Advantages of Homeownership
One of the biggest decisions that anyone can make in their life is buying a home. Renters often wonder, “is it better to buy or rent a house?” Purchasing a home can be a great long-term investment. If you are planning on living in the same property for a few years or more, you may want to consider buying a home vs. renting. Below lists the advantages of homeownership, and may help you understand why you should consider buying a home vs. renting.
Build Equity in your Home
Monthly mortgage payments are like buying a house on installment. Each month, a little bit more of the house belongs to you, and a little less belongs to the bank. At the end of the mortgage, you will own the asset free and clear (As opposed to renting, where your monthly mortgage payments are not building any equity, and there is the possibility of rent increases at the end of your lease).
Take Advantage of Tax Deduction Opportunities
When you own a home, you can deduct interest on up to $750,000 of debt used to acquire or improve your home.
Have Stable Monthly Mortgage Payments
One of the other advantages of homeownership is the ability to have stable monthly mortgage payments. If you choose a fixed-rate mortgage, the monthly mortgage payment is locked in for the entire life of the loan. Renting is different. Tenants are at the mercy of their landlords, and rising rent over time is a fact of life in most areas. To learn more about the difference between a fixed and an adjustable rate mortgage, click here.
Have the Freedom to Enjoy your Home
When you own a home, you have the freedom to make improvements or alterations to your property. Your home will truly feel like home. Buying a home gives you the opportunity to take advantage of a wide range of benefits. We are here to help make the dream of homeownership become a reality.
There are many advantages to buying a home vs. renting. Some of the advantages of homeownership include tax benefits, stability, and freedom. If you would like to discuss the advantages of homeownership further, get in touch!
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