If You Are Currently Renting Consider This

If You Are Currently Renting Consider This

Image titleHere at Team Emanuele Real Estate at Simply Vegas we are Zillow's five-star premier agents. We provide you with the expertise, dedication, and commitment to identify the right opportunities for you. If you are currently renting, it is a good time to consider the possibility of buying your own home. Here are some reasons why now may be the time to do that:

When you pay rent, you don’t own anything. You are spending money each month, but not acquiring any equity. When you pay a mortgage, you increase your degree of ownership in your home with every payment. Also, you can borrow against your ownership (or equity) in the home to pay for major purchases, refinance your home at favorable rates, or, once you’ve paid the entire mortgage off, borrow to fund major purchases like a second home or your child’s education.

Tax deductions. You can deduct mortgage interest as well as your property taxes. Uncle Sam doesn’t give renters this bonus. Not only that, but if you meet certain requirements the IRS won’t apply a “capital gains” tax on your profits from the sale of your home. You can keep the first $250,000 in profit you make when selling the home if you’re single, or the first $500,000 if married. In addition, those who work from home may be eligible to take deductions for their home office and portions of utilities.

Creative control. So, you like dozens of pictures on the wall? Well, hammer away — they are your walls now. Go ahead and paint them mango! Wish you had another room? Go ahead and add one.

Maintenance choices. If you live in a house, you can decide how to approach maintenance, either doing it yourself or picking your own contractor. If you live in a condominium or homeowners’ association, you may pay a monthly fee to have maintenance work covered by the association’s contractors.

While a home is a good investment, many financial experts caution against purchasing a home simply as an investment. Historically, the real estate market increases have been slow and steady, not meteoric (until recently). The stock market, on the other hand, has generated returns of between 8 and 10 percent pretty steadily for decades.

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To determine if home ownership may be right for you and less expensive than renting in the long run, Zillow provides a useful Rent vs Buy Calculator to help determine if it is cheaper to rent or buy a home. Its calculations will also help you determine your breakeven point of when your buying costs will equal your renting costs.

Once you have an idea, here at Team Emanuele we can help you with a more detailed analysis and discuss all of your options. If ultimately you decide to continue to rent for the time being, we can help you with that also. Just give us a call at 702-572-4227 and 'Expect Excellence' from the best professional real estate team in Las Vegas!

Kurt Brackob Headshot
Phone: 702-572-4227
Dated: November 1st 2018
Views: 626
About Kurt: Kurt Brackob has lived in Las Vegas for over 10 years. A graduate of the University of Illinois, he ...

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