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 Massachusetts

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

Stonegate Group
(508) 655-1700
83 Speen Street
Natick, MA
The Warren Group
(617) 428-5100
280 Summer Street
Boston, MA
Tishman Speyer Properties
(617) 342-7500
125 High Street, 14th Flr.
Boston, MA
Edens & Avant
(617) 369-6600
21 Custom House Street, Ste. 450
Boston, MA
Saint James Real Estate Advisors
(617) 426-6666
10 High Street, Suite 701
Boston, MA
CB Richard Ellis / N.E. Partners, L.P.
(617) 912-7000
33 Arch Street, 28th Flr.
Boston, MA
Extell Boston Harbor LLC
(617) 737-4440
One International Place, 14th Flr.
Boston, MA
The Congress Group
(617) 897-7200
33 Arch Street, Ste. 2100
Boston, MA
Lincoln Property Company, Inc.
(617) 951-4100
225 Frankin Street, Ste. 2310
Boston, MA
Crowley Associates
(617) 350-6135
355 Congress Street
Boston, MA
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

Stonegate Group

(508) 655-1700
83 Speen Street
Natick, MA
Read more about Owning A Home

Related Articles
- How To Get a Reverse Mortgage Massachusetts
Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home.
- Home Buying Tips for First Time Buyers Massachusetts
- Buying A House Massachusetts
- Home Renting vs. Buying Massachusetts
- Don't Buy the Myths: Renting Can Be A Smart Decision (part 2) Massachusetts
- Don't Buy the Myths: Renting Can Be a Smart Decision (part 1) Massachusetts
- Tax Benefits of Owning a Home Massachusetts
- First Time Home Buyer Tips Massachusetts
- Vacation Homes Massachusetts
- Owning a home is easier than you think Massachusetts
Regional Articles
- Owning A Home Acton MA
- Owning A Home Agawam MA
- Owning A Home Allston MA
- Owning A Home Amesbury MA
- Owning A Home Amherst MA
- Owning A Home Andover MA
- Owning A Home Arlington MA
- Owning A Home Attleboro MA
- Owning A Home Beverly MA
- Owning A Home Billerica MA
- Owning A Home Boston MA
- Owning A Home Braintree MA
- Owning A Home Bridgewater MA
- Owning A Home Brighton MA
- Owning A Home Brockton MA
- Owning A Home Brookline MA
- Owning A Home Buzzards Bay MA
- Owning A Home Cambridge MA
- Owning A Home Charlestown MA
- Owning A Home Chelmsford MA
- Owning A Home Chelsea MA
- Owning A Home Chicopee MA
- Owning A Home Danvers MA
- Owning A Home Dedham MA
- Owning A Home Dracut MA
- Owning A Home East Falmouth MA
- Owning A Home East Weymouth MA
- Owning A Home Easthampton MA
- Owning A Home Everett MA
- Owning A Home Fairhaven MA
- Owning A Home Fall River MA
- Owning A Home Fitchburg MA
- Owning A Home Foxboro MA
- Owning A Home Framingham MA
- Owning A Home Franklin MA
- Owning A Home Gardner MA
- Owning A Home Gloucester MA
- Owning A Home Haverhill MA
- Owning A Home Hingham MA
- Owning A Home Holyoke MA
- Owning A Home Hyannis MA
- Owning A Home Hyde Park MA
- Owning A Home Jamaica Plain MA
- Owning A Home Lawrence MA
- Owning A Home Leominster MA
- Owning A Home Lexington MA
- Owning A Home Longmeadow MA
- Owning A Home Lowell MA
- Owning A Home Ludlow MA
- Owning A Home Lynn MA
- Owning A Home Malden MA
- Owning A Home Marblehead MA
- Owning A Home Marlborough MA
- Owning A Home Mattapan MA
- Owning A Home Medford MA
- Owning A Home Melrose MA
- Owning A Home Methuen MA
- Owning A Home Middleboro MA
- Owning A Home Milford MA
- Owning A Home Milton MA
- Owning A Home Natick MA
- Owning A Home Needham MA
- Owning A Home New Bedford MA
- Owning A Home Newburyport MA
- Owning A Home Newton Center MA
- Owning A Home North Adams MA
- Owning A Home North Andover MA
- Owning A Home North Attleboro MA
- Owning A Home North Dartmouth MA
- Owning A Home Northampton MA
- Owning A Home Norton MA
- Owning A Home Norwood MA
- Owning A Home Peabody MA
- Owning A Home Pittsfield MA
- Owning A Home Plymouth MA
- Owning A Home Quincy MA
- Owning A Home Randolph MA
- Owning A Home Revere MA
- Owning A Home Roslindale MA
- Owning A Home Salem MA
- Owning A Home Saugus MA
- Owning A Home Scituate MA
- Owning A Home Shrewsbury MA
- Owning A Home Somerville MA
- Owning A Home South Hadley MA
- Owning A Home South Weymouth MA
- Owning A Home Southbridge MA
- Owning A Home Springfield MA
- Owning A Home Stoneham MA
- Owning A Home Stoughton MA
- Owning A Home Swampscott MA
- Owning A Home Taunton MA
- Owning A Home Tewksbury MA
- Owning A Home Walpole MA
- Owning A Home Waltham MA
- Owning A Home Watertown MA
- Owning A Home West Roxbury MA
- Owning A Home West Springfield MA
- Owning A Home Westborough MA
- Owning A Home Westfield MA
- Owning A Home Westford MA
- Owning A Home Weymouth MA
- Owning A Home Winthrop MA
- Owning A Home Woburn MA
- Owning A Home Worcester MA
Related Local Event
Urban Land Institute Spring Council Forum
Dates: 4/14/2010 - 4/16/2010
Location: John B. Hynes Veterans Memorial Convention Center
Boston, MA
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.