Buying a home is cheaper than renting a home according to Trulia who recently revealed how to save hundreds of dollars monthly or annually by instead of renting. And, now with today’s low mortgage rates, tax deductions and a seven year plan, you can really save.
These days, one of the most important decisions consumers face is buying a home versus renting a home. Studies now show that on a nationwide average, you can save nearly $800 a month when buying a home if you plan to live in your home for more than seven years.
So, are you ready for home ownership over renting? Ask yourself these questions:
* Can you quality for a low mortgage rate?
* Which tax bracket will you be in?
* How long will you live in the home?
All these questions are important when deciding to purchase a new home. To determine if you will save money by buying a home you should have answered yes to each question. You can save the most by qualifying for the low mortgage rate of 3.5%. You can save even more if you itemize your federal tax deductions and fit into the 25% tax bracket. Even more savings come when you live in your home for at least seven years.