Sunday, June 14, 2009

Mission on Renting vs. Owning

Although some renters believe that renting is “duty free”, however, there are duties on paying rent. Renting offers you NO equity, NO tax benefit, and NO protection against rent increases. Consequently, you are helping to pay the other person’s mortgage.

In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.

First time buyers, please don’t throw away this opportunity. The interest rate is still low. The property price is still low. Stop renting the home, start becoming a 1st time homeowner.

Reaching out to others in the real estate community and sharing ideas is the goal of this blog, so please do not hesitate to reach out to me. All comments are welcome. Also, please feel free to email me at anytime at z-wu@kw.com if you have any questions. Visit my website at: http://www.z-wu.com/ for selling and buying tips!

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