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Homeside: Your Modern Mortgage Blog

5 Reasons to Consider Home Ownership over Renting

Posted by Rachel Guthrie on January 17, 2017

The decision to buy a home is undeniably one of the biggest you will face in your life.  For many people, home ownership is more of a dream, leaving them content to stay in their current apartment. Not knowing the benefits of home ownership, they may be stuck in that apartment for the next several years. Let’s look at the long term - here are some reasons to move on up

1. Tax deductions

One of the biggest benefits of homeownership is the ability to deduct mortgage interest payments from your taxes. That means more money for you! You can also deduct many other eligible expenses such as certain improvements. That's an easy win-win! Better house = better deductions.

2. Pride, Freedom, & a Sense of Community

With home ownership comes a deep sense of pride and accomplishment. You are now the ruler of your own private kingdom. You won't need to worry about inconveniently-timed landlord visits or that upstairs neighbor whose blaring alarm goes off at 4 AM. Don’t worry about losing your sense of community. You may no longer have the loud upstairs neighbor, but you will find a new sense of belonging in your neighborhood as you establish your roots in the community

3. Investments / Additional Income 

The price of real estate and property increases each year, making it one of the safest long-term investments you can make! Building Equity will makes it easier for you to obtain a home equity loan to use for improvements, to finance your child's college education, to start your own company, or to cope with medical emergencies. You can also rent out some of your new space, such as extra bedrooms or basement space, to bring in a second stream of income!

4. Fixed mortgages don't go up despite inflation; Rent does. 

With a fixed mortgage, you won't need to worry about your rate increasing every year. Rates are currently at historical lows, which make it an excellent time to apply for a home loan. Additionally, you won't need to worry about your home being sold out from underneath you. Renting comes with the potential that an investor may buy your complex and raise your rent or make major changes when you renew your lease.

5. Customize Space and Buy Less Furniture

Congratulations! You now have you own private space, and no one can tell you what to do with it. You can paint, hang décor, and customize this space as you please. Heck, you can even get a puppy! Every update will put money back in your pocket when it is time to sell. No more painting your apartment back to plain white walls when you move. (Just remember not all buyers may have the same taste as you!) Not to mention, a little known fact is that you actually buy LESS furniture while owning a home since you don't need to change out furniture each time you move to apartments of varying space, size, and set up.

 

How Big of a Home Can I Afford?

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