With all the talk of  the advantages of the First Time Home Buyer Credit in the Amherst, Clarence, Williamsville and Buffalo, New York area,  it is important to decide on whether it is a good decision for YOU to buy a home. 

It is essential to understand  the pros and cons of buying a home and then apply them to your particular situation to see if  it is the best thing for you to do at this particular time. 

Many people work and save for the American Dream:  to own their own home.   But why?  There are personal reasons and financial reasons.   

Some personal reasons are that you want your own place so you can do your own thing –  paint it the way you want, decorate it, landscape it, have more privacy,  get a pet, have a family, or  be part of a community.  Some people want to buy a home because of changes in their lives, such as getting married,  a new job, moving away from Mom and Dad and lots of other reasons.   It is important to decide WHY  you want to move.

Financially, buying a home is an investment.  Houses can increase in value over time .  When you pay rent, you have no return on the money you pay.  When you pay your mortgage, a percentage of the payment goes toward the “equity” in your home.  Eventually, you can borrow against the equity in the home, or you can get the cash back when you sell.

When you rent, the landlord can raise the rent as they need to, but when you buy a home,  fixed rate mortgage payments usually remain about the same over the entire repayment period whether it is 15 years or 30 years.

There are tax incentives for owning a home.  According to the U.S. Department of Housing and Urban Development on their website,  “you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. ”  “You can also deduct the property taxes you pay as a homeowner. ” 

When deciding if buying your first home is right for you, consider also the cons:

Buying a home is a committment.  Unlike renting, you cannot just pick up and leave. 

You will be responsible for the mortgage payments and other costs such as property taxes, homeowner’s insurance, heating and electric bills, and maintenance.  It is important to decide if you can afford to buy your first home.

Owning a home gives you a sense of pride and accomplishment.  If you are thinking about buying your first home,  you must be prepared and informed on what to expect during the home buying process.

If you are considering buying your first home, you may not know where to begin.  Contact me at  and I can help you get started!

Questions?  Feel free to email or call.

Mary Buchner
Licensed Real Estate Salesperson
(716) 743-5862

Realty USA


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