There are a couple of options when it comes to settling on a place to live, which includes renting, buying a home, or even living in a mobile home. The most ideal options would be to rent or buy a home since the comforts of a home truly make home life enjoyable and comfortable for you and your family. Here are four reasons you should be buying a home instead of renting:
- It's Cheaper: Despite what many people think, buying a home is actually cheaper than renting in the long run. Although the upfront costs for buying are more expensive, in the long run you are going to save more, especially since you have the option to readjust your mortgage. This is typically going to lower the monthly cost whereas rental costs only go up when you renew your lease in most cases.
- You Create a Savings: When you buy a home, you are essentially creating a savings for your future. This is because when you buy a home you are making an investment whereas when you rent a space, you are renting from the owner so you have no rights to that property now or in the future. Buying a home and potentially paying it off is going to afford you the option to sell the home for more than what you purchased it for, which you can use for retirement and to live comfortably in the future.
- Tax Deductions: When you own a home, you are typically awarded many tax deduction benefits, as well. For example, you can deduct the amount you pay for property tax and interest on the home. On top of this, you can make investments for your property that are also tax deductible, such as investing in solar panel roofing. You won't be able to make these kind of calls in a rented property.
- Home Prices are Always Increasing: The drawback to this as a renter is that you are going to have to save that much more to ultimately make the purchase on a home. However, if you invest now, you are benefiting from the simple fact that your home is likely to go up in value making it possible to sell your home for quite a bit more within the next few years.
When you know these four reasons to buy a home, you can see why investing in real estate now or as soon as you can is always better than waiting.Share