rent vs buy tax savings equity investment first time home buyer: Renting or buying the real scoop
- 10/23/07 04:53 AM
Talking with first time homebuyers the common question arises, "Is it better to rent, or buy?" I have always been fair with this question while I think REALTORS and financial planners alike are heavily on the side that buying is better. There is no question there are many advantages to home ownership. Tax Savings: Interest and property tax are deductible on your Federal Income Tax return Equity buildup: Your prinicipal is reduced over time growing your net worth (your personal wealth) Investment: In a stable or growing market the home will appreciate in time (not guaranteed) Pride of ownership: The property is yours to add
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