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Should you Rent or Buy in today's market?

Main Boise Homes for Sale

Low mortgage rates and rising rent in many cities are making it a better time for you to buy a home.

There are many factors that come into play when deciding if now is the right time to purchase a Boise Idaho home. Are you ready for the commitment? How is your credit score? What is your debt-to-income-ratio?
These questions can be very intimidating and might make you want to hold of on finding the home of your dreams. On the other hand, with renting, monthly payments have been going up over the last several years with no end in sight. There aren’t any tax benefits, you are not building up equity and you generally need permission to paint or make cosmetic changes to the house or apartment.
Buying a home is a big commitment that comes with big rewards. First and foremost, there is a great sense of pride and stability that goes along with owning a home. Becoming involved in your community is a great way to get to know your new neighbors. Once you make the commitment to buy, you will be able to deduct your mortgage interest payments and property taxes when you itemize your federal taxes. Your monthly payment will stay the same (property taxes can fluctuate from year to year). Another perk to home ownership is having the freedom to paint and change out fixtures as you please. Do take into consideration that for exterior changes you might need to get your improvements approved by a homeowner’s association depending on your subdivision. If you outgrow your home, you have the opportunity to use it as an investment.
Here is a chart from nytimes.com that shows an average home in the Boise Idaho area and how after just two years, it's better to buy a house than rent it using current rates and a 3% down payment.
Posted by JessicaD at 12/3/2012 11:01:00 PM

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