Silva Babaian  Realtor, Real Estate Agent, Granada Hills, CA
Why Buying a Home is More Affordable Than Renting?
February 23, 2022

Home prices in California are rising rapidly, median rental prices increased approximately 19% over a year ago in January. Buying a home is more practical than renting. However, buying vs. renting is a decision that ultimately depends on personal circumstances including but not limited to where you live, your financial situation, and how long you need to live in the home.

How long have you been renting? Some people do not realize how quickly rent payments add up. Lenders are still offering low-interest rates and so many different programs and grants that help to make it more affordable to buy rather than to rent.

Here are some benefits of being a homeowner:

1) Interest and property tax deduction. This is helpful when you file your taxes since you can deduct those.

2) Home improvements that you make on your home help to add equity.

3) Over time, the value of your home will increase. Which makes for a great investment.

4) Sell at profit "the taxpayer relief act of 1997 provides that homeowners must live in their primary residence for 2 of the last 5 years." The IRS allows you to avoid paying taxes on up to $500,000 in profits for married couples, or up to $250,000 for a single owner. Please consult a tax advisor for more details.

For all of your real estate needs please call me for a free evaluation of selling or buying. Direct: 1 (818) 414 - 6744

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