Rent or Buy?
Posted by The Atlantic Real Estate Team on Sunday, May 30th, 2010 at 10:01am.We have had several recent inquiries from potential homebuyers asking us if this is a good time to buy a home. Or should they just continue to rent until opportunities to buy will be better?
Below are some of the many benefits of owning versus renting:
- Tax write offs from both the IRS and the State of Florida
- Potential substantial price appreciation of homes over time
- Avoiding persistent rent increases year-after-year
- Avoiding landlord problems and sudden notices that the rental property is being put up for sale
- Favorable treatment of capital gains and exclusion of $250,000-$500,000 of the capital gain from taxable income
- Lowest interest rates for home loans in 25-30 years, not going to last much longer
- A 1% increase in interest rate is equivalent to a 10% increase in home prices in terms of your monthly payment
- Home prices have declined on average approximately 40%
- Tax credits (please check with your tax advisor)
- Lots of inventory to choose from
- Motivated sellers
- Record number of foreclosures and short sales on the market
Now is more of a time to buy than ever. We hope you find this information helpful. Feel free to contact us to discuss in more detail!
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