Mortgage Vs. Rent | What is the difference?
The money you pay on your mortgage each month is building equity for you. Rent on the other hand, is money you’re going to throw away and never see again. However, make sure you always consult a tax professional. You can compare buying a home to an investment account that you actually live in. Property values typically increase plus you’re paying the same amount you normally would in rent. So, the benefit is two-fold. That money is wiggling away at the total balance of your mortgage. The investment is increasing in value plus, the balance of your mortgage is decreasing every time you make a payment. In 5 years, you can increase your net-worth by thousands, if not tens of thousands of dollars.
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