Buy vs Rent
There has been a long debate on renting versus buying. Today's housing market is sending a clear picture, now is the time to invest and purchase a home.
Buying protects the consumer from rising rental amounts, especially for someone wanting to stay in the same place for a longer amount of time. Unlike rent, mortgage payments remain the same, allowing you to rest easy when planning your monthly budget. When rent goes up, you potentially have to find a new place, spending more to move, a new security deposit, and the worry if your new place will become unaffordable also.
Purchasing a home is also an investment in your future. Paying down your mortgage balance builds equity in your home. Being able to call a home yours has real value too. Many people accumulate a substantial equity in their home and this can be a great safety net for retirement.
Another great benefit of home ownership, once you pay it off, it’s yours! You have eliminated the expense of housing all together. Many people who own homes, find the potential tax breaks a big advantage come tax time.
Below is an example how much your net worth will increase by buying vs continuing to rent. Contact me to run a custom scenario for you.