The big question we all ask ourselves at some point….to rent, or to buy? Our rental market is hot right now. We’ve seen rental prices go through the roof in our area recently. For example, a house that rented at $1200 a month last year is renting for $1500 a month this year.
If you can buy a house, it’s worth doing some research at the very least. Besides that awesome feeling you get that only comes from owning your own home, the tax benefits, including your interest and mortgage insurance being tax deductible, aren’t a bad deal either. In a rental situation, you will spend equal to, or more than your mortgage payments, and without the tax benefits.
The ability to make home improvements, increasing the value of your home is essential in this market. Even if you want to leave the area, taking advantage of the hot rental market by renting out your improved home, is a great investment opportunity. It’s a win, win!
If you’re on the fence about renting or buying and need some advice, we’re always here to help! You can contact us here.