Renting vs Buying Athens Georgia Real Estate
INCOME TAX SAVINGS
All of the interest you pay on your mortgage can be deducted from your yearly income to reduce your overall taxable income. Property taxes are also deductible, lowering your taxable income even more.
A GREAT INVESTMENT
Homes in the Athens area have appreciated at a rate of around 6% over the past 7 years. Obviously, this number will vary from year to year and also varies depending on the neighborhood and age of home. Given this appreciation rate, a $150,000 home would appreciate $9,000 in the first year alone! When buying a home, your rate of return is larger than almost any other investment.
AUTOMATIC SAVINGS ACCOUNT
Most people have a hard time saving their money. Buying a house is an automatic savings account. You are accumulating savings in 2 ways. First, every month a portion of your payment goes toward the principal of your home. Second, your home is appreciating at an average of 6% every year, although this number will vary from year to year. So, every year you owe less AND your house is worth more.
When renting, your payments could increase every year. When you purchase a home and get a fixed rate loan, you have the same monthly payment for the entire length of the loan.
FREEDOM OF EXPRESSION
When you are renting, the landlord has restrictions on what changes you can make to the house and you must always get permission from the landlord before making any changes. Also, the landlord is not willing to do any updating or make any changes themselves while you are renting because they want to keep their expenses to a minimum. When you own your home, you can make whatever changes or improvements that you'd like to make. Plus, when you sell, you get the profit from the improvements that you made to the home.
ARE YOU SEARCHING FOR ATHENS GEORGIA REAL ESTATE?
RealEstateAthensGA.com features listings from all the companies in this region, not just our own, so you've come to the right place if you want to truly discover Athens GA homes.
The above information is provided as a courtesy of this Real Estate Athens Georgia website. If you have financing questions, please discuss with a mortgage professional.