Buying Vs. Renting

Well, how many times have our parents or money gurus told us this one before? It’s actually a pretty easy concept to understand once you really dive into the numbers because numbers and correct math don’t lie like Shaggy did when he said: “It wasn’t me.” All jokes aside there really are some pretty amazing benefits of owning a home vs. renting one that can really set up your finical future. Some of these advantages are every payment you make on your home brings you that much closer to owning the property. When you pay your rent that money is gone and just like the old Lil Wayne we all loved not coming back. Oh, and you know those things we love more than anything to pay called taxes…… Well if you’re paying off your mortgage, you’ll get to count your mortgage interest as a deduction when you file your tax return, which means more money back in your pocket! Homes are definitely a big investment but the key word there is “Investment”…. When you buy a home you have very good chance of the home value actually appreciating depending on how the market is doing and if you had a professional real estate agent looking out for your best interest and can educate you on the property that you are buying.. *cough cough* shout out Legacy Real estate Group!

 

It really is so simple when you think about it. Yes, renting does have its benefits like you aren’t locked into a home for a certain period of time, or you can rent an apartment in a part of town that you can’t afford a home in. Trust me I get it! If that’s what you want to to do then go right ahead and live your best life! You deserve it, but…….. after three years of paying $1500 in rent every month, you would have spent $54,000 while the other guy/girl that lives not even 15 minutes away from you has built up $54,000 of equity or more because of appreciation by paying his/hers mortgage every month. If you find an apartment or landlord who gives you money back after renting with them for three years, please capture them and bring them to a lab to study because you my friend might have captured a unicorn and those mythical creatures don’t exist. If you can’t afford the down payment for a home just yet that’s no problem at all give anyone on the Legacy Real Estate Group a call and we can direct you to one of our many amazing mortgage lenders who can help coach you and guide you to making your real estate goals a reality. The last thing we want any of our clients doing is getting in and over their heads with buying something they can’t just yet afford or not calculating the expenses that could arise with buying a home. We really are here to help and if you have any interest in buying a home shortly call us and we would be happy to help you get the ball rolling and come with a game plan to making you a homeowner.