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Renting vs. Buying

Many people dream of owning their own home. Here at TIRI, it is our job to make those dreams come true. There are many advantages to home ownership, both emotional and financial. There is security in knowing that the place you live in is your own. There is a welcome feeling of permanence when you buy a property.

On the financial side it is well known that being a homeowner entitles one to significant tax advantages.  TIRI clients find that their properties increase in value over time, known as appreciation. Statistics show that the great majority of the population holds the bulk of their "savings" in the equity of their home. The homeowner can borrow against this equity if the need arises or sell the house to convert it to cash.  

Though rents typically increase over the years, the homeowner maintains a stable housing payment in cases where they have obtained a fixed-rate mortgage. When   inflation is taken into account the savings are even greater. Owning property is a big responsibility, and should be considered carefully.  As a homeowner you will need to devote more time and energy than renters do. All maintenance will be up to you, and if neglected your investment could suffer.  Of course the upkeep is reduced if you should decide to purchase a condominium.  

If you move in your job every year or so, you may not want to buy. Unlike renters, you cannot just give notice and move away. You would need to devote time and effort to selling. There is also the risk of foreclosure if mortgage payments arenít kept up, which would result in damaged credit and a loss of any initial investment. 

If you have concerns about coming up with a down payment, please talk to your TIRI Associate. Down payment requirements are often lower than you think. We can also point out different ways to come up with funds.  

Rates are at their lowest point in nearly 40 years. It is the perfect time to move. Your TIRI Associate will take you step-by-step as you go through the home buying process. First you will be shown a selection of homes that fit your requirements. Then our finance department will help you find a mortgage. Finally, you will be guided through the closing, and have achieved your goal of becoming a homeowner!

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