If you are renting and are on the fence about buying a home in 2014, continue reading!

If you are considering purchasing a home in North County San Diego, call The Lawhead Team if you want a professional and extremely knowledgeable team on your side!

Here are some benefits to owning rather than renting a home:

Forced Savings – When paying your mortgage, homeowners are putting money away into their house which they own, instead of paying for someone else’s mortgage if they were to rent.  If you sell your home and your home is worth more than when you bought it, there is a good chance you will walk away cash in your pocket from equity of the home.

Second Line Of Income – If you have a separate entrance, extra driveway space, etc, you can rent that area out.  In some areas, homeowners even rent out small patches of grass for people who want to grow vegetables.

Energy Efficiency – There are many ways you can make low cost improvements within your home to save on monthly utility bills when you buy.  You can add solar panels, install an energy efficient roof or upgrade your air conditioning unit to save overall in utility bills.

Customize Your Area – No need to get approval from your landlord to knock down a wall and make a larger master bedroom.  When owning your home, you have the freedom to do whatever you’d like to change and improve your home.

No Landlord – Sometimes when renting the landlord may be forced to evict you should he sell the home, rent to someone else or otherwise end the lease.  If you have a fixed income, in particular, homeownership is the way to go, especially if you plan to stick around for a while in that area.

Ready to buy your new home?  Contact The Lawhead Team to get started!

Wondering if buying or renting is better? This is a GREAT Infograph from the California Association of Realtors on buying vs. renting that you must check out. Share this with a friend, the information is valuable!

Are you moving and not sure if you should buy or rent? The Lawhead Team came across this article from fazhomes.com discussing the reasons why buying a home is better than renting:

7 reasons home buying a home trumps renting.

Historically, buying a home has been something people look forward to and use as a measure of success, but after the housing bubble burst, the thought of home ownership has made people wary. Fortunately, the market is recovering and we are happy to tell you that buying is coming back! No more doom and gloom; in fact, many analysts are saying that buying is now better than renting. Here is why:

1. Buying a home is cheaper than renting

Experts are saying that homes are at “historic levels of affordability,” where as rent is up an average of 5%. In nearly 60% of 257 metro areas surveyed, homeowners would reach a “breakeven point” in three years or less. This means if you stay in one place for more than three years, it is financially a better choice to buy versus rent.

2. Mortgage rates are at an all time low

In the past few months mortgage rates have reached record-breaking lows. If inflation increases, chances are we will never see rates this low again.

3. Unlike rent, fixed mortgages can’t go up

Rent rises and falls with the economy, but no matter what happens with the economy, you will always pay the same fixed mortgage rates. With all-time low rates, now is the time to lock yourself into a great mortgage deal.

4. Tax breaks for home owners

Homeowners are eligible for several different tax cuts, the biggest of which is the ability to deduct mortgage interest payments.  Homeowners can also deduct qualified expenses such as energy-efficient improvements.

5. Forced savings

Mortgage payments are a means of forced saving. Each month you are essentially putting money into a piggy bank (your house), and if you choose to, you can cash in on that investment by selling the house. In contrast, if you rent, you have nothing to show after years of paying rent each month.

6. A home is a security investment

Owning a home means you are in control. You can plan for the future and know that you will have a place to live. Renting means your living situation is in the hands of a landlord. Unfortunately, the landlord decides whether you stay or you go.

7. And of course, freedom

You can paint the walls, choose your service providers, and turn on the heat or AC whenever you want. Best of all, no more worrying about getting your security deposit back. You can live it up and maybe even drink red wine on your white carpet!

For some people, it simply comes down to whether or not you want, or need, the flexibility of renting. If you have been renting simply because you are nervous about investing in buying a home, the time is right to take the plunge and buy a home.

Read full article on the benefits of buying a home vs. renting: http://www.fazhomes.com/buying-a-home/to-buy-or-not-to-buy-7-reasons-home-buying-trumps-renting/