Top 9 Reasons Why Buying is Better than Renting!

By
Real Estate Agent with TNG Real Estate BRE#01445011

The top 9 reasons why buying is better than renting, especially right now are as follows:

•1.      Affordability is at an all-time high.  Across the nation, and especially in Southern California, prices have declined by 40% to 60% leading to a historic period of housing affordability.

•2.      Currently buying costs much less than renting.  According to many recent studies, the gap between monthly mortgage payments on a median-priced home and the median rent has changed to favor buying over renting in the last three years.

•3.      Buyers can take advantage of tax benefits of home ownership.  Perhaps the biggest tax breaks is the house payment you make each month.  For most, the bulk of that payment is interest.  Mortgage interest is tax deductible, unless the amount is more that $1 million.  Property taxes are also tax deductible.

•4.      Buyers can purchase homes with little or no down payment.  Qualified buyers may be eligible for loans insured by the Veterans Administration with no down payment.  Another loan gaining popularity are those insured by the Federal Housing Administration which require a down payment of only 3.5%.

•5.      Mortgage rates are at all-time lows.  Take advantage of low 30 year fixed rates.

•6.      You can build equity.  Already prices are stabilizing and beginning to rise in certain areas.  Over time, owning real estate in Southern California has consistently proven to be the biggest source of building wealth.

•7.      You become part of the neighborhood.  Buying a home allows you to sink in your roots more fully into the community and become a more permanent part of the neighborhood as a homeowner.

•8.      It's yours!  It feels food to own your own home.  After all you can paint it any color you want, make improvements, and plant a little garden.

•9.      You become the landlord.  You have no one to answer to.  Every improvement is yours.  Every dollar you put in can come back to you.  Instead of building wealth for someone else, you build it for yourself.

People who buy now will benefit in the years to come.  Sign up for free email of all properties that meet your needs. 

 

 

 

 

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