The Lake Team

Buying and owning a home is almost always a better financial decision than renting.  Yet, buying a home isn’t always the right decision for everyone.  So, before you jump into the home-buying process, it’s a good idea to figure out whether you should buy a home at this time.

Renting vs. Buying

Advantages of Renting

*Time: it usually takes less effort to find a place to rent than one to buy.

*Less Responsibility: you’re not responsible for damage that results from everyday wear and tear.

*Personal Flexibility: it’s usually easier and less expensive to break a lease than to get out of a mortgage.

*Financial Flexibility: since you typically pay just a deposit – not a down payment – you keep more money in the bank.

Advantages of Buying

*Investment: homes can grow in value (even in this market).  Rent pays your landlords mortgage.

Taxes: mortgage interest and real estate taxes are tax deductions.

Stability: Fixed rate loans keep payments from rising.  Rent can be raised every year.

Design Flexibility: you can renovate, paint, remodel, or landscape your home.

Housing prices and interest rates have come down.  Homes are more affordable now than ever.  If you would like to set up a free consultation contact The Lake Team @ 847-470-3357 or laketeam@jeffreylake.com.