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
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”
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Todd Clark (Broker/Owner)
The Friendly Home Team
Realty Pro, Oregon LLC
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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