One of the biggest questions of this year has been if it’s better to rent or buy Portland Oregon Real Estate.
Although renting is easy, there’s no denying that home-ownership comes with many advantages.
In this article we will break down if it’s really better to buy or rent so you will know when it’s time to start searching Portland Oregon Homes for Sale.
If you’ve been renting for years and are tired of having to consult with the owner or property Management Company before making any decisions regarding your home then it may be the right time for you to buy especially when you consider these reasons:
Equity – Buying a home helps you to start building equity from the first month that you live there as property values rise. The return on real estate often exceeds other investments you can make.
Tax Write Offs – When you purchase Portland Oregon Real Estate you will be able to benefit from tax write offs every year including deducting your property taxes, interest on a loan, and closing costs when you first purchase the home. When considering these factors, it is often cheaper to own a home that to pay rent once you figure in the tax credits you will receive.
Wealth Building – Another benefit of home-ownership is that owning a home enables you to build wealth over time, especially if you buy a home that you can afford to buy and pay off over the course of 15 to 30 years.
Predictability – If you finance your home with a fixed rate loan, your payments will not change over the course of your loan term. When you rent, your rent may increase over time to reflect market changes.
After the recent collapse of the Real Estate market and the volatile economy more buyers might be tempted to hold off on searching for Portland Oregon Homes for Sale
and continue renting especially for these reasons:
Freedom – Renting doesn’t come with the requirement to pay for major expenses when you own a home and it’s easier to get out of a lease (if you need to) and move onto another home compared to what a homeowner faces of selling their home.
Uncertainty – Renting can free you from the concern of what the real estate values are doing should you lose a job or need to move and therefore need to make a quick housing change.
Although it may seem like it’s easier to rent, the reality is that you will actually lose opportunities (tax deductions, equity, fixed costs) you would enjoy as a homeowner if you continue renting, which can cost you money in the long run.
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To get started with selling your Portland Home contact EquityPoint Real Estate today by connecting with us online or by calling (503) 595-8800.