Rent vs. Buying Real Property

It is almost always better to own your home rather than to rent. You not only build equity, but you get to write off your mortgage interest. Furthermore, home owners have a significant tax advantage when they sell their house after living on the property for two years. Married couples can bank up to $500,000 in capital gains, tax-free, while single owners can bank $250,000.
But that doesn't mean everyone should be a homeowner. If you plan to be in a specific area short-term or if you need to save the down payment to purchase a house then it may be worthwhile to rent property.
When you do decide to purchase property you should find a neighborhood and a home that is right for you. When looking at houses to purchase, make sure you can visualize yourself living in the house. Check out the neighborhood, talk to the neighbors, and get the information that is relevant to you.

Finally, don't forget that even with the tax-breaks of home ownership, you will still be incurring out-of-pocket costs that you wouldn't encounter as a renter, from the cost of repairs to modifications you make to make your house a home.

If you do decide to buy, it's in your best interest to put down at least 20% of the purchase price, to avoid private mortgage insurance (PMI). Additionally, with all that is going on in the mortgage industry today be sure to engage a reputable, well established mortgage lender. This simple step will save you a lot of time and anxious nights prior to closing on the property.

Today, our income is called disposable our cars are leased, we pay for things via credit card and most people actually own very little. It is time to rethink the corporate definition of success. It’s not the car you drive or the clothes you wear that make one financially successful, it’s your Portfolio! If you want to see a positive financial future ahead of you start increasing your ASSETS and limiting your LIABILITIES.
Stop giving your money away and invest in yourself. When you purchase a car, buy the car don’t lease it. When you purchase real property (Real Estate) own the property, don’t pay someone for the right of use.
Not to say situations don’t exist where renting property is the right choice, but make sure these situations are transitional periods and not long term living.
If your currently renting an apartment or house, making those monthly payments to someone else’s bank account, you really should sit down and discuss your options with your REALTOR or Mortgage Lender. You might be surprised at what you can afford. Additionally, the market is right for the home buyer, there is a wide selection of homes to choose from and interest rates on loans are still low. As with any investment, buy low sell high.