Although some people believe renting is "cheaper" than owning a home, it just doesn't turn out to be the truth in most situations.
Renting offers no equity, no tax benefits, and no protection against regular rent increases. If you’re paying rent, you’re really just paying someone else’s mortgage. Writing a check is just like watching your hard earned money sail away.
Renting isn't “maintenance free” as most believe either. Most renters end up actually paying for potential repairs each month – whether they need it or not. The Dirty Secret is that maintenance is already built into the rent they pay.
Potential Tax Savings**
TOTAL SAVINGS FOR HOMEOWNERS PER YEAR IS APPROXIMATELY $4,236
…perhaps it’s time to speak with a real estate professional on our team.
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* Approximate Payment/Cost Comparison based on estimated annual tax results. Based on 2.5 tax bracket and on estimated first year interest and taxes. Recommend consulting with tax expert. Payment based on FHA 30-year fixed rate loan with 4.1% interest rate, sales price of $280,000 and a loan balance of $270,200. Interest rate/rental rates, prices, terms, and availability subject to change without notice. See a qualified tax consultant for more details.
**Estimated tax savings based on a 28% federal tax rate.