Although many renters feel that renting is less expensive than buying, according to Jed Kolko, chief economist at Trulia, buying a home can be 45 percent less expensive than renting.
If you want flexibility or can’t afford up-front fees, renting is a cheap option, but knowing the drawbacks might help you better balance your options. Here are some cons of renting, and some reasons why you should buy a home!
There are financial benefits to not renting. You will not only have a stable residence and the opportunity to grow equity, but you will also be eligible for savings and tax advantages as a result of becoming a homeowner. According to Ginnie Mae, the average homeowner’s monthly payment will be less than a tenant’s monthly rent over the course of six years.
Homeowners can also benefit from government tax breaks. Property taxes and interest on a mortgage are both tax deductible. Other benefits of homeownership include capital gains exemption and energy-saving rebates or tax incentives from firms or your state government if you install green appliances.
CHER makes first-time HOMEOWNERSHIP simple through co-ownership. Co-ownership is when two or more people buy a home and build equity. It allows you to multiply your buying power and afford homes that you wouldn’t otherwise be able to just on your own
Contact us if you are looking forward to buying a home and building equity! We will help you throughout the process, saving you time and an average of $5000. Our lending partners are here to help you regardless of income or credit score.
We will get you PRE-QUALIFIED in just 5 minutes!