Wednesday, January 9, 2013

Rent vs Buy?

Rent vs Buy?  I like to refer to it as "Rent Until You Can Buy!" 

When you rent you build wealth for the landlord.  When you buy you build wealth for yourself!  The majority of us must rent for awhile when we are first out on our own.  The goal should be to start building wealth for yourself as soon as you possibly can.

There are many factors that play into the decision to rent vs buy.  Some of them are:

  • How long you plan to live in the area
  • The current interest rates
  • Will there be future rent increases? (The answer is yes!)
  • Property taxes
  • Income tax savings
  • Potential appreciation
  • Selling costs

One of the best financial calculators that I have found can be located by CLICKING HERE.  This will be a great tool for helping you look at your situation.

Of course, a great REALTOR will also be of tremendous help!  :-)