Today we are talking about renting vs. buying, a fun topic that I enjoy talking about. Our rental market is getting incredibly hot right now. As a landlord renting my house out, I’ve seen prices going through the roof and I can’t believe how high they are getting. For example, a house that rented at $1200 a month last year is renting for $1500 a month this year.
If you can buy a house, you should. You get many tax benefits, including your interest and mortgage insurance being tax deductible. In a rental situation, you will spend equal to or more than your mortgage payments, and you don’t get any of those tax benefits and aren’t able to do home improvements.
The clear answer is if you have the capability, you definitely want to buy. It provides huge financial benefits and incentives, and it doesn’t make sense not to if you are able to.
If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you soon!