It’s staggering when you think about the cost of living, especially if you’re a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, over the next three years your property management company will effectively have reaped $36,000 of your hard earned cash. In most cases, you know your rent will go up every year, even if you live in an area that has rent control regulations. You’re paying the mortgage for the property owner, when you could be building equity in your own real estate investment.
The tax deductions available to homeowners vary, but there are solid rules the IRS lines out for us. Real estate taxes, mortgage interest, pre-paid interest, and interest on construction loans are all things to take into consideration as tax benefits.
Author: Todd Fletcher
Equity Lending Group
Published with Permission
If you or someone you know is currently renting, inquire about the many low- and no-down payment loan programs that are currently available to prospective home buyers.
If you are renting seriously think about buying don’t give up. I have many people come to me and think their credit scores or too poor or they don’t have enough money. I suggest that they talk to their mortgage agent or suggest a few for them to speak to. Sometimes it is true and sometimes it is not. I closed a house this month, and the buyer had a 581 credit score. A score like this does not mean a loan will definitely go through, but you – never know. There are many things that go into getting a loan approved. – Amy