subject: Think Renting A Home Is Better Than Buying? Find Out Why This Mortgage Myth Is Complete Bogus [print this page] If you believe that renting a home is a much better alternative compared to buying one, then you have fallen for one of the biggest mortgage myths. If you want to build sustainable wealth, then you simply need to own real estate.
The financial rewards are significant and yet there are many individuals who would rather spend their hard earned money paying someone elses mortgage.
Benefits to owning real estate
The problem with renting is the simple fact that when the lease is over, you have nothing to show for it and you have to move out. Even if you do decide to continue to rent, the price is likely to increase on a yearly basis.
But if you get a fixed mortgage payment for a home, then all you need to worry about is making the monthly payments and paying off the yearly property tax.
The other benefit to buying a house is that you can actually deduct your interest payments and your property tax from your income taxes. By doing this you can literally save thousands of dollars per year and use those funds for travel plans or even for your savings.
It makes more financial sense to purchase a home versus renting as you can see.
Take action now to invest in real estate
Just these benefits alone should be enough to propel you to take action to consider investing in a home if you are currently renting. Another reason to purchase a home is that you can have another source of positive cash flow if you decide to rent the house out.
You can even sell the house and the profit you make is completely tax free which is just yet another incentive to invest in real estate
Even though the current economy is not exactly strong, you can take action now by preparing your finances.
Then you will be in a much better position financially in the future that will pave the way for many years. While things may not look so bright right now, you can bet that real estate will be a huge demand in the future.
