There are many variables to answer this question. How long do you plan to stay in the home, what is your tax situation, what is the market value in the area, will you get a loan and how much closing costs, interest rate, etc. I would be more than happy to explain in detail. Feel free to contact me directly 816-268-4007. I have attached an outline that may be helpful.

Move from renting to owning.
You may be able to own a home for not much more than paying rent. Check the chart below to see how quickly rent payments can add up. Maybe it’s time for you to invest that money in something that lasts — a home of you own.

Rent/Mo. 3 years 10 years 15 years 30 years

$500 $18,000 $60,000 $90,000 $180,000
$600 $21,000 $72,000 $108,000 $216,000
$700 $25,400 $84,000 $126,000 $252,000
$800 $28,800 $96,000 $144,000 $288,000
$900 $32,400 $108,000 $162,000 $324,000
$1000 $36,000 $120,000 $180,000 $360,000
$1250 $45,000 $150,000 $225,000 $450,000
$1500 $54,000 $180,000 $270,000 $540,000

For many, the after-tax cost of a home loan could be less than the cost of rent. That’s because the interest portion of each mortgage payment may be tax-deductible. In most cases, property taxes are also deductible. You should consult a tax advisor for details.

Antione;

I saved up and bought my home thirteen years ago, I would never go back to renting. I can do what I want with my own space and I have been building equity for all these years.

As a real estate broker and a property manager, I work with both rental homes and homes for sale. The rental market is in an upswing right now, demand for rental homes is rising so likely rental rates will follow.

At the same time home prices are at lows not seen for a long time. If you have the ability to buy, now is the best time I've seen in the twenty five years I've been doing this.

D. Ben Edsall
Broker
Turn-Key Properties LLC
http://www.turnkeyproperties.org
http://www.batescountyrealestate.com
http://www.tiffanyhouses.com

Antoine,
As you have already read, the benefit to you is greater as a home owner as apposed to a continuing to rent ans makeing someone elses mortgage payment for them. With the First Time Home Buyer incentive and low interest rates, now is the time to buy. I have awesome lenders that have access to most of the buyer programs. Give me a call or email to answer any other questions you might have.

Purchasing is almost always the way to go Tax write offs, equity over a few years, and you will have a stepping stone on moving in different directions when the time comes.

Why pay someone elses mortgage if you can own!\

Good Luck

Cathy Cataletto

Antoine,

I have always been a proponent of Home Ownership and the advantages it has over renting. When owning a home you get the following benefits:

1. Tax Deductions for the Mortgage Interest you pay over the life of the loan;
2. Tax Deductions for the Real Estate Taxes you pay over the life of owning the property;
3. As long as you don't finance the property with an Interest Only Loan, you will get the benefit of Principal Pay Down meaning everytime you make a payment you build equity in your property unlike renting where you give it to the man and never see it again;
4. If you buy a property right... meaning at the right price and in a good location, you will most likely get the benefit of appreciation... even though millions of Americans have watched their properties depreciate over the last 2 years... if you were to buy now you should be in a position to take advantage of some really good deals where you either get instant equity or will gain some over the next few years. Remember, residential real estate is cyclical so buying in the down turn and selling in the upturn is the way to go.
5. Real Estate has created more wealth than any other asset class... even though the last couple years have rocked everyone's world, the market has bottomed and is on the rise again!

This is a great time to be buying a home! As a former resident of MO, if you need a good Realtor referral just let me know! Good luck and best wishes!