Buying
- Potential for Appreciation: Property values can increase over time, providing a return on investment.
- Unlimited Occupancy: You can live in the property for as long as you want.
- Rental Income: The possibility to generate monthly income by renting out the property.
- Mortgage Payments Through Rental Income: Potential to cover mortgage payments with rental income.
- Freedom to Make Changes: You have the liberty to make any changes or renovations to the property.
- Sense of Belonging and Stability: Owning a home can provide a sense of stability and community.
- Tax Deductions: Possibility to deduct condominium fees and property taxes from your annual income tax return.
- Mortgage Interest Deduction: You can deduct mortgage interest from your taxes.
- Higher Returns: Typically generates a higher return than bank savings.
- Responsible for Repairs and Improvements: You are responsible for all repairs and maintenance.
- Responsible for Condominium Fees and Property Taxes: You must pay all associated fees and taxes.
Renting
- Flexibility: Easier to move frequently if needed.
- No Responsibility for Major Repairs: The landlord handles major repairs.
- Experience Living in Different Areas: Allows you to experience living in various neighborhoods without long-term commitments.
- No Condominium Fees or Property Taxes: Renters are not responsible for these costs.
- No Tax Benefits: Renting does not offer tax deductions.
- Rent Cannot Be Deducted: You cannot deduct rent from your taxes.
- No Modifications Without Permission: You cannot make changes to the property without the landlord's approval.
- Possible Annual Rent Increases: Rent can increase each year.
- Lease Renewal Dependence: You depend on the landlord to renew the lease for another term.
- No Equity Building: Rent payments do not build equity or contribute to property ownership.
Enrique Vicente Urdaneta
Real Estate Advisor | eXp Realty | EVU Luxury Homes
305.209.6418
www.instagram.com/evuluxuryhomes
Disclaimer: The information presented in this article is intended to provide a general understanding of the topic. However, please note that I am a real estate agent, not a lawyer, accountant, tax, or financial advisor. This content should not be taken as legal, tax, accounting, or financial advice. The laws and regulations related to this topic can be complex and may change or expand in the future. Therefore, it is crucial to consult with a qualified professional, such as a specialized financial or tax advisor, before making any decision based on this information. As a real estate agent, I can provide various options and professional guidance related to the real estate aspects of your investment strategy, and for matters related to tax implications, legal issues, and financial planning, please consult with the appropriate professionals, which whom I have allies I can refer.
