Rent Vs Buying A Home In Fredericksburg

Dated: 07/25/2016

Views: 178

Image titleAre you thinking of Buying a Home in Fredericksburg?

It can be a difficult decision to buy a home.  So should you rent or buy?  There can be pro's and con's to both sides.  

    Here are some of the pro's and con's of buying a home...

           The rates for a mortgage are at an all time low of 3.2-3.6% and may even go lower very soon.

            Owning your own home you can gain equity.

            You get a tax break on your taxes for interest that you have paid on your mortgage loan.

            You have creative control over your home and what you truly want.

                Some of the con's are you own a home, thing are going to break, like your hot water heater or there's a leak under the kitchen sink.  These are expenses you have to pay for.  There is no landlord to call to fix these items.  So make sure you get a home warranty where you pay a deductible and have a professional come out for a small fee.

                You don't have the freedom to just leave.  Yes you own a home and depending on the market you may or may not be able to sell you home in a timely fashion.

                You may not have the best credit right now to buy.  Talk to a lender they can guide you for free how to repair your credit so you can take the steps to owning your own home.

Home prices in the Fredericksburg area are rising due to the availability of homes on the market.  The average price for a home is about $220K for a single family home, depending on what you are looking for.  The rental market is hot as well so if you think you will pay less for rent vs a mortgage you may be mistaken.  Rent for a 3BR, 2BA single family home is around $1500 in this area.  All that money will go to the landlord who can then deduct the interest of their mortgage on their taxes.  If your not sure where to begin talk to a Realtor.  We will be happy to assist you and give you information and have you talk to a lender to see what is the best option for you.

                




Barbara Pilley

Buying or selling a home is one of the most important transactions you will make in your lifetime. Take comfort in knowing your transaction is in the hands of an experienced professional who knows the....

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