Rent vs. Buy: Homeownership Beats Renting – Sherman Oaks Homes

by Mario Acosta on August 30, 2011

in Buyers, First-Time Home Buyers, Local Topics, Market Trends, Sherman Oaks

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I have had conversations over the last few months with many first-time Sherman Oaks home buyers who have come to realize that renting in today’s market is a big waste of money.

If you take the average rent for a 2 bedroom apartment in Sherman Oaks at $1600 per month and multiply that by the number of years you have lived there, the numbers aren’t pretty. For example: $1600 x 12 months x 3 years = $57,600. This doesn’t include the additional tax advantage lost during those years as well.

To purchase a comparable property for $300,000 with 20% down payment and Homeowner Association fees of $250 per month, the total monthly cost with taxes is approximately $1,510. Plus you get an additional savings on your income taxes!

With the cost of rents slowly climbing and mortgage rates at a 50 year low, don’t miss out on this opportunity to buy Sherman Oaks real estate!

Posted on sherman oaks Real Estate-sherman oaks Homes For Sale

 

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Post by Mario Acosta

Mario has written 117 articles.

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