Why Buy Instead of Renting A Home

Why Buy Instead of Renting A Home

It’s easy to say you want to buy your own home, but sometimes it’s harder to why buy instead of rentingmake that dream turn into reality. While renting an apartment or home seems “safer” or “easier” in some respect and while many factors should be considered before deciding to purchase your first home, here are some reasons: Why Buy Instead of Renting A Home.

  1. It’s Yours! On a personal level you get to say this home that you purchased is yours. It belongs to you. As such you can feel free to personalize the way you see fit without having to get permission or approval from a landlord. And even if you had to get a loan to acquire it, with each mortgage payment your building equity and inching your way towards total ownership.
  1. Mortgage Interest Deductions are great! While a mortgage broker or financial professional can go over the long-term benefits and how it all works in your favor, one potential benefit to purchasing a home is the deductions each year on your taxes. You can also deduct mortgage points too.
  1. You can increase your disposable income.  Assuming you get a small raise each year at you job, you can actually see that money as new disposable include since you have locked in your cost of living with your home payments. Since your mortgage payments are fixed, you won’t need to save that increase in pay for any potential rent increases.
  1. You’re building equity. This is almost always the answer you hear when some one is trying to convince you to buy. But the simple truth is, equity can help increase your personal wealth. Little by little as you pay off your mortgage you are gaining equity. With monthly rent payments, you receive nothing. Building equity in your home can even help you pay for future expenses like college tuition for your kids by getting a home equity loan or line of credit.
  1. No landlord can kick you out. While everyone hopes for a amicable renting situation, sometimes unexpected evictions can occur if the landlord decides to sell the property, rent to someone else, or otherwise, end the lease. The security of knowing you can’t be asked to leave is a great benefit to owning a home.
RELATED ARTICLE: Buyer Resources

At the end of the day, each person’s wants and needs when it comes to renting vs. buying a home are different. But should you decide to purchase your first home, you should research and interview a realtor familiar with your desired area to help you navigate the first time homebuying process.

Below are some of our featured homes.  For full access to MLS listings, click here.

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