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Buying Vs Renting Which Is Better For You
According to a recent Trulia report, "buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%. " The report may have some people thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?
Ralph McLaughlin, Trulia's Chief Economist explains:
"Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house."
The article listed five reason why owning a home makes financial sense:
1. Mortgage payments can be fixed while rents go up.
2. Equity in your home may be a financial resource later
3. You can build wealth without paying capital gains
4. A mortgage can act as forced saving account.
5. Overall, home owners enjoy greater wealth growth than renters.
BOTTOM LINE: Before you sign another lease, let's get together and discuss all your options!
You don’t choose a home because you love the paint color. No, an investment this big demands in-depth knowledge so that you can buy with confidence. That’s where I come in. As an agent with Berk....
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