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"Realizing the money and the tax benefits renting is costing you - why haven't you bought a home?"
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If you've gotten this far, buying a home is a priority. Homeownership is the number one way most people in this country accumulate net worth. Nevertheless, most of us want a home for reasons other than this important financial one. For example:
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- You want your own place - where you can do
what you want, when you want.
- You want your own yard for your children and
your pets.
- You want to belong to a community.
Realizing the money and the tax benefits renting is costing you, there are three possible roadblocks that have kept you from buying a home:
- Family and friends
- Obtaining financing
- The purchase process
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Family and Friends
I'm sure you've heard a horror story from someone, at some time, about owning your own home. You start hearing stories about everything that could go wrong. These stories are almost always told by friends who already own their homes.
The next time a friend or family member who owns a home tries to discourage you from buying, ask them why they don't go back to renting. How many people do you personally know that bought a house and a year later decided they would rather rent? Nobody!
The problem is that when someone we trust and/or love makes us feel uncomfortable about buying, we tend to procrastinate. If this happens to you, simply remember the thousands of dollars in appreciation and tax savings you are losing by waiting - $6,000 - $8000 a year!
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Financing
The second roadblock is obtaining financing. First time home buyers generally procrastinate because the gathering of information may be seen as intimidating and uncomfortable. In addition, finding an experienced first time homebuyer mortgage consultant who's an expert in a very specialized field is critical.
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The Purchase Process
You normally need to work with a real estate salesperson to buy a house. There are hundreds of real estate agents available in your area. How do you pick one? Who can you depend upon? As in any profession, there are some really good ones and then there are "the others." Once again, that feeling that we are not in control tends to make us procrastinate.
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Don't Procrastinate Any Longer
At U.S. Bank, we're here to help you through the entire process of buying a home with solutions that are as individual as you are. Learn more.
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