Should I Rent or Own

Owning a home is the American dream. But for some individuals, renting a property can be a wise choice, bot financially and personally. Which is right for you? Consider the following:

Which Offers Lower Monthly Costs?
In many locations, rent is still affordable. In others, it can be higher than a comparable mortgage, especially when you consider that mortgage interest and property taxes are tax deductible. If your potential monthly mortgage payments are lower than your monthly rent, it might be time to buy.
Which offers more value?
A home is an investment. A rental property is an expense. Home ownership allows you to build up equity over time, which can make buying a home a better value even though it might see more expensive in the short term.
Which offers more stability?
As a renter, you're subject not only to rising rents, but also to the sale of your building. As an owner, your home belongs to you until you're ready to move on.
Which allows you to benefit from mortgage interest?
You can deduct mortgage interest from you income tax if you buy a home. If you rent, your landlord gets the deductions and uses your rent to make the mortgage payment.
Which allows you to deduct real estate tax?
You can deduct real estate taxes on your tax return when you own. If you rent, your landlord takes the tax deduction.
Which gives you good credit?
Home ownership is a major indicator of financial responsibility and stability, which gives you the chance to build a strong credit history.
Which helps you establish roots?
Unlike home owners, renters are more mobile and often don't establish roots in a community.
Which helps you build a retirement nest egg?
Homeowners can enjoy tax-free profits up to $500,000 from the sale of a primary residence that they have occupied for to of the last five years, if they are married and filing jointly. If an owner is single or married filing separately, he or she can enjoy tax-free profits up to $250,000.
Which gives me more investment benefits?
Home owners build equity over time, which you take in cash when you sell your home.
The profits from home investments are often greater than from many other investments.
Because you can borrow against it in most states, home equity can be a source of emergency funding.
Land appreciation adds to the value of your home.

crs.gif (2897 bytes)Let a Certified Residential Specialist (CRS) Help You Achieve Your Dream

It might seem like a long way from renting to owning. But many times, a little expert advice and creativity are all you need to make the leap. If you're ready to own, talk to Angela Burdick, CRS. As an experienced REALTORŪ with advanced training in residential sales, Angela can introduce you to purchase and financing options you may not have considered, options that can put the home of your dreams within your grasp.

I hope that this information has been helpful to you.  If you have questions about anything at all, don't hesitate to contact me by phone, or by e-mail 

Angela Burdick CRS, GRI, ABR

Call Me: 
Office: (833) 738-1380
Direct: (303) 886-1900
Angela Burdick
Realty Innovations
5753 S. Prince St. Unit 753
Littleton, CO 80160