According to a recent report by Trulia, “buying is cheaper than renting by an average of 33.1%.” The report may have some people thinking about buying a CT home instead of signing another lease extension, but does that make sense from a financial perspective?
Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a CT home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
The article listed five reasons why owning a CT home makes financial sense:
- CT Mortgage payments can be fixed while rents go up.
- Equity in your CT home can be a financial resource later.
- You can build wealth without paying capital gains.
- A mortgage can act as a forced savings account.
- Overall, CT homeowners can enjoy greater wealth growth than renters.
Bottom Line
Before you sign another lease, perhaps you should sit with a Real Estate professional from Dave Jones Realty to better understand all your options.
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