Owning vs Renting Benefits
1. TAX BENEFITS.
Owning vs Renting Benefits
Owning vs Renting benefits you through the allowable tax code deduction of the interest you pay on your mortgage, property taxes and some of the costs when buying, for investment properties other deductions like repairs, depreciation are also allowed, Its a great idea to consult with a tax professional to get accurate information about your particular situation.
2. APPRECIATION.
Real Estate has passed the test of time and allows a stable and steady growth over time, despite the recent housing crisis, home prices have increased on average approximately 5.2 percent each year from 1072 through 2015 according to the National Association of Realtors.
3. EQUITY.
Owning vs Renting Benefits
Money paid for rent is money that you’ll never see again, having a mortgage allows you to build equity as you pay down the principal balance and the home benefit from market appreciation over the years, in addition to:
4. SAVINGS.
Building that equity is in itself a savings plan and when you sell, you could qualify to take up to $250,000 (or $500,000 for married couples) as gain without owing any federal income taxes. (Check with your CPA for further advise on these)
5. FREEDOM.
The home is yours. You’re can do as you choose, decorate, paint, upgrade, remodel and choose to live as it fulfills your lifestyle after all that’s some of the intrinsic owning versus renting – benefits.
6. PREDICTABLE.
Unlike rent, your mortgage payments are fixed and don’t rise over the years (if your loan is a fixed rate mortgage) , taxes and insurance cost will likely increase.
7. PRIDE OF OWNERSHIP.
Owning vs Renting Benefits
Among the many benefits of home ownership like, remaining in a neighborhood for many years and becoming part of the community, pride of ownership is one of the many traits that owning your own property affords through a sense of accomplishment and satisfaction in knowing this property is your own and you’re coming home! after all that it is the essence of the American Dream.
If Thinking to Purchase or Sell, Contact Us for a FREE – NO OBLIGATION consultation. Roberto A. Sanchez – Broker-Associate – Cell (973) 216-1945 or email me at: RSanchez@robsrealtor.com.
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