Equity Title’s Tracy Ruccia was welcomed back to Harvey and Shelley’s radio show as an expert guest contributor this week to talk about the tax advantages of buying and renting a home.
In some cases, when a property goes up for sale, it can also go up for rent. Sometimes when that happens, the rent of the property is high. Essentially, as Tracy tells listeners, your rent is you paying someone else’s mortgage. When you own your home and you’re paying your own mortgage, it may actually be cheaper than renting.
When renting a home, certain taxes apply and are higher than those paying a mortgage payment straight out. Many people think that because you are renting, you don’t have responsibilities because you’re paying someone else to live in their investment property and take care of it. Tracy tells listeners that what she thought when she downsized from her home, but that simply isn’t the case.
Tracy also took this time to tell listeners about the Consumer Financial Protection Bureau, or CFPB for short. This is a company that strives to keep consumers informed and protected. They supervise banks, credit unions, and other financial institutions to make sure they are following federal consumer financial laws.
Tracy stressed the importance of consumers to make sure the financial institutions they are going through when buying a home are CFPB certified and compliant. A company that is not CFPB compliant could possibly delay escrow or kill a deal altogether. Tracy advises that home buyers ask if their companies are CFPB certified.
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