STOP PAYING RENT
Renting is wasting money. You make your landlord rich,
but you do nothing for yourself. By putting those exact
same dollars into a house payment instead of "rent", you
create "equity"… value that you own, that later can send
your kids to college, finance the start-up of your own
business, or pay for your retirement. Be your own landlord
and build up future financial security. And as a homeowner
you get tax breaks that renters never get. Your mortgage
interest and real estate taxes are tax deductible.
RENT vs. MORTGAGE
Let's say your family income is $50,000 yearly and you
pay $1000 per month in rent ( for which you get nothing
in return ). If you buy a home for $175,000 with 5% down,
your payment might be $1150 per month ( home loan at
6.25%, real estate taxes, and insurance ). $995 of that is
tax deductible, meaning, in the first full year, you pay taxes
on $38,060 instead of $50,000. Since this is in the 25%
tax bracket, you save $2985 a year in taxes or $250 per
month. $1150 mortgage minus $250 tax savings means
your house costs $900 per month. You now own your
own home for less than you waste on rent!
Myrtle Beach Real Estate, Barczak Development, Inc.
