Considering buying your first home? You’re probably trying to decide if it is better to buy or rent. The benefits of owning a home become much clearer as you compare the two options. Let’s take a look at the primary benefits of buying versus renting.
When you own a home you can truly make it your own. Change whatever you’d like. Personalize the home to your tastes. As a renter your options are limited.
Real estate values can be cyclical but in the long run values usually increase.
With each mortgage payment you make, you are building equity in your home. When you rent, you build no equity.
When you buy, your monthly payment is locked for the life of the mortgage. Monthly rents can increase.
Most of your monthly mortgage payment is interest – and that interest is tax deductible. The real estate taxes you pay on your home are also tax deductible.
Consider this… rental rates in many cities meet or exceed the average monthly mortgage payment – so owning might actually save you money – and you’ll be making an investment in your future.