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What are the advantages of owning vs renting ?

April 26, 2017advantages owning renting vs

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What are the advantages of owning vs renting ?

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Being the owner of a property enables you to enjoy a better quality of life. In addition, you invest into a real estate value rather than putting cash into a home which will never be yours.

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Home ownership is surprisingly affordable! You may be able to purchase a home for no more than you are currently paying in rent. For example, let’s assume that the value of your home will increase, at a minimum, by an average of 3% per year. Compounded, a home currently valued at $120,000 will be worth over $275,000 in 30 years! Therefore, in 30 years, a $120,000 home will be free of mortgage payments and will be worth $275,000 in equity. Compare that to renting for 30 years (assuming 3% inflation) and the rent will have increased from $950/mo. to more than $2,364/mo. with no equity.