SHOULD I KEEP RENTING OR IS IT TIME TO BUY??? at Real Estate Resource

Should I keep renting or is it time to buy?

With every rent check you write, you’re helping to build equity in your landlord’s property. You are paying off their loan. That money should be going towards building equity in a home of your own. If you think you can’t afford a home right now, think again. Today’s rates are low enough that your house payment could be as low as your rent payment! There are many advantages to owning a home, including:

INVESTMENT- Payments on your mortgage loan mean you are acquiring a major possession; instead of rent, you own more and more. With many homes in the Portland area appreciating around $2000-$3000 per month, the equity you gain in one year is skyrocketing. The garden you plant, the permanent improvements you make - all enhance your way of living as well as the value of your home.

CASH EQUITY- Better than a savings account, your home can appreciate to keep pace with inflation. Over time, history has shown that owning a home is one of the very best financial investments.

TAX ADVANTAGES - Your real estate taxes and the interest on your mortgage are deductible from your income tax. The government is basically subsidizing your purchase of a home. All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.

FINANCIAL INDEPENDENCE - Most people start on the road to financial independence through home ownership. Your principal and interest payments can remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases. Imagine how much rent might be ten, fifteen, or even thirty years from now? How much of your home would of been paid off if you decided to buy. Which makes more sense?

SECURITY - A feeling of security that comes from owning a home and the knowledge that your home is a safeguard against inflation.

ENVIRONMENT - You get to choose the area, schools, safeness of your community. Your children grow up in the neighborhood of your choice.

SATISFACTION - Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family’s companionship in the privacy of your own home. Renting, You have to get permission to make certain types of improvements. Nor does it make sense to spend thousand of dollars painting, putting in carpet, tile or window coverings when the main person who benefits is the landlord and not you.

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