8 Perks of Owning Versus Renting a Home
Whether you’re moving for a new job or looking for more space, a common obstacle you run into is the debate between renting or buying a new home. You may be thinking that renting has more freedom because you aren’t tied down to a mortgage. Or that it will cost less. However, it is important not to turn a blind eye to the multiple perks that come with buying a home. Below are 8 reasons why you should buy instead of rent.
- Your housing payment is consistent
If you can lock down a fixed rate mortgage your payments will remain consistent. Opposed to a landlord that can raise the rent when the lease term is over.
Earning equity and a great return on your investment is a top reason people buy versus rent. A home is an asset that can consistently appreciate over time. There is nothing like selling your home for more than you bought it. This perk does not exist when you rent.
- You can design or modify however you would like
When you are renting a home, you must receive the landlord’s permission regarding modifications to the home. You can’t paint without approval and remodeling the home is out of the question in a rental.
- You can make your home more upscale
When you own a home, you can make the place more desirable. You can purchase better quality appliances instead of the cheapest ones on the market.
- You buy less furniture
You really do buy less furniture as a homeowner. When you are renting, you are moving around more and each place is different and more often than not it requires new furniture.
- Tax benefits
There are several tax deductions you can take as a homeowner. For example, your interest payments on your mortgage are tax deductible.
- It’s less expensive to buy than rent
Short-term renting is cheaper because you don’t have to cover closing costs. However, after the closing costs are taken care of, a mortgage is generally less than rent.
- It’s yours!
A landlord can easily non-renew your lease at the end of the term and it’s totally out of your control. However, when you buy a home the only way you can get kicked out is if you quit paying your mortgage and go into foreclosure.