Owning a home can be a daunting thought, but when it comes to making the decision of renting versus buying, there are many benefits to purchasing.
There is no denying that there is a huge financial benefit to owning a home vs renting! Payments on a home is an investment to your future. Typically the value of your home appreciates, and the amount you owe decreases over time. This is called equity, which acts as a built-in savings plan when it comes time to sell your home. Monthly payments may be lower while renting, but those amounts aren’t assisting your future. Not to mention, those monthly payments may vary while renting!
There is freedom associated with owning your own home! Your home is yours to decorate, customize, and accommodate to your lifestyle and taste!
Another financial plus to owning versus renting is the consistency of payments. While buying a home, you don’t have to worry about any hidden expenses, such as security or pet deposits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
Buying a home is a major step forward in life and an exciting time! In most cases, buying a home is a wise investment! Use this calculator to compare the benefits between renting versus buying. Once you are ready to purchase, we are so excited to help you!