Many renters have the goal of buying a home in the future, but choosing the right time to do so can be a tricky decision to make. There are a few situations where it might be better to continue renting, but buying a home allows you to build equity and receive substantial tax breaks. However, the costs involved with buying a home can seem overwhelming, but comparing the price you pay when renting versus buying shows that homeownership is an unbeatable deal. Today we’ll be going over those differences in detail.
For your convenience, I’ve included timestamps for today’s topic. Feel free to navigate to the section(s) you’re most interested in viewing:
00:16: Introduction to the costs of buying versus renting a home
01:00: How much your rent adds up to
01:30: What your monthly rent could get you if you bought a home
02:15: The tax benefits you receive from homeownership
03:15: How equity builds up when you buy a home
03:35: Home value rises substantially over time
04:22: Should you buy while the market is declining?
04:55: What happens if home values shoot downward?
05:30: Losses aren’t as big a deal as you might think
05:45: Summary of the key factors to consider before buying a home
06:20: Conclusion to today’s video
If you’re thinking about buying a home and would like to learn more about our market, feel free to reach out to me with any questions you may have. I look forward to hearing from you soon.