RATES ARE AT NEW RECORD LOWS. Loan interest rates are currently at historically low levels, and there are a wide variety of financing programs available to choose from. RENT VS BUYING Absolutely buy.  Owning a home is the BEST way to build long term household wealth.  The sooner a person owns a home, the faster they have the opportunity to build up wealth and equity.  When you buy a home, you are also stabilizing your family’s finances.  With a 30-year Fixed rate mortgage you will have the same monthly payments for the life of your loan.  Even as your home’s value increases your payments are always the same.  This is not the case with renting. HOMEOWNERSHIP BUILD WEALTH For most people, the best way to build long term financial wealth is to own a home.  Once you become a  home owner, you are eligible for generous tax deduction, and you’ll begin to build equity in your new property as the value of it increases.  As your home gains in equity you can take advantage of those gains when you sell your home and apply them toward the purchase of a bigger home. Buying A New Home VS. a Foreclosed Home There are a large number of foreclosed homes on todays market.  Home buyers are considering them when they are looking into purchasing a home due to their below market prices.  You need to ask your- self if the RISKS are worth the REWARDS? The is no warranty with a Foreclosed Home.  The previous owner was unable to meet their financially obligations of the mortgage, and they were probably unable to meet the financial obligation of maintaining the property altogether. Buying a new home or a resale home requires full disclosure on details and drawbacks on the property; the seller is liable.  There is no requirement on disclosures with a foreclosed home.  This opens up the buyer to take the liability and ultimately the cost of repair.  Do you Know who lived there before? When you buy new you know that you are the first family to live in that home.  Many foreclosures’ have been occupied by disgruntled former residents.  They didn’t care what shape they left the house in.  Will you be left with huge unexpected repair or maintenance bills and huge cleaning costs to even make the home inhabitable. NO WARRANTY Foreclosed homes do not have a warranty of any kind and often are not readily available for an inspection before you close on one.  This leaves the new owner with no idea of what they are getting. A new Majestic Home has a warranty on everything in the home when you purchase it.  You are protected from the unexpected.  THIS IS WHY YOU BUY IN TODAYS MARKET...........