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Copyright 2018. Peg Warren. All rights reserved. Licensed in Virginia.
Your monthly mortgage payment creates equity for you, not your landlord.
The interest on your mortgage is a tax deduction:
While this isn't a reason in itself to buy a home, it's nice to get a break at tax time.
Fixed monthly housing payment:
If you opt for a fixed-rate mortgage, the monthly rate of your mortgage won't change for the length of the term.
When it's time to sell your home, you don’t pay taxes on the proceeds of the sale that are above what you paid (there are some restrictions).
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Buying a home is a big decision. Without a doubt, owning a home can improve your quality of life, provide stability and give you a sense of control you just can't get from renting. The financial and emotional stakes are high, but the rewards can make it all worth it. I suggested looking for a home you can stay in long-term; one that will “grow” with your family and needs.
The tables below provide the average mortgage rates in the area and a mortgage calculator to estimate your monthly payments.