Buying VS. Renting

Buying your own home is the “American Dream” but with the housing crisis and financial instability, some wonder if it is still a reality.  If you are one of those still on the fence about buying consider the following:

  1. Over time, the mortgage balance decreases and equity builds regardless of whether the home value increases.
  2. The tax advantages of home ownership.  You are able to deduct the mortgage interest and taxes paid on your homes, while there are no tax advantages of renting.
  3. As an owner you can modify the home as you wish to meet your needs, while if you are a renter you are limited with the changes you can make.
  4. The ability to lock in payments for the next 15-30 years.  Rental agreements usually only last 2-3 years and inflation will cause them to increase.
  5. You have the ability to make a profit.  Your home is an investment and after time you can reap the financial benefits when selling your home.
  6. The payments will eventually end.  After your mortgage is paid off you will no longer have a payment.  Rent does not end!
  7. No landlord.
  8. Pride of homeownership.

If you are interested in learning more about advantages of buying a home, click here to contact an Executive Partners Real Estate Agent today!

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