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The Home Buying Process

The Home Buying Process. Advantages to Buying. A place of your own Investment in your future A financial stepping stone Tax benefits Manage monthly payments. Disadvantages to Buying. Ongoing costs/upkeep of the home Less easy to move No guarantee of future value

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The Home Buying Process

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  1. The Home Buying Process

  2. Advantages to Buying • A place of your own • Investment in your future • A financial stepping stone • Tax benefits • Manage monthly payments

  3. Disadvantages to Buying • Ongoing costs/upkeep of the home • Less easy to move • No guarantee of future value • Large down payment needed

  4. Advantages to Renting • No need to sell before moving • Small security deposit instead of a large down payment • No maintenance costs

  5. Disadvantages to Renting • No return on rental money • No tax benefit • Less privacy

  6. Are You Ready to Buy • Steady income • Employed for more than 2 years • Can afford a mortgage along with other bills • Have saved money needed to purchase a home – down payment and closing costs • Can afford home repairs

  7. Mortgages

  8. New Types of Mortgages Home Equity Loans • Home is collateral • Borrow up to 80% of the homes value • Repaid on a monthly basis like a regular mortgage

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