Margie Bryant, REALTOR®
RE/MAX Premiere Selections

ABR®, CRS, CLHMS, GRI
(301) 580-7990

Why Rent When You Can Own?


You probably are comfortable renting because you don't have to worry about maintenance, HOA fees and staying in one place for over a year.

What you don't realize is that you are putting your money down the drain instead of investing it for your future.

The chart below shows a cost comparison for a renter and a homeowner over a seven year period.

The renter starts out paying $800 per month with annual increases of 5%


The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000. After 6 years, the homeowner's payment is lower than the renter's monthly payment.

With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years.

Years Rent
Payment
Mortgage
Payment
Monthly
Difference
After Tax
Savings
Annual
Difference
After Tax
Savings
1 $800 $1,000 -$200 -$50 -$2,400 -$600
2 $840 $1,000 -$160 -$10 -$1,920 -$120
3 $882 $1,000 -$118 +$32 -$1,416 +$384 
4 $926 $1,000 -$74 +$76 -$888 +$912
5 $972 $1,000 -$28 +$122 -$336 +$1,464 
6 $1,021 $1,000 +$21 +$171 +$252 +$2,052
7 $1,072 $1,000 +$72 +$222 +$864 +$2,664 
8-30     Savings increase every year

     Source: www.ginniemae.gov         

        
The key is to know how much you can afford and invest in a home. Consult with Margie Bryant for professional real estate information.








All information in this report is deemed reliable, but not guaranteed.

 

 


Margie Bryant, REALTOR®, ABR®, CRS, CLHMS, GRI

822-B Rockville Pike, Rockville, MD 20852

MD License Number: Margie@MargieBryant.com

RE/MAX Premiere Selections