Is it Better to Rent or Buy?

Is it Better to Rent or Buy?

The American Dream – homeownership and white picket fences. We all dream of having a place to call our own. Well, it’s time to stop dreaming and make a move! The time to buy a home has never been better. With interest rates at their lowest levels since 2013, you can own a home for just as much as you pay in rent! If you’ve been struggling with the decision to rent or buy, consider the many perks of homeownership:

Building Equity

A home is an investment. Each mortgage payment you make increases your share in your home’s value and your net worth! Over time, the value of your home increases and the longer you live in your home, the more you equity you will build. On the contrary, rental payments do nothing to contribute to your overall wealth!

Sense of Security

Homeownership not only provides financial security, but it also secures a place for your future, and a place for your family to grow. Rental housing does not provide a sense of security as renters may be unable to renew their rental agreements due to changes in management companies, landlords or for other qualifying decisions.

Tax Benefits

One of the biggest perks of homeownership is the tax benefits. Mortgage interest and property taxes are deductible from federal income taxes, resulting in greater savings and returns. The tax benefits alone can make owning less expensive than renting! On the flip side, rental payments are NOT tax deductible.

Sense of Community

Homeownership puts you in the company of neighbors who are invested in the community and there are great opportunities to build a strong sense of community among homeowners. Rental apartments can have high tenant turnover year in and year out, making it difficult to build a strong sense of community over the years.

Steady Payments

Having a fixed mortgage means that you will pay the same amount, every month, throughout the life of your loan. There are no financial uncertainties and no sudden rent increases! And, each payment increases your personal wealth! There are many home loan options for first time home buyers

Freedom

Homeowners are free from the restrictions of pets and paint unlike rental tenants. Enjoy the freedom to make your home and living space uniquely yours!

For many, the decision to break free from the rental trap and become a homeowner has turned out to be their best financial investment. Historically low mortgage rates and soaring rental prices are creating an opportunity for renters to make the big move! The best first step is to do the math, but you don’t need to go into it alone! Talk with one of our Personal Loan Consultants today We’ll do the math for you and give you the personalized advise for your situation and needs towards becoming a homeowner!

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