Reasons to Rent:
- Can't qualify for a loan due to credit rating, bankruptcy or too recent of a short sale.
- Not enough funds for a down payment.
- Uncertainty of future employment.
- Not enough years a present job.
- Prefer to live in a better home that is affordable with the monthly payment you can afford.
- Not wanting to live in the homes that are affordable.
- Retired and prefer to live on the money in the bank rather than have it tied up in the home.
- Don't want the responsibility that comes with home ownership such as maintenance, paying property tax & HOA Fees.
- Renting with a sweetheart deal from family, friends or rent control.
Reasons to Buy:
- Above all other reasons to own a home, by far, the number one reason is purely financial.
- Let's say you buy a home for $400,000 with a FHA 3.5% down payment and the home goes up to $500,000 many would think you made a 20% profit. NOT True! You see, in reality, you just make $100,000 on the down payment of $14,000.
- Now keep in mind, you are also allowed to write off the interest paid on the mortgage. This is a tax benefit that is unbelievable, so much so that many in Congress keep trying to take it away.
- It even gets better for an investor, the not only write off the mortgage interest but any other payment such as repairs, upgrades, landscape, HOA fees. Oh yeah, they are also able to take credit for depreciation. A CPA should explain these benefits.
- Children of Home Owners do much better in school. I've read this so you should research these benefits.
- Pride of Ownership becomes self evident once you own your own home.
- You pay your own mortgage not that of someone else.
- No one will raise your rent.
- No one will end your lease.
- Home prices have always gone up even after a terrible dip from a recession.
- Home prices have risen fast over the past 2 years but still lag behind where they were before the latest recession. The previous recession saw prices drop 33% only to rise 225% before the market crashed again. We could see double before the next dip.
Call, Text or Email us if buying is best for you!
Your Friends & Realtor,
Tony & Dani Lewis * RE/MAX of Valencia
Cell - 661-510-7975 * email@example.com