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Friday, April 11, 2014

Renters, Listen Up. You Can Save Money by Buying!

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5 Reasons to Buy Rather than Rent in Washington, D.C. area  

I am often asked whether someone should rent or buy when they move here to the Washington, D.C. area. My answer is always to tell people that purchasing a home is the best option, especially if you will be here for more than 3 or 4 years. I have 5 great reasons why it's more beneficial to purchase rather than to rent.

1. Mortgages are cheap: Interest rates are historically low right now, and even with the fluctuations in the market they have remained very, very affordable. Instead of pouring money into a rental property, why don't you put it towards a long term investment like a home?

2. You can Live the Way You Want: When you own your home, you will not need permission to have pets, remodel, or repaint your property. You can live the way that you like, and this is important to us as realtors because we like to help you achieve your goals.

3. You can Build good Credit: When you rent, the only information that gets reported to a crediting agency is if you missed a payment or not. If you're looking to build your credit, then renting will only allow your score to stagnate or drop even further. Buying a home will help you bolster your credit.

4. You can Build Equity: Paying your mortgage is like paying into your savings account for long-term equity. Home values go up and down, but around here in the Washington, D.C. area, home values have increased 3-4% every year, so this is a good area to purchase in.

5. Tax Advantages: The primary advantage here is that you get to write off the mortgage interest. You would have to talk to an accountant to get all the details, but the tax benefits more than offset what you would be paying in rent.

Be sure to check out this article that further proves my point:

It is 34% cheaper to buy in Washington, D.C. than to rent, so this statistic alone should help to convince you!

Also, don't forget to contact me with any questions, concerns, or comments you might have about real estate in the Washington, D.C. area. I am always here to help you!