Trying to decide between renting and owning is a common question.
There are many benefits to home ownership. Below are just a few:
- · Often, your payment for a home will be the same or less than a rent payment.
- · You will retain equity in a home and be able to have something to show for your monthly payments. With renting, your money retains no value.
- · There are currently great tax advantages to home ownership. You will be able to deduct the interest paid on your mortgage and property taxes from your taxable income, this can result in much lower taxes owed and larger returns.
- · You are the master of your domain. No landlord can tell you what colors to paint, appliances to own, pets you can have, etc… When you own a home, you can decide how you want to live.
- · You control who comes and goes. You can even rent out your basement!
- · If something breaks, you don’t have to wait on the landlord or leasing office to get around to fixing it. You can take care of it immediately and to your standards.
- · There’s nothing like being able to call the house you live in, “Your Home!”
These are just a few benefits. There are many opinions on this subject. But for me, besides all of the fiscal benefits, there is nothing like being the master of your domain.
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