Whether to own or rent is a difficult decision, especially during these challenging financial times. Speaking with a real estate professional can help you to make an informed decision about what’s right for you. Here are some key factors to consider.
Own your home and you can build equity… while your monthly rental payments do not. If you own your home, the interest portion of your mortgage payment may be tax deductible*, while there are no deductions for rental properties. And, when you own a single-family home, condo or co-op, there’s no landlord to access to your property, so you can enjoy a level of privacy that you don’t have with a rental. Own a home with a fixed rate mortgage, and you have a predictable cost, because the principal and interest payments don’t go up. But rent virtually always increases at lease renewal, often with no way to predetermine how much that increase will be.
Finally, home ownership provides a sense of pride, the ability to freely update your living space, and it provides stability… in contrast to the uncertainty and constraints of annual lease agreements. To find out more about the advantages of home ownership, call us today.
Line 4 Footnote – * Consult a tax advisor for information regarding deductibility of interest and charges.
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