Why Rent When You Can Own?

Owning a home is a dream for many people but it can also be a scary process. Besides being able to do what you want and decorate how you like, there are many other benefits to home ownership. Home ownership is actually an excellent way to get ahead financially and is considered affordable when a household pays less than 30 percent of their income towards housing payment. The impact of owning a home and having affordable payments is powerful, but it’s not just about owning a house. It’s about having a home, strengthening a community, and building the foundation for a better life.

BUYING

+ Equity of property becomes an asset and appreciates in value
+ Owning allows you to make your house a home through improvements
+ Positive tax ramifications
+ Fixed-rate means stable mortgage payment
+ Payment eventually ends
+ Control how long you want to live there
+ Paint the rooms any color you want
+ Pets are ALLOWED
+ Monthly payments build equity which allows you to establish an equity line of credit

Cash Investment
Maintenance and costs
Mandatory homeowners insurance

RENTING

+ No maintenance required
+ Avoid depreciating value
+ Amenities included. Appliances and utilitiesare sometimes included in monthly payment

No tax benefits
Monthly payments increase between 2-5% per year
Paying your landlord’s mortgage
No equity or financial gain in the home you live in
Can’t make changes you’d like to with the property
Locked into lease
Pet deposits and restrictions on types of pets

According to the Wall Street Journal, if you were to purchase a home for $250,000 with 5% down and home prices were to increase only 2% per year you would be money ahead after just the 2nd year by owning. After six years, you would have saved $43,398. Now that’s worth it!

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