CRS -- Why?
Rent vs Own - What's Right for Me?

Believe it or not, millions of Americans ask the same question everyday. Your lifestyle and financial situation are just a few factors to consider Investigate the facts. Weigh the pros and cons of home ownership and decide for yourself. 

The facts are provided here by experienced Residential Specialists to help answer some of your questions about home ownership (and what you learn may surprise you). Remember, this information is not all-inclusive and does not replace the expertise provided by a Certified Residential Specialist (CRS) 

Home Ownership is Healthy Investment!
From saving for the down payment to packing up and moving, buying a home is certainly one of the biggest purchases of your life. But rest assured that buying a home is also one of the wisest decisions you'll ever make.

If you are currently renting you may be wondering if now is the time to buy. Consider these questions and compare for yourself:

1. Which offers lower monthly costs? When you take soaring rent prices into account, along with the fact that mortgage interest and property taxes are tax deductible, monthly mortgage payments may be lower than your monthly rent. 
2. Which offers more value? When you pay rent you end up with receipts rather than an investment. Which offers more stability? Landlords often raise rents $50 - $100 every year but mortgage payments usually remain stable.
3. Which allows you to benefit from mortgage interest? You can deduct mortgage interest if you buy. If you rent, your landlord gets the deductions and uses your rent to pay the mortgage. 
4. Which allows you to deduct real estate tax? You can deduct real estate tax when you own. If you rent, the landlord takes the tax deduction. 
5. Which gives you good credit? Home ownership is a major indicator of financial integrity. Others respect you for your responsibility and stability. 
6. Which helps you establish roots? When you rent you are more mobile and often don't establish your roots in a community.

Reap the Rewards of Home Ownership!
There is pride in ownership, especially home ownership. Your home is a reflection of who you are and what you want your life to be - perhaps it's a chic art deco townhouse in the city, or a quaint cottage in the woods, or maybe it's the two-story colonial you've always dreamed of.

Whatever type of home you choose, really make it your home...buy it! When you make an investment in a home. You and your family can expect the following benefits throughout the years:

Tax Advantages

• Mortgage Interest is tax deductible. 

• Real estate taxes are tax deductible. 

• Local tax benefits are available in many areas. 

• You can defer taxes on the profit if you sell your home and purchase or build another home (for at least as much as the one you've sold within 24 months).

• Profits up to $ 125,000 are tax-free without re-purchasing if you are 55 or older and meet other requirement when you sell (this is a one-time only option).

Investment Benefits

• You'll build equity (the difference between the value of your home and the balance of your mortgage).

• You can sell and collect your equity in cash, gaining liquidity. 
  Profits are usually greater on home investments than most other investments.

• Home equity provides a source of emergency funding, since you can borrow on your equity in most states.

• Land appreciation adds to the value of your home.

• The growth in population constantly increases the housing demand (and the value of your home).

• Home owning can be an important part of retirement planning.

Personal Satisfaction

• More living space. You can have a yard for gardening, a storage area, a place for a workshop or just extra room.

• Freedom. You choose your own home, the style, landscaping, colors and decor. You have the freedom to arrange and decorate creatively to suit your needs.

• Privacy. Your degree of privacy is greatly increased. You can come and go as you wish without having to compromise your personality or lifestyle.

• Sense of community. Your home makes you a solid part of your Community. You'll have a feeling of belonging - whether you are having a backyard barbecue or attending a town meeting.

• Pride in Ownership. You can feel proud that you own a piece of the neighborhood.

• American Dream. You achieve the dream of most Americans - to have your own home.