What are the benefits for renting as opposed to buying?
Renting has both advantages and disadvantages. For example, renting may provide you with more leftover cash each month, if your rent is less than a mortgage payment, and renters get to call the landlord to fix the leaky faucet. On the other hand, renters may not be allowed to make any changes to their living space and are often subjected to rent increases over time.
Owning a home may provide you with income tax benefits (though it’s important to check with your tax advisor to see how owning would impact your personal situation). Owning a home also offers you the chance to increase your personal wealth as you pay off the principal on your loan over time and build what is known as equity. Equity is the difference between the market value of the home and the outstanding balance of the mortgage loan(s) on the home. Of course, home values can rise or fall over time, so building equity is not guaranteed. And there are significant upfront costs associated with buying, including down payment and closing costs.
Author:LaPortia Hewitt Phone: 469-999-1034 Dated: November 4th 2016 Views: 258 About LaPortia: ...
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"After going through a failed sale, a business partner introduced me to Scottie. He came over and did a walkthrough and presented me with statistical data on my house and neighborhood. Scottie had complete confidence that my would sell in no time. He was right! I was very impressed with the amount of traffic my house received, not to mention the contract. Scottie and his team were A1 and professional! After completing some "to-do" items for him and the buyers, I signed the paperwork and closed the sell of the house to the new home owners today! Smoothest process ever!"