My Articles | About Us | Contact Us | Advertise With Us | Search   
 
News, Tips & Offers delivered to your inbox

ABOUT US | VIEW ALL FEATURED ARTICLES | VIEW ALL TOPICS | VIEW ALL REGIONS | DM MOBILE | DM BLOG

Owning A Home Illinois

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.

Local Companies

James W. Klopfenstein & Associates, Inc.
(309) 673-9111
320 E. Jackson
Peoria, IL
Suburban Village Realty
(847) 337-9236
Barrington, IL
RE/MAX Market
708-254-5815
8728 S. Archer Ave
Willow Springs, IL
RE/MAX Signature North
(847) 863-5295
5135 N Ravenswood
Chicago, IL
Flat Fee MLS
847.543.7822
921 cambridge drive
grayslake, IL
Rent Smart Chicago
(773) 275-2700
5650 N Broadway
Chicago, IL
A Plus Home & bUILDING iNSPECTIONS, iNC.
815-941-2345
749 E. Washington St.
Morris, IL
Prudent Home Inspection
618 334 5785
PO Box
Bethalto, IL
A Plus Home & Building Inspections
(815) 941-2345
749 E. Washington
Morris, IL
Silverstar Home Inspection Inc.
815-931-1191
P.O. box 837
New Lenox, IL
Provided by:

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

James W. Klopfenstein & Associates, Inc.

