Viewing Properties

Tell me again the advantage of owning instead of renting. Even with the "buyers market" condo prices are crazy. In order to own something similar to my rental, my mortgage will be twice my rent. Owning property is supposed to be a good investment. Since I will need a thirty year mortgage, is it really a good investment if I am far into retirement before I am able to pay the mortgage?

Last night Dad and I went with the Realtor to look at five properties. Looking at properties and discussing figures is extremely stressful for me. After the experience it took me forever to get to sleep... good thing I'm on break. I'm pleased my dad was along although I think he had fun, and I would not call the experience fun. Dad was helpful. While I look at bathrooms and storage, he looks at kitchens and taxes.

Of the five properties I'm deliberating about one or two of them. Basically the problems include: location, size of baths, storage, covered garage space, and COST. Please tell me again, why I would want to pay twice the amount of my rent to own something with amenities similar to my rental?

Comments

Anonymous said…

Quite simplpy - it's the tax write off. As a single woman this will be your only write off. Most of what you pay in mortgage is interest. All of this gets written off on your taxes. Also with a rental there is no equity - nonthing to borrow money against or sell for a profit. I know the first few moths are hard but it is worth it in the end!
Good luck on your search!

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