To Buy or Not to Buy…

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I recently spoke with a client who wants to make a move into a new area for a specific school district for the next couple of years until her children finish high school.  Even with only a potential of living in the home for 2 or 3 years, she felt compelled to BUY a home, primarily for tax deduction purposes.  Her comment reminded me of advice a financial advisor gave me, “Don’t let the tax tail wag the dog.”

Don’t get me wrong, tax deductions are important.  I LIKE tax deductions.  But a much more critical consideration when pondering a home purchase is this, “How long do I plan to stay in my new home?

You should carefully think through your dreams and future plans before buying a home.  If the time frame is only 2 or 3 years, does it make sense to buy a home now?

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Remember, buying a home costs money (attorney fees, appraisal fees, transfer taxes, mortgage fees, etc.).  Does it make sense to incur these costs if you are not certain about the living situation after two or three years?  Would you break even when you look to sell the home in 2 or 3 years?  There are times where renting may make more sense than buying.

What about your situation?  Is it the best move for you to buy now or to rent for a while – to get more comfortable with the area where you think you want to live now?

Before you call the Realtor and go looking for a house to buy, stop and think….“How long do I plan to be in this home?”  Part of making that decision is running the numbers, and that is where I, as a mortgage lender, come into play.  Contact me and we can start the process.

I believe in home ownership. It is the American Dream and I enjoy helping people finance their own American Dream.  But I will always work with you to make sure that a home purchase is the right decision for you – right now.  If you are buying in the state of Georgia, contact me today to get started.  I can work out the financing for you in the most cost-effective way possible.  We at Dunwoody Mortgage Services focus on delivering outstanding customer service while financing your home in a manner that best meets your financial needs.

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