One of the American Dreams is to own a Home.
Whether you are renting or living in your own house, both have advantages and benefits. Some like to rent and some like to own and stay in their own house.
Here is summary of Benefits to Renting:
1.No long term obligation to stay,. One can move after lease term is expired.
2.Ok to bad credit it ok to find a rental. This is advantageou for newer workers building their credit or for someone who had temporary bad credit due circumstances.
3. No repairs or fixing, the landlord usually takes care of this work and expense.
4. Renters do not have to pay annual property taxes. Landlord pays for this and usually it goes up annually.
Here is a Summary for Owners staying at their home.
1. Fixed payment for 30 years (assuming you have 30 year fixed mortgage) No fluctuations in monthly payments as in renting.
2. Owners Develop equity slowly but surely every month as they pay their monthly mortgages.
3. The house will appreciate in the long run so the value of the house goes up yearly.
4. Owners get tax deductions from the interest payments and property taxes. ( Ask your CPA for more details)
5.Once there is equity in the house, owners can borrow against to buy other properties or for remodeling, vacation or kids education etc.
6. Owning generally makes you Frugal (bonus benefit!) Feel free to comment or ask any questions you may have.
You can also see this video on the Home Buying process if you have thoughts of buying a home in the near future: https://youtu.be/yFjTL6zLTLg
If you are looking to buy a house in the near future.. here is a list of Anaheim Homes for sale.. it will give you an idea of the price ranges and what the price of the house can get you these days as far as square footage of the house and the condition etc…
Mahesh Mike Patel
First Team Real Estate
License #: 01146880