Buy VS. Rent?
If you are currently renting, you may occasionally question if you are able to buy something for similar cost – and right now, this might be possible. According to the associated press, the gap between monthly rent cost and mortgage payments is at its lowest level in almost 20 years!! If you are able to purchase by April 30th, you may also qualify for the tax incentives. Incentives for buying a home include capital gains deductions for property taxes and loan interest as well as diversifying your assets, builds equity and provides a means of forced savings as you slowly pay down the principal.
With the potential to appreciate in value owning a home can seem like a win-win situation, however there is also a flipside that owning a home can bring hefty and unexpected repair bills and there is no guarantee that the value will go up.
Weighing the pros and cons of buying vs. owning is something everyone has to figure out for themselves but if buying is an option for you, it might be a great time to take advantage!


