What’s It Going to Take?

Get Out of RentingHow much evidence is needed to make a decision to get out of the rent race and become a homeowner?

Compare your rent with a mortgage payment on a similar size property. If you want a larger home than your current one, use the rent that property would require instead of what you’re currently paying. If it’s considerably cheaper, you may not need any further encouragement.

By the time you consider the principal reduction, appreciation and tax savings, your monthly cost of housing could be much less than the rent you’re paying.

The principal reduction included in each payment is like a forced savings account that increases as your mortgage balance decreases. Your equity in the property will also grow due to appreciation. The equity is part of your net worth and an investment in your family’s future.

The income tax savings can be an additional financial consideration if the combined interest and property taxes exceed the allowable standard deduction.

Hands down you should own a homeTrends are showing that both tenants and homeowners are staying in their homes longer. It’s been said that whether you rent or own, you’re paying for the home. Do you really want to buy the home for your landlord? Check out your numbers on a Rent vs. Own.

 

 

 

check the numbers

About the author

Tom Ashworth

- Realtor

Tom is a hard-working real estate agent with Central Metro Realty in Burnet Texas. He specializes in first time home buyers, helping sellers save money and helping buyers find their dream home in the Texas Hill Country area. Tom draws on his knowledge of the Central Texas real estate market, communities and local contacts to find clients the property that truly meets their objectives. Tom lives in Burnet Texas and enjoys outdoor recreation and billiards. Tom can be reached at (208)830-7991. Horseshoe Bay Texas.

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