Buy a home when you need space and convenience for your family. Your preferences ought to reflect the size of your family and how comfortably you wish to live, the school district you prefer for your kids, and other lifestyle factors.
As for the financial benefits of home ownership, your home should be the least of your investment considerations. If residential real estate sounded like an excellent speculation a few years ago, the more recent disastrous slump can be a worthwhile lesson.
For buying or renting a home cost analysis, figure the benefits of either for yourself. Account for them before and after tax returns and deductions. Actually run off both types of returns, as renter or homeowner, to see how the IRS deductions work for you.
And then be sure to include what a renter saves by not paying for maintenance, upkeep, depreciation and constant repairs.
You may well be surprised to find you are better off as a renter.
No comments:
Post a Comment