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Owning A Home Georgia

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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Century21 Scarbrough Properties
770.617.0877
GA

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706-342-1559
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678.873.0951
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Atlanta Home Realtor
404-423-8770
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Barbra Curtiss Realty, LLC
706-974-3867
326 Dahlonega St.
Cumming, GA

North Georgia Mountain Real Estate
706 219-0096
P.O. Box 190
Sautee-Nacoochee, GA

Century 21
770-536-3121
208 w. academy st
Gainesville, GA

Harry Norman Realtors
770-916-4028
3350 Riverwood Pkwy
Atlanta, GA

Jenny Pruitt & Associates Realtors
770-394-5400
990 Hammond Drive
Atlanta, GA

COLDWELL BANKER CASCADE REALTY
404-696-8942
3915 Cascade Road Suite 130
Atlanta, GA

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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

Century21 Scarbrough Properties

770.617.0877
GA
www.TIKISHANNON.com / www.C21stopForeclosure.com

Read more about Owning A Home

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- Don't Buy the Myths: Renting Can Be A Smart Decision (part 2) Georgia

The following real estate tips contain all the information you need to know about renting versus buying a home. Read on for reasons why renting is better than buying.

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

Related Local Event

2Nd Annual Real Estate Industry Day
Dates: 9/18/2009 - 9/18/2009
Location: Holiday Inn Decatur
Decatur, GA
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Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
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Environmental	Home Electronics	Pets	World History