Buying vs. Renting

Owning gives you a feeling of success!
You begin to enjoy your new home or condominium from the first day you move in. Most investments require a period of time to elapse before any enjoyment is derived— not so when you invest in a home.

Owning gives you lots of freedom!
You can play your stereo as loud as you want, paint the walls any color you wish and do the laundry any time!

How much "home" can you afford?
Generally, lenders figure that the homebuyer shouldn't pay more than 28% of their gross monthly income for their mortgage payment including principal, interest, taxes and insurance (PITI); or 36% when they combine all monthly debts together with the PITI payments.

Get tax breaks, too!
It's a fact. Uncle Sam actually helps you become a homeowner by allowing generous tax deductions. The majority of the mortgage payment is the interest paid and homeowners deduct the interest paid before determining what their taxable income is. Real estate taxes are also deductible. This means that the “net” cost of homeownership is much less than it initially appears.

For more information on buying vs. renting, contact Margo Fritz.