When deciding whether or not to buy a home for the first time, it is essential to compare the benefits of buying versus renting. Renting provides the liberty to move when the lease expires rather than having to wait until you sell your home. Renting allows you to avoid the cost of maintaining the property and requires less cash up front; however, homeowners have the freedom to remodel as they choose. Also, renting throws away money that could be building equity. ​When you own your home, your monthly mortgage payment not only pays for you to live in the house but is also an investment.

​Although you generally invest 5% - 20% percent of your own money and 80% - 95% of the bank's money, you receive the benefit of 100% of the house appreciating each year.
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When you sell your house, you receive money that you would not have received when you are renting. Plus, you can deduct items on your taxes, including interest on your mortgage and property taxes. Provided that you choose a fixed rate mortgage, you lock in a consistent payment, while renters should expect a few rent increases over the years.

​Investing in a second home has several benefits. First, you get the same financial rewards that come with home ownership; tax-deductible interest and property taxes are most always deductible. In addition, you may be able to use the home as a source of rental income. If you choose to rent out your vacation home, it can help offset the costs of ownership. Second, you can deduct the mortgage interest you pay on your second home. To the IRS, a second home is one that you personally use at least 14 days per year, or at least one day for every 10 days it’s rented out.

You can use the equity you have built up with your primary residence source to help buy your vacation home. With home values in many markets much higher now than they were a few years ago, many owners have experienced rapid equity growth; leveraging that equity to invest in a second home may be a smart financing strategy.

There are several things to consider when buying a second home. You need to decide what you want to get out of your second home. If you are hoping to help offset the cost of your second home by renting it put a portion of the time, make sure you find out about rental demands in the area you are looking to purchase. Do you want something close by so that you can go regularly, or do you want something a little farther away for longer extended weekends? What do you want to do when you get to your second home? Are you looking to be in the hustle and bustle of the city, or do you want to enjoy the peace and quiet of a secluded spot? The environment, location and proximity you prefer are important factors when looking for your second home.
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Search Arizona homes for sale.

​As your real estate team, we will give you a full Comparable Market Analysis after examining what comparable homes have sold for in your neighborhood in the recent past. Drawing upon our knowledge of other homes within the area, we will determine what we believe to be an approximate value of your home that we may use together to determine the final listing price. ​