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Renting vs. Owning

[section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”section-custom-background-image” wp_rem_cs_section_bg_image=”https://myenclave.com/wp-content/uploads/2020/01/LRM_EXPORT_192746099476504_20190727_195448822.jpeg” wp_rem_cs_section_bg_image_position=”no-repeat center / cover” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”250″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”wide” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_title=”Renting vs Owning” wp_rem_cs_var_icon_boxes_element_sub_title=”6 key benefits to owning your own home” wp_rem_cs_var_icon_boxes_element_alignment=”align-center” wp_rem_var_icon_box_seperator_style=”classic” wp_rem_cs_title_color=”#000000″ wp_rem_cs_icon_box_icon_color=”#000000″ wp_rem_cs_var_icon_box_icon_size=”icon-1x” wp_rem_cs_var_icon_box_view=”classic” wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”2″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][icon_boxes_item wp_rem_cs_var_icon_box_title=”Income Tax Breaks” wp_rem_cs_var_icon_boxes_icon=”icon-cut” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]

Homeowners can deduct property taxes and mortgage interest paid on their mortgages which reduces the amount of taxes a homeowner has to pay compared to a renter with similar income.

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One of the perks of owning your own home is theability to do what you want with it —remodel thekitchen to your taste, add on another level, open upwalls, etc. You are your own “landlord” when choosingto become a homeowner versus a home renter. 

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Property values will typically rise over time, especially in Chicago, thereby increasing your assets. The value increase will give you the option to refinance or take out a home equity line of credit (HELOC) in the future if you wish to use that money for purchasing another property or paying for a remodel. 

[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Fixed monthly payments ” wp_rem_cs_var_icon_boxes_icon=”icon-money2″ wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]

As a homeowner, you have the option to fix yourmonthly payments for up to 30 years. The payment willnot change for the life of the loan. As opposed torenting, where your payments can fluctuate year afteryear depending on the market and annual rentalincreases. 

[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Tax free on capital gains ” wp_rem_cs_var_icon_boxes_icon=”icon-balance-scale” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]

When it’s time to sell your home and make a profit, youcan avoid paying taxes on the amount you gain up to$250,000 (as a single taxpayer) or up to $500,000 (if youare married and filing together)

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Credit scores and ratings typically improve when youtake on debt and make consistentpayments especially for large items such as homemortgages. As your credit score rises, you fill find thatthe approval process to qualify for a future loan or lineof credit will become much easier than for someonewith a limited credit history.

[/icon_boxes_item][/icon_box][call_to_action call_to_action_element_size=”100″ wp_rem_var_call_to_action_style=”default” wp_rem_var_call_to_action_align=”align-left” wp_rem_cs_var_call_action_subtitle=”First time buyer? Look no further, we’ve got you covered.” wp_rem_cs_var_button_bg_color=”#ffffff” wp_rem_cs_var_heading_color=”#ffffff” wp_rem_cs_var_call_to_action_icon_background_color=”#0c0c0c” wp_rem_cs_var_call_to_action_button_text=”Learn More” wp_rem_cs_var_call_to_action_button_link=”https://myenclave.com/buy/” wp_rem_cs_var_contents_bg_color=”#000000″ wp_rem_cs_var_call_action_text_align=”left” wp_rem_cs_var_call_action_img_align=”no-repeat center top” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

We help first time home buyers find their place in the world.  Learn about everything we do to equip our clients for this process. 

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