Buying vs. Renting2017-11-28T00:26:05+00:00

Buying vs. Renting

For many, the benefits of buying a home outweigh the advantages of renting. With mortgage interest rates at historic lows and rents on the rise, now is an affordable time to finance a mortgage with a fixed monthly payment lower than rent.

If you plan to stay in your home for more than six years, buying a home could save you thousands of dollars over renting. And don’t forget about the noisy neighbors upstairs.

The Benefits of
BUYING

  • TAX SAVINGS

    Mortgage loan interest is deducted from your state and federal income taxes and a portion of your property taxes may also be deducted.

  • STABILITY

    Fixed mortgage payments (principal and interest) will not change during the loan term whereas rent payments may increase annually.

  • BUILD EQUITY

    Owing a home long term allows equity to build and thus your home investment to grow.

The Benefits of
RENTING

  • FLEXIBILITY

    Renting may be the preferred option for those planning or needing to make a move in less than six years.

  • LITTLE OR NO MAINTENANCE

    Renters are often able to rely on landlords and property managers to pay for and make necessary home repairs.

  • UTILITIES MAY BE COVERED

    Some utility expenses may be included in monthly rent payments.

Contact us today to start realizing the benefits of homeownership.

Please consult a tax professional about your specific situation and the tax savings benefits of homeownership.

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