Buying vs Renting
There may be legitimate reasons for not buying a home, but indecision is not one of them. It’s important to understand your options and have all necessary information in order to make the right decision for you: to move forward to own a home or to continue renting.
If you keep renting, at the end of the year, you’ve had a place to live and a pile of receipts that helped the landlord pay for his house. Deciding to buy a home means a place to live that you can make your own, including all the benefits of homeownership.
When you consider principal reduction, appreciation and tax savings, your monthly cost of housing could be much less than the rent you’re paying. The principal reduction included in each payment is like a forced savings account that increases as your mortgage balance decreases. Your equity in the property will also grow due to appreciation as the home goes up in value. The equity is part of your net worth and an investment in your family’s future.
The income tax savings can be an additional financial consideration if the combined interest and property taxes are greater than the allowable standard deduction.
Trends are showing that both tenants and homeowners are staying in their homes longer. Whether you rent or own, you’re paying for the home. Do you really want to buy the home for your landlord? Check out your numbers on a Rent vs. Own and then call Sea Scape Properties to help make homeownership a reality.