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Be Safe This Holiday Season

by Cheryl Scott-Daniels

 

You don't have to be Dorothy in the Wizard of Oz to feel like there's no place like home.

Home is a place to call your own. It's a place to raise your family and share with your friends. It's a place to create memories. A home is a place to feel safe and secure.

Inspect all of your decorations and electrical lighting before using them. While you're enjoying the holidays this year, it's important to pay attention to some of the things that may affect your safety.

  • Extension cords should not be placed under the carpet or rugs or bundled together which could cause overheating.
  • Limit three standard size sets of lights to a single extension cord.
  • Consider using portable or permanent ground fault circuit interrupters with all lighting to avoid possible shocks.
  • Turn off holiday lights when you leave the home or got to bed.
  • Avoid using candles near trees or wreaths.
  • Do not allow natural trees to dry out during the time they're displayed to potential fire hazard.
  • Make certain that all trees are on a firm, steady base to avoid tipping over.
  • Don't burn wrapping paper in fireplaces.
  • Small children are particularly susceptible to accidents and should be protected from potential harm.
Here's hoping your time at home is special during this holiday season. Please let us know if there is anything we can do for you.

Rent vs. Buy: Either Way You’re Paying A Mortgage

by Cheryl Scott-Daniels

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s.

As The Joint Center for Housing Studies at Harvard University explains:

 

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. "

"That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

 

 

Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

 

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

 

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

The graph below shows the widening gap in net worth between a homeowner and a renter:

Bottom Line:


Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting with home values and interest rates projected to climb.

source: KCM


 

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Photo of Cheryl Scott-Daniels  Real Estate
Cheryl Scott-Daniels
CSD Select Homes
991 Post Rd East
Westport CT 06880
203-341-0100
203-200-0065
Fax: 866-806-6909