How much have you paid in rent over the years??

When I saw these numbers, it really astonished me. I have paid rent over the years and have never really done these calculations. Where did all of that money go? I have nothing to show for it. With a house, you own a piece of property and at some point in time you will earn that money back and more. Many times, the mortgage is less than what you are paying in rent! Also, your rent usually has an annual increase which really hurts too. It's not a left or right brainer, it's a no-brainer!

First Time Home-Buyer Tips

1. Get your Finances on track! Check your credit and make sure that you have some money set aside for a downpayment* and closing costs.* *Ask me about a "gift"
2. Do your homework and research first. Decide what it is that you want in a home. Write down what you must have in a home...Specific features,etc. That will help you and me get on the same page as to your needs and wants.
3. Talk to a lender before you start looking for a home. This helps to be able to make an offer on a property when you know it's the right one.
4. Decide when you could move. Do you have a lease, are you allowed to sublet, etc?
5. Be picky, but also remain realistic. You probably are not going to get EVERYTHING on your wish list. There is no perfect home.
6. Ask Questions. This is a very big purchase and you will only do it a few times in your life. That is why I am here to help!
7. Think Long-term. Location, schools, etc are very important considerations even if you do not have children. Re-sale is what you need to think about also while purchasing.
8. Don't let yourself be house poor. Buy for your needs...not beyond them. If you purchase a very expensive home, you may have no money for decoration or maintenance.
9. Breathe. This is a large purchase and can get overwhelming at times. I will be there to answer all of your questions and concerns along the way.
10. Use a Realtor. Most agents working with buyers are FREE! I would love to help you with the purchase of your first home. It is an emotional experience and I will be with you each step of the way.

Why Own?

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.