Should you buy or should you rent? Here’s why buying is almost always the clear choice:
Real estate is a quality investment. Even with the drop in home prices and values in many areas over the last few years, real estate has remained a very good investment. And today—with prices and values increasing nationwide—real estate can truly be considered an outstanding investment. In looking at real estate historically, home prices have risen over any 10-year period since the 1940’s.
Having a mortgage is often less expensive than renting. According to real estate website Zillow.com, in more than 75% of 200 metro areas analyzed, owning a home makes better financial sense than renting and new homeowners would reach a “breakeven point” in three years or less. Although this isn’t true for all areas, rental rates have been climbing while interest rates remain low.
The pitfalls and perils of being a tenant. The list of difficulties for tenants is a long one. For many renters, having a landlord or property owner—who can terminate the lease at any time with very little notice—probably tops that list. The freedom to change or alter a home in even the most simplest of ways—such as installing blinds or doing minor landscaping—is often severely limited in a rental.
The benefits and bonuses of being a homeowner. On the flip side, owning a home has plenty of advantages. Not only do homeowners have a sense of security in terms of not having to worry about a lease being terminated, but they're also their own boss, so to speak, and have the freedom to modify and remodel their home. And, of course, one of the biggest bonuses is the mortgage interest tax deduction, which allows a homeowner to reduce their taxable income by the amount of interest paid on their mortgage.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671