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The old saying, "Why rent when you can own" is definitely relevant in this buyer's market. There are many advantages to owning your own home, such as answering only to yourself and not to a landlord. Not having to wait for important repairs to be made. And the satisfaction of knowing that any improvements you make are adding future value to your own property instead of someone else's. But that's just the beginning…
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Look
at the advantages to home ownership:
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Homeownership
brings you significant tax benefits, with
deductions that renters don’t have
(consult a tax advisor for further information). |
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Homeownership means the
same payment every month, no more rent
increases to worry about. |
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Homeownership brings
the satisfaction of a new home and a new
home warranty plan. |
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Homeownership brings
equity building potential. |
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Homeownership means the
freedom to customize your home your way. |
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Take
a look at this example:
| Renting |
 |
Owning |
| Rent
Payment |
$1,472.00 |
| Property
Tax |
-
- |
| Homeowner's
Association |
-
- |
| Liability
Insurance |
-
- |
| Total
Monthly Payment |
$1,472.00 |
| Less
Tax Deduction |
-
- |
|
| Net
Payment |
$1,472.00 |
|
|
| Mortgage
Payment |
$1,940.24 |
| Property
Tax |
$444.01 |
| Homeowner's
Association |
$263.00 |
| Liability
Insurance |
$29.17 |
| Total
Monthly Payment |
$2865.81 |
| Less
Tax Deduction |
$838.12 |
|
| Net
Payment |
$2027.69 |
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Calculations based on a $426,254 sales price with 0% down assuming a interest
only ARM with an interest rate of 4.75% with a 2nd Fixed at an interest rate
of 10.5%. All rates, numbers and calculations are approximate and subject
to change without notice. This is not a commitment to lend. Rent payment
based upon 2005 average monthly rental in the City of Chino Hills. Source
city-data.com Sales prices, property taxes and HOA are estimates only and
are subject to change without notice to buyer. Based on 33% combined tax
bracket. Please consult a licensed tax advisor to discuss all the tax benefits
homeownership has to offer you.
< Back to How to Buy |
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