3 Good Reasons To Buy Versus Renting
Homeownership is so much more than having a place to keep your belongings, or shelter from Portland’s rainy winter months. It’s also part of a solid financial foundation to create wealth for you and your family. Bamboo Mortgage is dedicated to helping you find the right financing solution for your situation. Helping you is a responsibility we take very seriously.
Here are my top 3 good reasons to buy versus renting:
- Your Mortgage Interest is Tax Deductable – One of the most beneficial reasons to own versus renting is your mortgage interest is tax deductable. The home you owner occupy becomes the source of a fantastic tax break.
- It’s like making payments to yourself – When you pay your mortgage payment every month, part of your payment goes toward interest and part goes toward principle reduction. The interest portion as we mentioned earlier is tax deductable, which is a benefit. The other part of your payment that goes toward principle reduction is a benefit too. As you reduce the amount you owe on your mortgage it’s like putting money in the bank. The less you owe on your home, the more it’s “yours”. If you’d like to see how the principle reduction over time increases the equity in your home, ask me to show you an amortization schedule.
- The Potential for Appreciation – As you know there is no absolute guarantee your home will grow in value, especially if you only look at a short time frame. We’ve even seen some situations where home values dropped. However, if you look at the past 50 years track record of home values, you’ll see Real Estate values on the whole have increased. If you look at the long term investment opportunity, you’ll be likely to come out ahead.
If you have any questions about financing a home of your own, please let me know.