one of the biggest benefits of choosing a home with us.
When you’re ready to start the process, give us a call.
We enjoy helping our clients find the home they’re really looking for.
