lunes, 27 de febrero de 2017

Should you Rent or Buy a home?

Buying your own home can be expensive but could save you money over the years. Renting offers less freedom to live by your own rules but more flexibility if you need to move. At GUARDIAN INSURANCE AGENCY we give you the benefits of each to help you decide whether to rent or buy:

The Benefits of Buying:

-You totally own your home at the end of the mortgage´s term, and then you can live free of rent.
-Your monthly repayments go towards buying your home, not into a landlord's pocket.
-You could make a profit if house prices rise.
-You can live by your own rules without needing a permission (e.g. having pets).
-You can make changes to the property such as redecorating or landscaping the garden.
-Renovations and changes you make could increase your home's value.
-No landlord who could make you move house because they want to sell.
-Buying can sometimes be cheaper than renting.

The Benefits of Renting:

-It can be easier to move house quickly when you need to.
-Finding and renting a home is usually quicker than the process of buying.
-No risk of losing money if the property's price goes down.
-Your landlord has to pay for repairs and renovations.
-It is often cheaper and rental payments rarely change, making it easier to budget.
-You may be able to rent a bigger home in a nicer area than you could afford to buy.
-Credit requirements generally less strict, although most landlords require prospective renters to undergo a credit check.

You should keep in mind:

-The rent you pay could be lower than mortgage repayments would cost
-The deposit you pay is usually much less than the initial costs of buying a home
-However, mortgage repayments can sometimes come to less than paying rent, depending on the property you choose. 
-Buying a home could cost less in the long term.
-Buying a home entails numerous upfront costs. Some are paid out-of-pocket after the seller accepts your purchase offer, while others are paid at closing.
-You should pay a first year’s Homeowners Insurance. 
Lenders require proof of homeowners insurance prior to closing. You almost always need to pay the first year’s premium upfront, either on the date you purchase the policy or at closing. Homeowners insurance costs vary based on the value, style, location, and contents of the home, as well as your credit score, policy deductible, and coverage limits.

At GUARDIAN INSURANCE AGENCY located in Fairburn, Lagrange and Norcross we can help you to find the best Renters or Homeowners Insurance!

For more Information contact us: (706) 884-5006 or (770) 969-5666

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