I am always being asked by renters, “What are the advantages of owning versus renting in Beaverton Oregon?” One of the first questions I ask them is how long they have been renting and how much their rent is. If their rent is $1,000 and they have been renting for 12-15 years, I tell them, “OK, You could have had your home paid off, if you had bought it 15 years ago, and had a nest egg of $130,000 in the form of equity. Do you have $130,000 in savings?” When they tell me, "No" I tell them, “You could have saved yourself $130,000 over the past 12-15 years. Do you need any more reasons why you should buy instead of rent?”
Usually they don't, but I do my best to help them find a couple more. You will pay less income tax, because of the tax deductions you get with home ownership that you don't get as a renter.
Now, what happens if the property goes down in value? Big deal, if you don't move, your payments won't go up. In fact, your taxes could lower. Let me ask you what happens with your rent if the property value goes up or down? That's right. The rent is increased every year, no matter what.
Let's look at lifestyle for the average home owner versus the average renter. The average home owner retires 12 years earlier than the average renter, has an average net income of $60,000 versus $10,000 for a renter, and you have something you can call your own and you can't be kicked out if they decide they want to rent it to someone else.
The average home owner is more than 3x as likely to start their own business. This means you can make even more money, and own a business and a home! (Home equity is the #1 source of collateral to start a business in America.)
Do you have a family? Children of home owners are also more likely to own a home, are 100% more likely to go to college, and do better on average in school.
So, are there
benefits of owning a home versus renting a home in Beaverton
Oregon?
You tell me.
If you are interested in
buying your first home and need some help,
check out
some of my other articles for first time home buyers.
Beaverton
Oregon First Time Buyer Specialist Todd Clark says “DON’T WAIT”
Beaverton First Time Home Buyers can realize a $8,000 tax credit if they buy before December 1, 2009
Buying your first home in Beaverton Oregon: Don’t let the inspection scare you!
Buying your first home in Beaverton Oregon doesn’t have to be stressful
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739
©2009 Todd Clark - Are there advantages to buying versus renting in Beaverton, Oregon, right now?
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Hi Todd...Great Post, Renting is like throwing your money away, and yes rent keeps going up over time. We do not see tax benefits in Canada,...But you know what, Home Owners can own their home in 25-30 years! That's what really counts :O))
HAPPY EASTER to You Too :O)))
Up until last year, being a renter was better then owning, but now we are seeing the prices settle down at levels where renters are foolish not to go out and buy. Its a great market to be a 1st time buyer in
Todd,
If your life is stable, being an owner has always been better than being a renter! Even last year. It isn't until instability enters the picture that there is any question.
Bill
What a great primer for renters! Here the value is that it IS cheaper to buy than rent right now!
TC,
Case made for home ownership...! But you won't have rent receipts to paper the walls with...!!! Thanks, Fran
Todd --- great information for renters everywhere --- of course, you are only interested in those in Beaverton.
Hope all is well and good with your new shop.
Todd
It has been proven that Real Estate has been the best investment one can make for the return; whether it is owning a home, or multi families.
Tom
Fred - With rent you will never own, but the person you are paying the mortgage for sure will!
James - I think even last year it was a great time to buy if you knew how to do it right. I had many buyers who listened to me and even after a year of owning the home had up to 20% equity after just one year of home ownership!
William - If you are a nomad, then don't buy it is like leasing a car, never a good idea.
Renee - I've heard about your market and if it wasn't so hot, I would even think about buying there.
Fran - I'm sure I could work out a deal where I could supply them a box of paper to put on the walls upon close, if that is what they are worried about.
Mama Liz - And the surrounding areas, but that is my main focus!
Tom - So true, even with the fall of the housing prices, people are still making millions from it!
Hi Todd: These are excellent points you are making - everyone should strive for home ownership - simply everyone!
:)
Matt - I've meet a couple people that shouldn't do home ownership, but not very many. Those are the ones that like to move from city to city every six months or so, but everyone else yes they should.