Your Home: Rent vs. Own

Tax Benefits  Just about everyone has heard that there are tax benefits to owning your own home.  Just what are these benefits?  Do they apply to everyone?  One of the major tax advantages of owning is the ability to write off the interest you pay on your mortgage.  In many cases, this number is amplified because this reduction will also drop one’s tax bracket to a lower percentage.  And yes, these tax deductions will apply to most if not all homeowners who are making mortgage payments.  For your specific case please consult your tax advisor or attorney.  Your Realtor® can help you get started.

Better neighborhoods  Records show that stable neighborhoods tend to have less crime and maintain their financial value better than areas with a high turnover.  Since renters tend to move more often than owners home ownership benefits all.

Better schools  We are not saying that one school is better than another, nor do we want to get into that discussion here.  We are saying that a school which has the ability to anticipate its student’s needs can better meet those needs.  Since renters move more frequently than home owners the school’s attendees will change as does the population, and therefore so do the teaching needs.

Greater  feeling of security  As the population of a neighborhood stabilizes neighbors have more of a tendency to get to know their neighbors.  Besides the friendliness issue, one might argue that security is actually increased because 1) since your neighbor knows you they will recognize a stranger poking around your property; and 2) since you and your neighbor have established a relationship you will naturally tend to look out for each other more, being more apt to call the police or get personally involved.  It is also easier on the mind to let the children play in an area where people watch out for each other.

Higher property values  All of these things (and more I’m sure you can think of) will increase the desirability of an area.  As the desirability increases naturally so the values also tend to increase.  To see actual numbers for YOUR scenario contact us today!

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