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Buy vs Rent?

The Shorey Sheehan Team

The Shorey Sheehan Team prides itself on putting its clients first and providing an incredible level of service.

The Shorey Sheehan Team prides itself on putting its clients first and providing an incredible level of service.

Oct 2 3 minutes read


I know we all want to get into a place and be stable for a few months, but why not put your money to better use??

YES It's True!  It's WAY better to Buy than Rent. Below are a few reasons why!


You Put Down Roots When You Buy a Home

Although it's better to rent if you won't be staying long or if your plans are uncertain, that kind of flexibility comes with a price. It's harder to feel established in a neighborhood if you aren't a homeowner. 


Home Ownership Is a Built-In Savings Account

When you buy a home, you enroll in a forced savings plan. No matter how tight your budget may be, you find the money to make your monthly mortgage payment.Month by month, you pay down the mortgage and increase your equity — the amount of money you can sell the house for less than what you still owe on it. Over a lifetime, home ownership helps you build wealth and credit.


Buying a Home Has Big Tax Advantages

The significant tax benefits of buying rather than renting may be reason enough to invest. Homeowners can deduct mortgage interest on their federal income taxes.This is a hefty deduction for many people because interest payments are often the largest part of a mortgage payment in the early years of owning a home. You can also deduct some closing fees and your property taxes.


Paying a Fixed Mortgage Stabilizes Your Budget

Your landlord can raise the rent whenever he/she likes. If you buy a home and take out a fixed rate mortgage, your house payment stays the same for the life of the loan, whether it's 15 or 30 years.


Buying a Home Costs Less than Renting Over Time

Your mortgage payment may initially be more than you'd pay in rent, but you'll spend less over the life of the loan if you buy. Rents may rise over time, changing the situation. Also, given the tax benefits of home ownership, your true out-of-pocket costs from day one can be less than if you rent.

The best part is that when your mortgage is paid off, you can stop making payments but you keep the house!!

       

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