One of the many questions potential buyers ask is why they should buy when generally renting is less expensive. There are a number of reasons although it still may not be the best fit for you. Everyone is different but in terms of long term planning it’s almost always better to own than rent.
Here are just a few of the reasons:
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.
Planned Housing Costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.
Improvements to Your Taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.
If you have more questions about making the decision to buy a home, please feel free to call or email.