Page 14 - AZ Extreme - AEM Volume 8 Issue 3
P. 14

 Is always a debate-able question. The old advise your Uncle or family “expert” would say is that ‘its cheaper to own a home than to rent’.
Well, for the most part that’s true. Except when the air conditioner breaks, you have a plumbing leak or the water heater goes out, you get socked with the bill.
Sure Owning is cheaper say for a monthly payment but, what this advise isn’t explaining is, if you rent you have the luxury to not fork over your cash to
do maintenance. Trust me, with homes there comes
a LOT of maintenance and upkeep. It pretty much never stops. Add in your remodel upgrades and honey do’s to the list and the weekends are all about being a handyman.
As rents continue to rise, this makes the decision even harder. New tax laws are being put in place to also make ownership tax deductions more difficult.
Renting may be better than owning to build
wealth, if you’re disciplined to invest the
money you save by not owning a property.
A recent study by Florida College of Business crunched the numbers on this theory and also factored in the appreciation one would lose if they chose to rent and invest, versus own and have the property appreciate. It came out to basically be a wash. Obviously, certain primo areas would appreciate more rapid, but as an average, you wouldn’t lose.
In most areas, the rental rates are rising much
higher than the increase in wages. Whether you decide to rent or buy, a good advice is not to over-buy or rent
a home that is excessive. Don’t spend more than
30% of your monthly take-home pay on rent
or a 15-year mortgage payment. This advise will keep you out of trouble and not let your home own you! v
Mike Crawford
Associate Broker, CBR,CRMS Peak Investment Properties, LLC 602-488-4900
        This graph represents the average hourly income to rent a 2bedroom This means someone earning minimum wage of $8-10per hour would have to apartment. Nationally, the hourly wage to afford a two bedroom apartment work about 105hours per week to afford this typical rent.
is $20.30 (or $40,240 annually).
Peak specializes in Property Management, Sales & Investments. From Single family rental homes up to 60 unit sized apartment buildings. 25 years of experience with a current portfolio of 850 units under management. $85 flat rates on homes & percentage based on multi-unit buildings, we use State of the art software for profit tracking & Owner statements, No mark-ups on maintenance, improvements or anything.
Nice 3bd 2bath home, 1400sqft all tile flooring, Garage, fresh paint inside, newer appliances, 1yr lease, pets ok, $995per month $995 deposit.
  West Valley home for sale: Clean 4bd 3bath, 2387sqft, split floorplan
with large Loft, 3G, All new flooring, Fresh paint, Granite tops, gated
 community near Cardinals Stadium. $276,500
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