Making the transition from renting a home to purchasing a home is an emotional one. Renters frequently have difficulty imaging themselves as homeowners. The whole concept seems daunting. Sometimes Renters tell me, "I can't afford to pay a mortgage." That is the emotional aspect again. Their drunk monkey tells them that it will never happen. When Renters are concerned about paying a mortgage I remind that they already are paying a mortgage - their Landlord's.
Here are a few advantages of homeownership to consider:
1. Additional tax benefits ~ In addition to deducting mortgage interest, you may be in a position to deduct real estate property taxes and any points you may have paid at closing. Local tax benefits and rebates may be available. Rent is not tax deductible.
2. Get your relatives off of your back! My Grandmother used to say, "When you rent all that you have are rent receipts." That was good advice. I heard it too many times but that is another story.
3. Equity ~ Owning your own home will give you the opportunity to build equity. When you are renting that is not in the cards.
4. Fixed Payments ~ When you have a fixed rate mortgage your housing costs will remain constant. Rent is always subject to increase.
5. Pride of Ownership ~ The emotional aspect that keeps someone renting will change into a sense of being proud. The temporary feel of a rental will be gone. So will the rental hop scotch that forces you to move whenever the Landlord wants the property back or increases the rent beyond your means or interest.
The advantages of home ownership will appeal to Renters that embrace the opportunities their future holds in the real estate market.
About Colleen K. Cotter - mySanDiegoAgent Realty Group
The mySanDiegoAgent Realty Group provides professional real estate consultation in the areas of residential, income properties, luxury rentals, short sales, first time home Buyers, real estate for senior citizens, real estate issues related to divorce, military and corporate relocation. We are experts in downtown San Diego and coastal properties especially Coronado, Encinitas and Point Loma, downtown lofts and condos, urban planning and sports team seasonal placements.
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