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CerinoHomes of Northern Virginia - Fairf

Buying: Renting vs. Buying

Many renters do not know the many advantages of buying versus renting. There are many advantages and they can make the difference in securing your financial future and starting to build equity now.

Tax Advantages

As a Renter, all of the money you spend yearly on rent is also included as part of your total income, on which you pay taxes. As a homeowner, you are able to write off the interest, points, and other items that will reduce your taxable income. This can add up to a lot of money by the end of the year and makes a big difference to your overall bottom line. Most mortgages are set up so they are paid over a 30-year time frame. This means that there is a lot of interest paid each month.

WOULD YOU BUY A HOME WORTH $210,000 for an EXTRA $10 a month?







Rent or Mortgage Payment - monthly



Tax deduction for Mortgage Interest etc.



Tax Deduction for Real Estate Tax



Taxes owed for FED



State VA



Yearly Rent / Mortgage



Total Expenses



Take home pay after rent/mortgage/tax



Monthly take home



This was calculated using TurboTax 2002 – Married Joint – VA Loudoun

Wow – Would you buy a home for $10 a month? I know I would. But what can I buy for $1450 monthly payment? This is just an example. It depends upon how much you have saved and how much you have to put down for a loan program and most importantly – how good is your credit?

The actual amount of your payment will vary according to the loan program that is available to you and many other factors. But in general, this $1450 could buy a $210,000 home and next year that same home could be worth $241,500 depending on market conditions.

Building Credit

Because you are buying a home you are starting to build credit. Lenders and creditors favor homeowners because you now have "collateral". This means that you own something of value. This credit should be used wisely and carefully and remember to live within your means and still contineu to save for the future. Building credit gives you options that you would not otherwise have available.

So start by signing up with me today and I will put you in touch with a mortgage specialist who will help you determine your individual needs.

Building Equity

You also have another advantage as a homeowner, and that is equity. As a homeowner, your home is the best value equity possible. Nationwide averages set a home as a 15% return per year. This means that each year, your home could increase in value by 15% or more. If you are in the Northern Virginia/Metropolitan area, the return can be much higher, depending upon where you live. But bottom line, home buying is a great investment.

A home purchased today, for $210,000 canl be worth $241,500 next year...

Equity means that you may be offered higher credit amounts or possible loans against the equity in your home. This can be utilized for many different things, but it is available to you if you need it and it is a tax write-off as well.

Get Started Today

So start working with me today…


Berkshire Hathaway Home Services/PenFed Realty
45245 Business Ct, Suite 101
Dulles, VA 20166

Each Office Independently
Owned and Operated

Hosted by

agent photo
Todd Cerino
Berkshire Hathaway Home Services/PenFed Realty

1886 Metro Center Drive #200
Reston, VA 20190
Phone: 703-201-8898
Fax: 703-738-7254
Email: todd@cerinohomes.com