As we continue to celebrate #NationalHomeownershipMonth let’s talk about Renting vs. Homeownership.

That no strings attached lifestyle that comes with renting means you can switch up your living arrangement or maybe even cities without having to worry about managing a property or paying a mortgage.

One of the negatives to renting long-term is you don’t have a home of your own at the end of the lease. That monthly chunk of cash you are paying toward rent each month is helping someone else build out a long term investment.

So….What exactly is the value of owning a home?

  •  It can be cheaper than renting long-term. -Securing a mortgage with competitive rates and predictable monthly payments gives you more control over your monthly expenses
  •  Builds equity which can result in profit during sale. -If you sell your home after building equity, you may end up making a profit. You can also use your equity to finance other projects or for emergency medical expenses by taking out a home equity loan
  •  Opportunity for tax deductions - The interest you pay on your mortgage, insurance premiums, property taxes and even improvements to your energy efficiency may provide an opportunity for tax deductions. Remember to consult with your tax advisor if you’re looking to understand how buying a home may impact your taxes.
  •  More control over your environment - owning your home means you can put your creative twist on the space you call home.

Leaning toward homeownership ? Here are some next steps….

Figure out what you can afford…including a budget for closing costs.

Get prequalified for a mortgage

Contact The Wolek Group and let’s start house hunting!