If you are renting you should know that the best time to make that jump to home ownership is right now. The interest rates on a 30 year mortgage fell to record-breaking lows last week when dropping to .39 percent. Those low interest rates and the plentiful Holden Beach real estate makes this the best time to purchase that first home for someone starting out.
You’ve probably heard it said that “when you’re renting you’re just throwing your money away” and what that means is you’re getting nothing back for it other than the privilege to live under someone else’s roof for 30 days. When you buy a home your mortgage payments go towards paying back the principal amount you borrowed as well as the interest on that amount. Early on the bulk of your payment goes to paying off the interest but this interest can be deducted from your taxable income each year. That’s not something you can do when you’re a renter.
If you’re new to an area sometimes it’s best to rent for six months to a year in order to find employment and get more familiar with the area. Only by living there will you get your own “feel” for different communities and towns.
There is plenty of suitable Holden Beach real estate that would make ideal homes for someone starting out. It’s important to get in on the real estate wave while the interest rates are low. In a few years, when the economy has improved, your house will be worth a whole lot more than you paid, thus increasing your equity in your home.