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Renting Versus Buying
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Did you know that your qualified home loan interest and your property taxes are deductible on Schedule A for itemized deductions? Here's an example of what this really means to the homeowner: if you're in the 31 percent tax bracket, owning a home with a monthly mortgage payment of about $1,500 is about the same as renting a house for $1,000. Because of the income-tax deductions and the special treatment of some gains on the sale of residential housing, homeowners can save thousands of dollars each year.

Although purchasing a home is a large investment, it often makes much more sense than renting. Another benefit? An investment in real estate far outpaces inflation. People who rent usually see an increase in their rent each year. Oftentimes, rent matches inflation (historically about 4.5 percent). When you buy a house on a fixed rate loan, your loan payments never go up. You may see an increase in insurance, property taxes and maintenance costs occasionally, but these increases are often easily offset by the market appreciation.

Over the last 15 years, Colorado Springs residents have seen a pretty healthy appreciation in home values. This means that if you are a homeowner, you can take advantage of these increasing values and build equity. In fact, as the market values climb some homeowners even borrow against the equity to make improvements and pay off other debts. Ask Lisa LaRose for more details about these opportunities.

There are some people who are better off renting rather than buying. For instance, if someone moves from city to city on a regular basis or if they have credit problems that prevent them from getting financing for a home, they might have to rent until their situation changes. If you would like to get a Free Rent Vs Buy Assessment, please Contact Me with details of your current situation and your questions. I will respond quickly.

        

      

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