Advantages of Buying a Home Instead of Renting
When it is time to buy a home, do not shy away from a sale due to fear of being denied a mortgage loan, or because of myths associated with renting. Some people think that renting a home can save them money, but the truth is that renting could be more costly in the long-run. Buying a home could be a financial benefit and provide you with the peace of mind you are searching for. Continue reading to learn about some of the advantages of buying of a home, instead of renting. You can use the pros and cons listed below to help you determine if buying is the better option for you and your family.
This is one of the top benefits of owning your home. When you rent a house, you will be subjected to the rules of the landlord. If she does not want you to paint the walls a different colour, you must adhere to her rules. Landlords can also limit the amount of people who come and stay with you for short and long period of times. With your own home, you control what colour the interior of your property will be, as well as what can and cannot be nailed to your walls. You will also control who comes over and stays with your family. You are the landlord and have the ability to determine what rules will apply to your home.
Avoid Being Forced Out of the Property
If you rent a home, the owner could foreclose on the property or choose to sell whenever he likes. This is the type of uncertainty that could raise your blood pressure and stress levels. The energy that you spend worrying about when you will need to move out could stop you from achieving your goals or meeting work commitments. Being forced out of a property will also impact your family. For example, you do not want to place your children in a new school system, only to have to move and switch schools again within a year or two. This can cause anxiety on your children as well. When you purchase a home, you will determine if you sell the home and move into a new community, based on your current employer, your finances, and your own preferences.
There are essentially no tax benefits given to renters, but there are deductions that many homeowners can take advantage of. You could speak with a financial representative to determine if you qualify for deductions pertaining to mortgage interests and property tax payments. There are other expenses that could provide homeowners with relief, or a refund, when filing a federal tax return.
In addition to tax breaks, first-time owners may be eligible for a credit to reduce the amount of the sale, which is something that renters are not entitled to. The value of your home will also appreciate over time, meaning that if you decide to sell later on in the future, you could earn a significant profit; however, this will vary on a case-by-case scenario. Before you purchase a new home, speak with a sales representative to learn about all of the tax breaks, grants, and credits that you may qualify for as a homeowner.
Ultimately, renting or buying a home will come down to your personal preferences and finances. If you have the ability to secure a mortgage loan, and a home is available in your preferred location, you should consider buying instead of renting. Speak with a sales representative who can help you get the best deal on a home that you love.