Why rent – advantages of home ownership | VailDaily.com

Why rent – advantages of home ownership

Michelle Hayes

It’s staggering when you think about the cost of living, especially if you’re a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, over the next three years your property management company will effectively have reaped $36,000 of your hard earned cash. In most cases, you know your rent will go up every year, even if you live in an area that has rent control regulations. You’re paying the mortgage for the property owner, when you could be building equity in your own real estate investment.

The tax deductions available to homeowners vary, but there are solid rules the IRS lines out for us. Real estate taxes, mortgage interest, prepaid interest, and interest on construction loans are all things to take into consideration as tax benefits.

If you or someone you know is currently renting, contact your lender to discuss the many low and no down payment loan programs that are currently available to prospective home buyers. Your lender should work cohesively with the borrower’s financial consultant to ensure the borrower’s long term goals are met.

This information is brought to you by Michelle Hayes of HAYES mortgage group. For information regarding this and other mortgage related issues contact Ms Hayes at 970.926.1141, or mhayes@hayesmortgagegroup.com. Visit her website at http://www.hayesfinancial.com.

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