Rent vs. Own – Leverage Your Live-in Investment to Build Wealth
Owning a home has great financial benefits. The single best opportunity to build wealth is homeownership. Let’s breakdown 5 major financial benefits of homeownership:
1. Housing is typically the one leveraged investment available
2. You’re paying for housing whether you own or rent
3. Owning is usually a form of “forced savings”
4. Owning is a hedge against inflation
5. There are still substantial tax benefits to owning (*Consult your tax advisor to confirm your personal tax benefits)
How does renting compare to homeownership in dollars and sense? Here are 4 simple ways that the two differ:
*Infographic provided by KCM
The Bottom Line:
- Owning your own home vs. renting may lead to some great options, such as locking in your monthly payments and having the freedom to customize your living space.
- It is estimated that a family buying an average priced home this past January could build more than $42,000 in family wealth over the next five years.
- Think about it – whether you rent or own, you have to pay someone’s mortgage – wouldn’t you rather it be YOURS? You may as well be doing so to build your own wealth, rather than that of your landlord.
- House values and rents tend to go up at or higher than the rate of inflation. Wouldn’t you rather see your house value go up – than have to pay an increase in rent?
- Renting and owning both have up-front fees when you sign your lease or close, respectively. Think about putting that money to work for you!
Thinking of breaking up with your landlord? Let’s talk! Call or text (704) 491-3310 today and I’ll help get you on the road to wealth via homeownership!
Read more about homeownership – How Americans feel about The American Dream
Tired of Rising Rental Rates in Charlotte? Lose Your Charlotte Landlord
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Rent vs. Own – Leverage Your Live-in Investment to Build Wealth
