The Benefits of Buying vs Renting
If you’re currently renting and thinking about buying, you might be weighing which is better for you in the short and long term. While renting can provide some conveniences in the short term, the clear result is that buying your own home is the best option!
1. Homeownership can provide you a second income source. If you rent out a bedroom in your home, you can instantly add a second income stream to your bank account each month without having to work extra hours. In some areas, renting out garages to other people for storage needs can also net you additional income.
2. You can decorate however you like. This one is obvious, but don’t discount the importance of being able to express yourself however you like. Most landlords have strict rules against painting walls, and even against hanging art on the walls. When you own your own home, you can decorate however you like – including even being able to give your child that colorful bedroom they have always wanted.
3. You never have to be worried about losing your home because of a landlord! Home ownership provides security in so many ways, including never having to worry about being kicked out of your home because the landlord wants to move in their cousin or friend, or because they are putting the house on the market.
4. Unlike rent, which usually increases every year, your mortgage won’t go up. Your landlord is likely to raise your rent at the end of each lease term due to inflation, but your mortgage is locked in for the term of the loan. You’ll pay the same amount each month for the next 30 years – which is something you can’t say about renting.
5. Home ownership provides you significant tax breaks. If you don’t itemize your taxes now, you’ll want to once you own a home! Besides being able to take tax deductions on the property taxes, private mortgage insurance, and interest you pay each year, itemizing opens a world of additional deductions for you to take.
As you can see, there are many great reasons to buy verses continuing to rent. Start building financial independence and security today by calling CityWorth Mortgage to find out what options you have!