08/28/2022
Great post! Feel free to reach out with any questions.
People often ask if they are wasting money by renting. Although the answer varies depending on the individual's situation, I have always preferred owning.
👉Inflation affects the price of rent, and the national rent increases by an average of 4% each year. If you own a home, you have a fixed monthly mortgage payment that doesn't change, regardless of how bad inflation gets.
👉Generally speaking, your home goes up in value, giving you a greater chance of building generational wealth.
👉You build equity over time as you pay off the mortgage. Unlike rental payments, which pay off your landlord's mortgage, the payments you make help you pay off your own home.
👉You can use your house as collateral and borrow against it. There are a few ways to do this, including home equity loans, home equity line of credit, cash-out refinance.
👉My favorite - the tax benefits of owning a home. This includes mortgage interest, mortgage insurance, property taxes, etc.
