Should I Rent Or Buy?
Depending on your situation, a house payment could be less expensive than paying rent.
With every rent check you write, you're helping to build equity in your landlord's property. That money could be going toward building equity in a home of your own. Today's interest rates are low enough that your house payment could be lower than your rent payment!
There are many advantages to owning a home, including:
- Security – knowing that your investment in a home is a safeguard against inflation.
- Investment – payments on your mortgage loan accumulate toward acquiring a major asset.
- Tax Advantage – your real estate taxes and the interest on your mortgage are deductible from your income tax.
- Control of your Environment – you are in control and the investment is yours, not your landlord's. You can customize your own home to your personal preferences.
- Cash Equity – better than a savings account, your home can appreciate to keep pace with inflation. The equity you build up in your home can be a source of cash through an equity line of credit.