- Why should I buy, instead of rent?
- Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.
Seven years have passed since the worst housing market crash in United States history triggered a global financial crisis. Lehman Brothers declared bankruptcy, and a host of other banks came close to joining them before being rescued in a series of shotgun mergers and acquisitions, the largest of which included Bank of America – Merrill Lynch, JP Morgan Chase – Bear Stearns, and Wells Fargo – Wachovia. Alongside bailouts and a beleaguered stock market, home prices continued to fall, foreclosure rates increased, and by the end of June 2010, it was estimated that nearly a quarter of all U.S. homeowners were underwater – a situation when a home is worth less than its outstanding mortgage. In the years since the crash and financial crisis, the housing market has been making a slow – and bumpy – recovery.Read more
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