I think there are a couple things to consider when deciding –
We all know that purchasing a home can be an investment for the future. At least when purchasing, the monthly payment is applying to something you will own at the end rather than something someone else will own. Normally homes increase in value (they are continuing to increase in the Bryan/College Station area even though other parts of the country are NOT having the appreciation we have). So, your investment should be worth more than you paid for it many years later. If your home doesn’t go up in value (appreciate) remember you will have “Forced Savings” (your monthly payment) that helps pay down the balance due on the home loan.
Each month you make your house payment you are reducing the amount owed on the home (if not, call me and I’ll put you in touch with a lender who can make this happen!). When you pay rent you are paying someone else’s house payment for them. You are making THEIR investment portfolio grow rather than yours.
As you pay down your loan, when you sell and collect the equity (difference between what you get for the home and what you still owe on it) you could move up to a larger home, use it for the kid’s college fun, have money for retirement or….. remember it is YOUR choice!
Also you currently have a powerful tax benefit. Unless the laws are changed, you can deduct the interest on a typical home mortgage and the cost of the property taxes! I LOVE it when I can deduct from my income taxes –
To me, Security is the best part of home ownership. I don’t have to worry about the landlord changing his mind and selling the property and me having to move. I don’t have to worry about if my lease will be renewed. I don’t have to wonder what my house payment will be next year (as long as I have a fixed rate loan). I know that if I make my house payment each month, the house is MINE to live in. My children have a home. I can have pets, remodel, plant a garden, redecorate and no landlord can tell me how to do it or what I can or cannot do. My family can put down roots in a neighborhood in a way very different from someone who is renting.
Give your family the gift of Security. Give them the gift of Home Ownership!
And, you may can also take advantage of the $8,000 tax credit from the government too!
Selling a home in Bryan or College Station, Texas or other location in the Brazos Valley is heavily dependant on pricing your home properly and picking an agent that will create an “online market presence” for your home. As a home seller, you need to be aware that the market in Bryan College Station and many other Texas communities has changed over the last three and a half years. We are no longer in a strong seller’s market.
When selling a home in Bryan College Station, Tx, it pays to have a pro in your corner representing you. It pays to hire a well educated, top professional at Century 21 Beal.