If you do not intend to stay in your home long-term, need extra mobility or are unsure about your employment prospects, renting probably makes good sense for you. But if you are planning are sticking around, owning may prove to be more rewarding. Here are 5 good reasons:
Rates are near historic lows and prices are well past their peaks. This unusual combination places the real cost of purchasing is at a 50 year low.
Buying builds equity. On most mortgage loans you pay down the principal balance each month. So not only does it cost less than renting But you are literally giving yourself money. Why are you paying someone else and putting cash in their pockets after they pay their mortgage and making them rich. You could be doing that for yourself and growing your wealth and net worth. If you rent it $833 a month that is $10,000 a year. That you are giving to someone else. After 20 years that is $200,000. You are going to pay rent anyway why not pay yourself?
Home values raise over time. Although you can argue it is not guaranteed over a long period of time it is more guaranteed than pretty much any investment you can think of. Even after the crash in 2007-2008 (worst reccession since great depression) if you bought a home 20 years ago it would still be worth more than it was 20 years ago including if you take in account inflation.
Home Ownership brings tax benefits In addition to costing less than renting deductions for home mortgage and real estate interest and taxes save home owners $1000s every year. Always consult your tax pro for service.
It’s more than just money Families become rooted in the neighborhood, school district and communities.
If you think you can not own a home think again There are many low money and even no money down programs available. Whether you are low income or not. Keep in mind no matter what you are going to pay rent and if you can purchase a home for less than you would end up paying why not?
Housing is a precious commodity that we all need everyday. It is your choice to rent or own, yet buying a home for yourself usually beats buying a home for a landlord. If you want to learn more or find out what you can afford, reach out. I am always willing to help.
Author:Andre Scaife Phone: 520-344-3792 Dated: June 27th 2016 Views: 240 About Andre: ...
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