3096739111
320 E. Jackson
Peoria, IL
Read more about Owning A Home

Regional Articles
- Owning A Home Addison IL
- Owning A Home Algonquin IL
- Owning A Home Alsip IL
- Owning A Home Alton IL
- Owning A Home Arlington Heights IL
- Owning A Home Aurora IL
- Owning A Home Barrington IL
- Owning A Home Bartlett IL
- Owning A Home Batavia IL
- Owning A Home Belleville IL
- Owning A Home Bellwood IL
- Owning A Home Belvidere IL
- Owning A Home Bensenville IL
- Owning A Home Berwyn IL
- Owning A Home Bloomingdale IL
- Owning A Home Bloomington IL
- Owning A Home Blue Island IL
- Owning A Home Bolingbrook IL
- Owning A Home Bourbonnais IL
- Owning A Home Bridgeview IL
- Owning A Home Buffalo Grove IL
- Owning A Home Calumet City IL
- Owning A Home Carbondale IL
- Owning A Home Carol Stream IL
- Owning A Home Carpentersville IL
- Owning A Home Champaign IL
- Owning A Home Chicago Heights IL
- Owning A Home Chicago IL
- Owning A Home Cicero IL
- Owning A Home Clarendon Hills IL
- Owning A Home Collinsville IL
- Owning A Home Country Club Hills IL
- Owning A Home Crete IL
- Owning A Home Crystal Lake IL
- Owning A Home Danville IL
- Owning A Home Decatur IL
- Owning A Home Deerfield IL
- Owning A Home Dekalb IL
- Owning A Home Des Plaines IL
- Owning A Home Dolton IL
- Owning A Home Downers Grove IL
- Owning A Home East Moline IL
- Owning A Home East Peoria IL
- Owning A Home East Saint Louis IL
- Owning A Home Edwardsville IL
- Owning A Home Effingham IL
- Owning A Home Elgin IL
- Owning A Home Elk Grove Village IL
- Owning A Home Elmhurst IL
- Owning A Home Elmwood Park IL
- Owning A Home Evanston IL
- Owning A Home Evergreen Park IL
- Owning A Home Fairview Heights IL
- Owning A Home Franklin Park IL
- Owning A Home Freeport IL
- Owning A Home Galesburg IL
- Owning A Home Glen Ellyn IL
- Owning A Home Glendale Heights IL
- Owning A Home Glenview IL
- Owning A Home Godfrey IL
- Owning A Home Granite City IL
- Owning A Home Grayslake IL
- Owning A Home Gurnee IL
- Owning A Home Harvey IL
- Owning A Home Harwood Heights IL
- Owning A Home Hazel Crest IL
- Owning A Home Highland Park IL
- Owning A Home Hinsdale IL
- Owning A Home Homewood IL
- Owning A Home Jacksonville IL
- Owning A Home Joliet IL
- Owning A Home Kankakee IL
- Owning A Home Kewanee IL
- Owning A Home La Grange IL
- Owning A Home Lake Bluff IL
- Owning A Home Lake Villa IL
- Owning A Home Lake Zurich IL
- Owning A Home Lansing IL
- Owning A Home Lemont IL
- Owning A Home Libertyville IL
- Owning A Home Lisle IL
- Owning A Home Lockport IL
- Owning A Home Lombard IL
- Owning A Home Loves Park IL
- Owning A Home Machesney Park IL
- Owning A Home Matteson IL
- Owning A Home Mattoon IL
- Owning A Home Maywood IL
- Owning A Home Mchenry IL
- Owning A Home Melrose Park IL
- Owning A Home Midlothian IL
- Owning A Home Mokena IL
- Owning A Home Moline IL
- Owning A Home Morris IL
- Owning A Home Morton Grove IL
- Owning A Home Morton IL
- Owning A Home Mount Prospect IL
- Owning A Home Mundelein IL
- Owning A Home Murphysboro IL
- Owning A Home Naperville IL
- Owning A Home New Lenox IL
- Owning A Home Niles IL
- Owning A Home Normal IL
- Owning A Home North Chicago IL
- Owning A Home Northbrook IL
- Owning A Home O Fallon IL
- Owning A Home Oak Forest IL
- Owning A Home Oak Lawn IL
- Owning A Home Oak Park IL
- Owning A Home Orland Park IL
- Owning A Home Palatine IL
- Owning A Home Palos Hills IL
- Owning A Home Park Forest IL
- Owning A Home Park Ridge IL
- Owning A Home Pekin IL
- Owning A Home Peoria IL
- Owning A Home Plainfield IL
- Owning A Home Prospect Heights IL
- Owning A Home Quincy IL
- Owning A Home Riverdale IL
- Owning A Home Rochelle IL
- Owning A Home Rock Falls IL
- Owning A Home Rock Island IL
- Owning A Home Rockford IL
- Owning A Home Rolling Meadows IL
- Owning A Home Romeoville IL
- Owning A Home Roscoe IL
- Owning A Home Roselle IL
- Owning A Home Round Lake IL
- Owning A Home Saint Charles IL
- Owning A Home Schaumburg IL
- Owning A Home Skokie IL
- Owning A Home South Elgin IL
- Owning A Home South Holland IL
- Owning A Home Springfield IL
- Owning A Home Streamwood IL
- Owning A Home Streator IL
- Owning A Home Sycamore IL
- Owning A Home Taylorville IL
- Owning A Home Tinley Park IL
- Owning A Home Urbana IL
- Owning A Home Vernon Hills IL
- Owning A Home Villa Park IL
- Owning A Home Waukegan IL
- Owning A Home West Chicago IL
- Owning A Home Westchester IL
- Owning A Home Westmont IL
- Owning A Home Wheaton IL
- Owning A Home Wheeling IL
- Owning A Home Wilmette IL
- Owning A Home Wood Dale IL
- Owning A Home Woodridge IL
- Owning A Home Woodstock IL
- Owning A Home Zion IL
Related Local Events
REIT School: Analyst Training in Real Estate Securities
Dates: 6/24/2009 - 6/24/2009
Location: Hyatt Regency O'Hare
Rosemont, IL
View Details
Illinois Real Estate Development & Finance
Dates: 6/18/2009 - 6/18/2009
Location: Renaissance Chicago Downtown
Chicago, IL
View Details
Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin
Topics:
Advertising Family Home Services Real Estate Resources
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
Articles.DirectoryM.com | Search | About Us | Contact Us | Mobile | Blog | En Español
Copyright © BET Information Systems, Inc. All rights reserved.