For those who are considering or have on their "wish list" on owning their home but feel that is out of reach, let me give you some helpful advice as to why owning your home vs. renting will save you soo much money in the long run.
Tax Benefits- When you own, you can write off all of the interest you pay each month resulting in a large tax refund or credit.
Equity - If you spend $10,000 in rent it's gone, if you pay $10,000 in mortgage payments, you gain equity that you can recomp when you sell the property. Depending on the type of mortgage loan you can use that equity to cover long term care expenses.
No Rate Increase - When paying rent there is a chance of an increase each year but when you own your home there is a fixed rate for up to 30 years and one way rates will increase if there is a change in taxes.
Ownership - Knowing that you can do what you want without asking for permission (unless of HOA restrictions) from anyone and you can remodel your home unlike renting there is no freewill and the homeowner has to decide if painting a room would be acceptable.
Income Property - Instead of helping someone make money off of you, you will be your own boss and you will be able to receive rental income.
Don't Miss The Window, Act Now!!!
Author:Jane Gao Phone: 407-873-2883 Dated: April 6th 2015 Views: 894 About Jane: Help you find your perfect home is my passion! No matter you are looking for primary residence, vaca...
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