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Real Estate
Eileen M. Day realtor
MISSED SAVINGS
Do you still think it is cheaper to go on your own merry way and rent quarters rather than own your own home? You’re not alone. Many people believe that owning a home is more expensive than renting. On the surface that may seem true. But does a person who rents benefit from:
1. Tax savings?
2. Increasing equity?
3. Increases in home value due to
inflation?
Say you bought a home three years ago for $100,000. If it increased in value at only 8% per year, that same house would be worth $125,071 today. Confess —. are you currently saving $25,071 every three years?
Also, there’s no disputing that home ownership is the best tax break there is. No matter how Congress changes the tax structure, the one unviolate principle seems to be that the home owner gets he tax deducation for the interest paid. In the early years of the mortgage, well over 90% of the monthly payment may consist of interest. That’s one very big deduction. >
If there is anything we can do to help you in the field of real estate, please drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 6753400. We’re here to help. «
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