REALTOR®
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Rent or Buy
With every rent check you write, you're helping to build equity in
your landlord's property. You are paying off their loan. That
money should be going towards building equity in a home of your own. If
you think you cant afford a home right now, think again. Today's rates
are low enough that your house payment could be lower than your rent payment!
There are many advantages to owning a home, including:
Investment - Payments on your mortgage loan mean you are acquiring
a major possession; instead of rent, you own more and more. The garden
you plant, the permanent improvements you make - all enhance your way
of living as well as the value of your home.
Cash Equity -
Better than a savings account, your home can appreciate to keep pace with
inflation. Over time, history has shown that owning a home is one of the
very best financial investments.
Tax Advantage - Your real estate taxes and the interest on your mortgage
are deductible from your income tax. The government is basically subsidizing
your purchase of a home. All of the interest and property taxes you pay
in a given year can be deducted from your gross income to reduce your
taxable income.
Financial Independence - Most people start on the road to financial
independence through home ownership. Your principal and interest payments
can remain the same for the full term of your mortgage while your rent
usually goes up as the cost of living increases. Imagine how much rent
might be ten, fifteen, or even thirty years from now? How much of your
home would of been paid off if you decided to buy. Which makes more sense?
Security - A feeling of security that comes from owning a home and
the knowledge that your home is a safeguard against inflation.
Environment - You get to choose the area, schools, safeness of your
community. Your children grow up in the neighborhood of your choice.
Satisfaction - Home ownership offers special advantages that make
life more enjoyable - backyard barbecues, large family gatherings during
holidays, a home workshop, a chance to enjoy your family's companionship
in the privacy of your own home. Renting, You have to get permission to
make certain types of improvements. Nor does it make sense to spend thousand
of dollars painting, putting in carpet, tile or window coverings when
the main person who benefits is the landlord and not you.
