The 6 Top Reasons Why Buying Is Better Than Renting
RISMEDIA, Christine Van Tuyl and Margaret La Grange, an
award-winning mother-daughter team with Prudential California Realty in
Coronado, have compiled their latest list, the Top Reasons Why it's
Better to Buy than Rent.
renters are realizing that the increase in affordability- combined with
low interest rates and tax incentives- are tipping the scales away from
renting and towards homeownership, said Christine Van Tuyl, agent with
Prudential California Realty. Simply put, some renters are finding
that they can get a bigger bang for their buck if they buy.?
Following are the top reasons why it's better to buy than rent
1. Buying doesn't always cost much more than renting.
According to a recent study by the Associated Press, the gap between
monthly mortgage payments on a median-priced home and the median rent
has decreased from $777 to just $221 in the last three years.
2. Affordability is at an all-time high. In markets across the nation, including the inland areas of California, prices have declined by nearly 40%.
3. Buyers can take advantage of tax benefits of home ownership.
Perhaps the biggest tax break is reflected in the house payment
homeowners make each month. For most, the bulk of that payment goes
towards interest. All interest is deductible, unless the amount is more
than $1 million. Property taxes are also deductible.
4. Buyers can purchase homes with little or no down payment.
Qualified first-time buyers may be eligible for loans insured by the
Veterans Administration (VA), which does not require a down payment.
Another loan product gaining popularity are those insured by the Federal
Housing Administration (FHA), which require only a down payment of
5. Mortgage rates are at all-time lows. Take advantage of low 30 year fixed rates. We haven't seen rates this low in the last 3 decades.6. It's yours.
It feels good to own your own home. After all, you can paint it any
color you want, make improvements, and plant a little garden.