Many renters are finding that they get more "bang for their buck" if they buy a home rather than rent one. With affordable prices, low interest rates and tax incentives, Los Angeles home ownership makes more sense than ever.
7 Reasons to Buy Rather Than Rent Los Angeles Home
1. Buying doesn’t always cost more.
The Associated Press reports the gap between buying and renting has decreased $550 in the last three years.
2. Affordability is at an all-time high.
Nationwide, prices have declined by nearly 20-40%.
3. Tax benefits for home ownership saves money.
The biggest tax break is the mortgage interest deduction. Most of your mortgage payment in the first few years of homeownership goes to mortgage interest which is tax deductible. Property taxes and mortgage insurance are also tax deductible.
4. Many loans require low down payment.
Veterans Administration (VA) loans don’t require a downpayment; FHA loans only require 3.5% down.
5. The Tax Credit.
Los Angeles home buyers can take advantage of the home buyer tax credit…but only until April 30, 2010. The tax credit can be used towards closing costs and the down payment and is not jsut for first-time buyers anymore.
6. Mortgage rates are at all-time lows.
Mortgage interest rates are the lowest we have seen in 30 years.
7. You own it. There is nothing like pride of ownership…and you can do anything you want to do with your home. You can paint it any color you want, make improvements, and landscape to your own taste..
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