There comes a time when we need to ask ourselves…should I stop renting and start buying? Here are 4 huge reasons to consider when looking at renting versus buying:
- Throwing money away: Yes, you are putting a roof over your head, but at the end of the day, what do you have to show for it? Stop putting money in your landlord’s pocket and start putting it towards a home of your own.
- Loss of equity. The only equity you are building when you rent is the equity you create for your landlord. Think about the advantage of owning your own home, paying off a mortgage, and living your retirement in a place that doesn’t have a monthly rent.
- Lack of control. You simply can’t paint your walls whatever color you like because you don’t own the place. Your landlord makes the rules and you have to abide by them.
- No tax deductions. You miss out on what tax experts will tell you are some of the biggest and best deductions the IRS allows. Mortgage interest, property taxes and certain buying and selling expenses all come with tax breaks that can put thousands of dollars back into your pocket.
If you want to talk about how you can stop renting and learn what it takes to buy a home today, just give me a call or send me an email. I’m here to help.
