Renting Versus Buying

1. You can get a good deal. This is a buyer’s market and prices on new homes have come way down.
2. Mortgages are cheap. You can get a 30-year loan for less than 5% — the lowest rates in recorded history. Low interest rates slash your monthly payment.
3. You’ll save on taxes. You can deduct mortgage interest from your income taxes. This means that owning really does cost less than renting.
4. It’ll be yours. You can have the options you want. Few landlords will let you paint your front door orange!
5. You’ll get a better home. Good rentals are hard to find.
6. It offers some inflation protection. Over the long-term, home ownership is still the best investment.
7. It’s risk capital. Don’t view home ownership as a way to get rich quick. Real estate prices will head up again.
8. It’s forced savings. You’re paying yourself by building equity. Renting means you’re paying someone else.
9. There is a lot to choose from. Most builders have a wonderful variety of inventory so you can buy the home you want in the desired location.
10. Sooner or later, the market will clear. Demand and supply will meet.
11. Put your money to better use. With a monthly payment of $800, you’ll pay more than $53,000 in rent over five years! That money could be building equity in your own home.