Buying a home may be one of the best investments you’ll ever make. But how do I convince more of today’s renters? These are some of the arguments I hear for not buying a home:
-It’s too complicated
-I might want to move in a few years
-I don’t have enough saved up
-I missed out on the lowest rates

What they might not realize is that long term, buying a home may be to their benefit. For instance, let’s take a look at a renter with a monthly rent payment of $1200. Over five years, they will have spent $72,000 on rent. In 10 years, that number doubles to $144,000. That’s a large amount paid without any equity to show.

Homeownership is often referred to as the American Dream. Once you become a homeowner, you may feel a new sense of pride in your home because you’ve made an investment there. If you’re planning to buy, you probably have several good reasons of your own, but here are some other good reasons to become a homeowner:
Financial incentives - Owning your home can be a great investment.
Stability – Renters usually have to deal with rental increases year after year. Homeowners who have a fixed-rate mortgage know their payments for principal and interest will remain the same for the term of the loan.
Home appreciation - Houses have typically increased in value through the years. This increase is as good as money in the bank to the homeowner.
Tax benefits - Homeowners get tax breaks that are not available to renters. For example, when you itemize your deductions, you may deduct interest paid on a home, or points paid for your home. Please note, however, that points paid on a refinance may not be eligible. See your tax advisor for full details.

For a free rent vs. buy scenario tailored specifically to your needs and current situation, email me at chris@bleschandassociates.com.