Articles and Advice

5 Reasons To Buy Instead Of Rent

Buying a home has several advantages over renting. Here's why you should consider becoming a homeowner.

While renting a home is a rite of passage for most people, there comes a time when most of us get tired of sending a check to the landlord every month. If you've started thinking about joining the 65 percent of Americans who own their own homes, you'll be glad to know that now is a great time to do it!

Not sure if you're ready to take the leap into homeownership? Check out these five huge advantages of buying a house over renting.

It's a Great Long-Term Investment
It's true that buying a home adds some expenses you won't have as a renter. You'll have to pay for things like closing costs on the mortgage, taxes, insurance, and maintenance expenses. However, when you're paying down your own mortgage instead of paying monthly rent, you're investing in your future. Buying a house allows you to build equity that you can later pull out if you need it. Owning a home also gives you an asset that you can sell when you get older or pass on to your loved ones.
You May Qualify for Tax Benefits
Although tax laws are complicated, many homeowners are able to take deductions for the mortgage interest they pay. This gives those who buy a home a clear advantage over those who continue to rent.
Buying a House Gives You More Control
When you sign a rental lease, there are usually a ton of stipulations you'll need to follow. You may not get to decide what color to paint the living room or whether you'll add a dog to your family. Want to put a pool in the backyard or add an extra bathroom? If you rent, you're out of luck. Buying your own home gives you the power to make all of these decisions and more. You can control the landscaping and all of your home's interior and exterior features. You also get to decide who stays in your home with you and for how long.
Homeownership Gives You More Security
As long as you make your mortgage and property tax payments on time, no one can throw you out of a home you own. As a renter, however, there's always a chance that the property owner will decide to sell the property, and you'll have to move. When this happens, it's almost never at a time that's convenient for you.

There's also the chance that your landlord will eventually raise your rent as the cost of living continues to rise. Homeowners who have locked in a fixed mortgage payment are creating extra stability in their lives. While your homeowner's insurance, utility expenses, and property taxes will likely rise, you'll at least have the peace of mind of knowing that your mortgage payment will never go up. Even better, once you pay off the mortgage, you can eliminate that expense from your budget. As a renter, you'll never have that opportunity.
You'll Feel a Huge Sense of Accomplishment
For many people, buying a house is one of the biggest accomplishments of their lifetime. You'll feel proud of what you've done and know that you've done what it takes to make your dream of owning a home a reality!

No matter where you are in your real estate journey, an experienced real estate agent can make the process as seamless as possible. Talk with an agent today to get started.

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5 Reasons To Buy Instead Of Rent

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