Renting Your Home
Every month you make someone's house payment- shouldn't it be yours? When renting you don't have ownership in anything. A home is an investment. When you rent, you write your monthly check and that money is gone forever. When you own your home, you can deduct the cost of your mortgage loan interest from your federal and state income taxes. The interest you pay will make up the majority of your monthly payment, therefore decreasing your tax liability. You can deduct the property taxes you pay as a homeowner. Also, the value of your home may increase over the years, and you'll enjoy having something that is all yours.
The one advantage of renting is being free of most maintenance responsibilities. However, by renting, you aren't building any equity for yourself. You lose out on the opportunity of taking advantage of tax benefits, and you are subject to rent increases.
Work with the experts! Daniel Shepard and Jerry Case at 1st Metropolitan Colorado!
NATIONAL: 1.866.952.2410
LOCAL: 719.314.1320
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