Tax Time Brings Clifton Tenant/Owner Decision Home
Tenant or Owner? With rental rates rising, a lot more tenants in Clifton are likely to be wondering whether they should be taking a new
look at their residence situation.
Conceptually, paying your own mortgage has always seemed more
appealing than paying a landlord’s mortgage every month. Especially
this time of year, when tax time puts the whole year’s finances out
there on one piece of paper, seeing how thousands of dollars have
slipped away for another year can be a little frustrating. Not
surprisingly, then, this is a time of year when, as a buyer’s agent, I
begin hear the phone ring a little more often!
Seen from the long term perspective, dollars put toward a home you
are buying go toward building a future — something rent dollars cannot
do. But there are more intangible benefits to owning versus renting:
control over the title being potentially the most valuable. Any tenant
who has been forced to move because the homeowner needed to sell, or was
foreclosed upon, or decided to move back in himself, is someone who has
learned the value of controlling when their next family move should
happen.
For tenants newly considering becoming a first-time homeowner,
consulting a reputable Nutley buyer’s agent is the place to start. An
experienced buyer’s agent can help you determine a practical budget, and
then guide the pre-qualifying process to make it happen.
The next step will be to identify properties that fall within your
budget. Are there neighborhoods you have always wanted to live in, but
thought you couldn’t afford? In today’s market, just about every
neighborhood – even the most chichi ones – have experienced some
foreclosures. A buyer’s agent can help you identify potential homes at
bargain prices. Some might need a little work, but the long-range
payoff can be worth it.
The bottom line? Everyone has to pay to live somewhere, and in
today’s market, owning a home in Clifton is more attainable than ever.
With mortgage rates still at near-historic lows, if you are on the verge
of becoming a former renter, now is the time to consult a reputable Clifton buyer’s agent. I am always available for questions — and would
be happy to schedule a pre-qualification consultation anytime you decide
it is worth exploring.
If your thing about buying call: Matthew DeFede of COLDWELL BANKER 973-846-0065