Why Buying Is Better Than Renting

There are some factors that go into determining that buying is better than renting. Besides the pure joy and comfort of owning a home here are some of my favorite reasons for buying instead of renting.

Forces you to save

In my opinion I think the best reason for buying a home is that it forces you to save. Saving money builds your equity. What exactly is equity? Home equity is defined as the difference between the appraised value of your home and the amount you still owe on your mortgage. So basically it’s the money you have leftover after selling your house and paying off your mortgage. With homeownership, building equity essentially happens with each mortgage payment. Historically the price of a home increases over time so each month you’re paying into your savings. Building your equity.

You’re no longer at the mercy of a landlord

Another great reason to own your own home is that you get to customize it. It affords you the opportunity to determine what your home looks like according to your tastes and wants. You get the freedom to have your dream kitchen or bathroom. You can design your home without any worries about approval from the landlord or changing it back once you leave. An additional aspect where you don’t need the landlord’s approval is having pets. Having the ability to decide is very liberating. In a nutshell nobody tells you what to do.

Your rent doesn’t go up

If you have a fixed mortgage your rates don’t go up. Which means your mortgage won’t go up.With renting that’s not a guarantee. Your landlord could raise your rent or even worse sell it forcing you to find another place at the end of your lease. The stability in your mortgage payments and the peace of mind you don’t have to move suddenly is an attractive quality of homeownership.

Tax deductions

Owning your own home could also provide a yearly tax deduction. Owning your home gives you the ability to write off your interest and property tax. Also, if you are paying private mortgage insurance, you may be entitled to a deduction as well.

Please feel free to give me a call if I can help you with your buying process