If you rent your home or apartment, you’ve probably wondered if it would make more sense to buy a home of your own. One of the biggest advantages of renting is that your landlord is responsible for maintenance and repairs. If the water heater breaks down or the grass needs to be mowed, you don’t have to take care of it. You also don’t have to pay property taxes, because your landlord takes care of that, too. On the downside, though, is the fact that you usually can’t make a rental “your own” by painting and decorating it, or putting in different appliances.
Being a homeowner offers substantial financial advantages. When you pay your rent, all you get is the right to live in your place for another month, but when you make a mortgage payment, part of what you pay goes to your equity. That means with each mortgage payment, you own a little more of your home, and when you pay the mortgage off, you own the full value of the home. So is it a good time for you to switch from renting to become a homeowner? A great way to find out is to talk with an Indiana Members Credit Union lending officer. We’ll be happy to look over your financial information and let you know how much home you could comfortably afford. We’ll also be happy to answer your questions about the advantages and disadvantages of home ownership, so you can make the informed decision that’s right for you.