Sure, renting is flexible, often takes the hassle of house and yard maintenance off the tenants and may appear cheaper upfront than buying a home, but is it really worth it in the long run? With the housing market back on the rise, we think that now more than ever, buying your next home is a smarter move than staying in a rental. Here are a few reasons why:
1. Great tax advantages
Owning your own home means you can deduct your mortgage interest on federal income taxes. In many cases, closing fees and property taxes may be deductible as well. Check out this post for more information on the tax benefits of owning your own home.
2. Owning builds equity
Even though the large loan most homeowners take out at the time of purchase can seem daunting, keep in mind that you are building equity with every payment you make. Equity can also be built through home improvement projects like installing new windows and doors, repairing hardwood floors or installing fresh kitchen countertops. ‘
3. Buying is cheaper over time
Looking at home ownership long term, it is actually cheaper to buy than rent. Though your mortgage may be more expensive than rent, eventually you will pay it off. Plus, a fixed mortgage rate won’t rise over time. Rent will never go away and there’s always a chance that your landlord can increase it year by year.
4. No more landlords
Speaking of landlords, homeownership offers you freedom from rules and regulations that rental companies impose. When you buy your own home, you are free to change just about everything in or outside of it—from the home’s layout to landscaping. You call the shots when it comes to paint color, using nails or screws in the walls and changing out flooring, light fixtures or countertops. Not to mention, you can get things fixed on your own timeline rather than waiting a week for your maintenance request to be processed.
If you decide you’re ready to commit to home ownership, contact one of our agents for help finding your perfect home!