Please find below 4 Facts That Might Change Your Mind
Each year, home renters face the question of whether to renew their lease for another year or determine it is time to a buy a home. Over the past couple of years, the US housing market has changed dramatically as home values have soared and interest rates have remained low. So, if you are still renting a home, it might be time to buy instead.
4 Facts About Renting
1. Rents Are Rising Quickly – Higher priced home values can drive higher rent costs. While a 30-year fixed home loan will provide steady monthly payments for the duration, most renters are shocked to see their housing rental payments rise each year.
2. Paying for Your Landlord’s Equity – As home prices rise, so does the equity in the property. As a renter, you are making the loan payments for your landlord, while the landlord reaps the benefit of increased equity.
3. You Get What Your Get – A homeowner can paint, renovate, and customize the home to their heart’s content. A renter must live with the choices the landlord made about décor.
4. No Tax Benefits – Most homeowners can deduct the home mortgage interest and property taxes off their gross income, which could offer a tax savings. With a wide variety of home loan programs available, buying a home may be more affordable than you think. If your lease is up for renewal, this could be a good time to consider the benefits of homeownership instead.
If you’re looking to buy a condo, a single-family home, or a townhome in the Minneapolis, St. Paul, or the surrounding areas, please feel free to Shannon Lindstrom, Realtor with RE/MAX Results @ 612.616.9714 or visit www.ShannonLindstromRealtor.com today!
Shannon Lindstrom, Real Estate Agent
RE/MAX Results
612.616.9714
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
