Many Jersey Shore renters are finding that they get more ‘bang for their’ buck if they buy a home rather than rent one. With affordable prices, low interest rates and tax incentives, Jersey Shore home ownership makes more sense than ever.
7 Reasons to Buy Rather Than Rent Jersey Shore Home
1. Buying doesn’t always cost more.
The Associated Press reports the gap between buying and renting has decreased $550 in the last three years.
2. Affordability is at an all-time high.
Nationwide, prices have declined by nearly 20-40%.
3. Tax benefits for home ownership saves money.
The biggest tax break is the mortgage interest deduction. Most of your mortgage payment goes to interest which is tax deductible. Property taxes and mortgage insurance are also tax deductible.
4. Many loans require no down payment.
Veterans Administration (VA) loans and many first-time home owner loans don’t require a down payment.
5. The Tax Credit.
First time home buyers can take advantage of the $8000 tax credit and current home owners of the $6500 tax credit…but only until April 30, 2010. The tax credit can be used towards closing costs and the down payment.
6. Mortgage rates are at all-time lows.
Mortgage interest rates are the lowest we have seen in 30 years.
7. You own it.
There is nothing like pride of ownership…and you can do anything you want to do. You can paint it any color you want, make improvements, and landscape to your own taste..
For more information on owning a Jersey Shore home, visit PatrickParkerRealty.com.