Renting vs. Buying a home: what’s the smarter choice?

You may have heard talk about how much smarter it is to rent vs buy a home. Well, I’m here to tell you that’s complete nonsense.

From appreciation to inflation protection to building equity and benefiting from government incentives, there are so many financial benefits to homeownership that can’t be ignored.

Follow along as we unpack all the advantages of buying a house vs renting and why it’s the best saving account you ever had.

If you are in the market to buy a home in New York City, check out my free “Micky’s Ultimate Buyer’s Guide” which breaks down all of the nuances of buying in the city.

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This video provides general information about real estate and is not professional advice. Consult with a qualified professional before making any decisions. The creator is not liable for errors, omissions, or outcomes based on the information presented. Compensation may be received for featuring products or services, but it does not influence the content. Viewers agree to seek personalized advice before making any real estate transactions.

Chapters
00:00 – 02:09 – Benefits of Renting Your Home
02:10 – 06:07 – Benefits of Buying Your Home

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Meet Micky, a top New York City real estate broker on a relentless journey to educate and advise buyers and sellers on how to turn their dreams into an NYC address. He leads Undivided on a mission to curate the most coveted luxury new build condominiums, eco-friendly buildings, and modern homes in Manhattan and Brooklyn.

With his expert knowledge of the city and its negotiating nuances, and also as a real estate investor himself, Mukul “Micky” Lalchandani is incessantly focused on how to maximize the investment potential of each opportunity at hand, to maximize value for himself and his clients.

He invites you to join him on this journey to simplify the complexities of buying and selling real estate in New York City. What are the questions you need answered? Let him know below!…(read more)

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For many people, the decision between buying a house and renting can be a tough one. Both options have their own set of pros and cons, and it can be difficult to determine which one is the best choice for your financial future. However, if you’re looking to build wealth and secure your financial future, the answer may be simpler than you think. In fact, buying a house may just be the key to making you rich!

When it comes to buying vs. renting, the main advantage of buying a house is the potential for long-term wealth building. When you buy a house, you are investing in an asset that has the potential to increase in value over time. This means that as the value of your home increases, so does your overall net worth. In contrast, when you rent, you are essentially paying someone else’s mortgage and building their wealth rather than your own.

Another key benefit of buying a house is the ability to build equity. Equity is the difference between the market value of your home and the amount you owe on your mortgage. As you pay down your mortgage, your equity grows, giving you a valuable asset that you can use in the future. This equity can be used to take out a home equity loan, refinance your mortgage, or even sell your home for a profit.

Additionally, buying a house allows you to take advantage of tax benefits that are not available to renters. Homeowners can deduct mortgage interest, property taxes, and other expenses on their tax returns, potentially saving them thousands of dollars a year in taxes. These tax benefits can help offset the costs of homeownership and make owning a home more financially advantageous than renting.

Of course, buying a house does come with its own set of challenges and risks. Homeownership requires a significant upfront investment, including a down payment, closing costs, and ongoing maintenance expenses. Additionally, the real estate market can be unpredictable, and there is always the risk that your home may decrease in value rather than increase.

However, with careful planning and research, buying a house can be a smart financial move that can pay off in the long run. By investing in a home, you are not only building wealth for yourself, but you are also creating a stable and secure foundation for your financial future.

In conclusion, the decision between buying a house and renting ultimately comes down to your individual goals and financial situation. However, if you are looking to build long-term wealth and secure your financial future, buying a house may be the best option for you. With the potential for long-term growth, equity building, tax benefits, and financial security, owning a home can truly make you rich in the long run.