Wondering if it's worth it to buy a home? It can be hard to commit to this big decision, but we've compiled 5 reasons buying is better than renting.
1. Your House, Your Rules
When you rent, there's only so much you can do to make the space your own. Owning a home means choosing paint colors, building or tearing down where you want, and much more. You get to make the rules of what your house should look like and how it should function.
2. Appreciation and Cash Leverage
The financial benefits of a owning a home can be significant and substantial. As a home appreciates, it accrues faster than a stock might because you get the appreciation on the entire home’s value, not just the gain your down payment cash invested.
3. Tax Benefits
Homeowners are allowed to deduct mortgage interest and property taxes when they file tax returns each year. This significant savings from tax benefits can often make owning the same as, or cheaper than, renting.
4. While Rents Rise, Mortgage Stays the Same
Historically speaking, most houses and apartments that are rented see an increase in rates from year to year. Meanwhile, if you use a fixed-rate mortgage you will not experience to same change in monthly payments. This means you know what to expect and can plan other expenses and big purchases around your mortgage.
5. Forced Savings
Each month, a portion of your mortgage is going directly to paying down the loan you took out when purchasing the home. This builds up equity in the home. Renting, on the other hand, merely puts money into the pocket of the landlord - at the end of your tenure in a rental you haven't accrued and savings or built up any equity.
Ready to buy? Still unsure? No matter where you are in your journey, Jason can help! Contact Jason anytime to schedule a FREE home buying consultation to discuss your wants, needs, and goals, and get any questions you have answered.