Archive for the 'Buy or Rent?' category
How does buying real estate compare to renting?
Renting gives you an opportunity to have a lifestyle that's nearly maintenance-free. That may or may not appeal to you, but consider that renting gives you no equity, no tax benefit's, and most likely no protection against your landlord raising your rent!
If your rent has averaged $1600.00 a month for just the last 5 years, (and that is inexpensive here in Boston) you've spent over $95,000 with nothing to show for it!
Isn't’t it time you invested in yourself instead of your landlord?!
Several financing options hold special advantages for first-time buyers and/or families with limited cash reserves. Qualifying for a FHA-insured or a VA-guaranteed mortgage can minimize or even eliminate your down payment. Also consider a lease-option to buy, or borrow cash for a down payment from life insurance, profit-sharing, or retirement accounts.
In addition to many tax deductions you'll likely receive when buying real estate, those deductions can partially offset the cost of real estate taxes, insurance and home maintenance as your home appreciates in value. And let’s not forget that if you hold onto your home for up to a minimum of 24 months, and you sell for a capital gain of up to 250K if you’re single and a gain of 500K if married (if filing jointly), then that gain is tax free. Be sure to speak with your tax accountant for better clarification
