Should you buy or should you rent? Well, the answer depends on where you are right now in your life.
Some people rent because they can get in and get out fairly easily. They don’t want to be saddled down by a mortgage, but what they fail to realize is that they’re still paying a mortgage—it’s just someone else’s.
If you buy a home, however, you now have your own place. In addition to being able to do whatever you want with it, you’ll enjoy a multitude of tax benefits as well.
“If you stay in a home for five years, its value will increase by about 20%.”
Equity is another big factor to consider when owning a home. Homes appreciate by about 4% each year, so if you stay in a home for five years, its value will increase by about 20%. Regardless of how big or small this increase is, it’s still 100% more than what you’ll gain by renting.
When you weigh the two options, you’ll see the best choice is to buy instead of rent. And due to our current low interest rates, you could be owning a nicer place for less than you’d be paying in rent.
If you would like to learn more, have any questions, or need more information, feel free to reach out to me. I look forward to hearing from you soon.
