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5 reasons why buy a home instead of renting

Purchasing a home does require quite a bit of an upfront investment, but then again, so does renting an apartment. Unlike throwing your money down the drain with an apartment rental, owning a home gives you confidence and a solid investment. Understandably, you need to crunch numbers first, but here are some of the best reasons to buy a home versus renting one:

  1. No Landlord— Ever!

The biggest pitfalls of renting an apartment happen to be dealing with management and rude landlords. You have to be ready for inspections on a whim and oftentimes, getting along with a landlord is an arduous task. When you purchase a home, you are also purchasing your freedom from landlords altogether.

  1. No Rising Rent Costs

It is possible to get locked into a deal with fixed mortgage rates. That means the awesome deal you get today is the same deal you get for the remainder of the time you live in your house. The rising costs of apartment rentals allows you to own your home without fear of being unable to pay.

  1. Decorate However You Want

You will start to notice the little things about renting apartments soon enough. For example, there are very strict guidelines you need to adhere to in order to decorate your new home. When you finally move into your new space, you just want freedom to revamp a space and renovate to your heart’s content— which is why owning a property is best!

  1. Your Property Is An Investment

Property prices are only going to go up over the years— especially if you purchase a home in a desirable neighborhood. Every month you pay your mortgage, you get closer to attaining financial freedom. The money you pay is money you put towards owning your home. You also have business opportunities at your door such as renting space in your home to others. Imagine if you had a few Sebastopol CA homes which you owned then you could make a lot of rental income; something to think about.

  1. You Get Tax Deductions

How does it sound to get tax deductions for owning your own home? Mortgage interest rates are wholly deductible each year as are certain things such as making energy efficient home improvements or starting your own office at home.

Home ownership outweighs the advantages of renting simply because it makes more financial sense. You have the ability to put money where it matters the most and gain freedom from landlords. Most importantly, you can sell your home later on and move wherever you want!

Tips for purchasing a home that is bank owned

Tips For Buying A Home That Is Bank Owned

There are a lot of houses for sale that are bank owned as they have gone through the foreclosure process. However, buying these homes is not always as easy as you might think. Fortunately, there are some tips that you can use which will help you buy one of these properties.

Do Your Own Research

There are many bank owned properties that you will not be able to view before you start buying them. This can be a major issue as you do not know much about the condition of the property or if it is actually suitable for your needs. This is why you need to do your own research into the property before you take any further steps.

You should find out about the layout of the house and if it has all the room that you need. You should also learn about the history of the property and how much month the bank is owed on the house. This will be available through public records and is vital to your purchase.

Make A Reasonable Offer

When it comes to bank owned properties, the highest bidder is not always the one that gets the house. Additionally, you do not want to overpay for a property or get into a bidding war. It is recommended that you make a reasonable offer for the property and then be patient.

If you have a good financial profile and can offer more cash as part of the sale, you could get the property without being the highest bidder. The person who bids the most may not be able to get financing which can result in you getting the property. To make your reasonable offer, you should research comparable sales in the area. You should not go too low on your offer as the bank will have to recoup a set amount on the property sale and they will keep this in mind.

Make An Offer As Soon As Possible

Bank owned properties are often snapped up by investors and developers which is why you need to act quickly. If you are interested in a property, you need to see if you can view it and then make an offer as soon as possible. There are many investors who make offers without seeing the property, but this is something that you will want to avoid if possible because viewing is the only way of knowing if the property is right for you.