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Owning A Home California

Maybe you are eager to buy a home, but every coin has two sides.Here are some facts to help you decide whether or not to buy a home.

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Keith Woolgar - San Diego's Century-21
(619) 306-3369
1133 Avocado Ave.
San Diego, CA

AVALON BAY
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Intracorp
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LM Realty & Investment Company
(818) 957-0760
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RE/MAX of Glendale
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Crown Point & Cascades Condominium Rentals
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Jackson Park Place I
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Rental Guide of Fresno
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Whispering Woods - Manager
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The Springs
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Most people consider buying a home at some point in their lives, while others prefer or choose to remain renters. Renters enjoy the worry-free aspects of renting and don't have the responsibilities that go along with owning a home. Others don't pursue home ownership because they're not sure if they can afford it.

Well, times have changed. It is now possible to purchase a home with as little as three percent down - and sometimes zero down. Here are some of the pros and cons of owning a home:

Advantages of Owning a Home

When you carefully choose a house you can afford, the outcome can be significant: By paying your mortgage, you are building equity in a place of your own. Equity is the portion of the property that you actually own. Equity increases by paying your monthly payments, and your home may also appreciate in value over time.
Tax Advantages: As a homeowner, you can deduct on your federal and state income taxes the amount of mortgage interest and real estate taxes you pay each year if you itemize deductions.
Once an owner, always an owner: A first home often leads to a better second home. Owning and properly maintaining the property also offers a sense of accomplishment.
Retirement Savings: Long-term home ownership can provide beneficial retirement security through the growth of equity.

Disadvantages of Owning a Home

There are no guarantees: Even if you work hard at maintaining your home, property values can drop, depending on the neighborhood in which you live. This is why it's important to choose a house and neighborhood that have strengthening value in the real estate market.
Being a homeowner is usually more costly than renting: Mortgage payments are generally higher than rent, and include the added costs of home repairs and maintenance. As an owner, you must pay for any unexpected costs such as a new roof or heating system. This is why a family budget and a savings strategy are important.
Financial trouble from illness or loss of a job: When you own a home and fail to keep up with your mortgage payments, the mortgage lender could call the loan, which means payment in full or foreclose on the mortgage. This could result in the loss of your home as well as the equity you've built. A renter, on the other hand, can downsize to a cheaper apartment to cut expenses.
Owning a home usually makes moving difficult and complicated: After you purchase a home, you may not have as much flexibility in choosing a new location to live or work.

Click here to read the rest of the article at YoungMoney.com.

Featured Local Company

Keith Woolgar - San Diego's Century-21

(619) 306-3369
1133 Avocado Ave.
San Diego, CA

Read more about Owning A Home

- First Time Home Buyer Tips California

Just because you're a young single doesn't mean you have to give up your dream of owning your own home. Here are some steps you might take to acquire a new house, plus a few other financial tips.

- Don't Buy the Myths: Renting Can Be a Smart Decision (part 1) California
- Home Renting vs. Buying California
- How To Get a Reverse Mortgage California
- Owning a home is easier than you think California
- Buying A House California
- Tax Benefits of Owning a Home California
- Home Buying Tips for First Time Buyers California
- Vacation Homes California
- Don't Buy the Myths: Renting Can Be A Smart Decision (part 2) California

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Whether it’s a lakefront cottage or a log cabin in the woods, a vacation home often seems like a dream that only the wealthy can afford. But these days, you don’t have to be a millionaire to own one.

- Tax Benefits of Owning a Home California
- Home Renting vs. Buying California
- First Time Home Buyer Tips California
- Buying A House California
- Home Buying Tips for First Time Buyers California
- Owning a home is easier than you think California
- Don't Buy the Myths: Renting Can Be A Smart Decision (part 2) California
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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History