While renting makes sense in certain circumstances, there are many compelling reasons why most people are better off purchasing their home:
Customize your Home. When you buy a home, it’s yours. If you don’t like the paint in the kitchen… change it! If you want more trees in the backyard… plant them! When you rent, you have very little freedom to customize your home or apartment. When you buy a house, it’s yours, and you can turn it into the home of your dreams.
Build Equity. When you rent, you’re passing your money on to your landlord. When you buy, you’re building equity in your own home. When you’ve paid off your mortgage, the home is yours… and you won’t have to make housing payments any longer. If you rent, you’ll be making rent payments for your entire life!
No More Landlord Headaches. When you rent, you’ve got to deal with a landlord. He or she may demand the right to inspect your house at any time, and could even evict you if you aren’t following all of his rules. When you own a home… it’s yours! You don’t have to answer to a landlord. You’re the boss, and you can do what you like in the privacy of your own home.
Your Fixed Rate Mortgage Won’t Rise, Unlike Rent. Rent is always rising. But if you lock in a fixed-rate mortgage, you can keep making the same monthly payments until your home is paid off. No more nasty surprises when the landlord decides it’s time for the rent to go up!
Tax Breaks. As a homeowner, there are a variety of tax credits and deductions that you can take advantage of. While the specifics will vary depending on where you live, you can generally expect to receive deductions for interest you paid on your mortgage, energy-efficient improvements, and more. Renters get none of those advantages.
Buying a home is a wonderful thing, and for many people it makes great financial sense. Please contact us today if you’d like to discuss this subject further!