There are numerous articles telling you why to buy v. rent this year…here are my top 4 reasons. You know, so you don’t have to read all the articles:
- Mortgage rates are still historically low (check out the chart below). Which means you have more money to invest in your home which gives you more equity and more home. That is just good planning for the future.
- There are a multitude of low down payment products as well as down payment assistance programs for home buyers available.
- Renters are paying more now than they did a year ago, according to the Arizona Republic’s numbers. Rents have climbed as much as 5.8 percent from last year. Nationally, rents are increasing at the highest pace in 6 years. An increase of 3.5% in November alone.
- MID – Mortgage Interest Deduction -allows homeowners who itemize their taxes to deduct mortgage interest attributable to primary residence and second-home debt totaling $1 million, and interest paid on home equity debt up to $100,000. Essentially, it means you can deduct the interest you pay on your mortgage which saves you money on your taxes.
There you have it, my top four reasons to buy vs rent. If you have any questions about what you have read or would like to discuss it, call me at the number above.
Speak Your Mind