Is It Better to Rent or Buy?

Written by Posted On Tuesday, 04 August 2015 14:42

Have you ever considered how much you pay in rent over an extended period of time? It is probably a lot more than you realize. The amount you spend for rent each month could be applied to a mortgage, not only building equity in your own property, but, in most cases, substantially reducing the Federal and State income taxes you pay each year. And what happens to your rent money? It's gone! There's no interest, no equity, no return. To determine your home-buying ability, call your real estate agent or lender.

I've included a chart below to help visualize.

 

RENT

  • No interest-payment deductions
  • Rental amount may increase at any time
  • Landlord approval needed for any changes
  • No capitalization; your money disappears forever
  • Rental is temporary and often subject to a 30-day notice

 

BUY

  • Mortgage interest is tax deductable
  • Decorate and make changes, without prior approval
  • The value of your property may increase in time
  • Your house will become a home, not a temporary living situation; you are not at the mercy of a landlord

 Visit us at www.featherstoneco.com or to receive a copy of our Home Buyers Guide click here.

Rate this item
(0 votes)
William Featherstone

Having the right real estate agent means having someone who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in understanding each step of the buying or selling process. This commitment level has helped Will build a remarkable track record of delivering results. Will sees himself not as a sales person, but as a professional consultant to his clients.

www.featherstoneco.com

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.