Why Buy When You Can Rent?
Turning the dream of homeownership into a reality can be both exciting and daunting at the same time. Many renters don’t realize they have the means to purchase their own home or the benefits of homeownership as compared to renting. Whether it’s building equity or getting tax advantages, owning a home can be a great investment for your future. For the majority of Americans, their home is their largest financial asset and a major player in their investment portfolio.
Building financial equity is one of the greatest advantages of owning a home.
In addition to equity, homeownership has tax advantages that can help you save a great deal of money, something that renters cannot enjoy.
Here are more advantages of owning your own home:
Control over your property
Freedom to decorate and landscape how you like
Fixed mortgage payments
Pride and comfort in owning your own home
Renters are the ideal clients for sellers because their offers are not dependent on selling their own home first. There are a number of mortgage and downpayment assistance programs available to buyers.
And owning a home has intangible benefits too. Owning a home adds value to communities and gives you a setting to enjoy your lifestyle with the ones you care about.
According to data from the U.S. Census Bureau, owners do not move as frequently as renters, providing more neighborhood stability. In turn, involvement in community quality-of-life issues helps prevent crime, improve childhood education and support neighborhood upkeep.
Owning a home is one of the best ways to build long-term wealth, providing both equity accumulation and tax benefits over time.
A fixed-rate mortgage might last 15 to 30 years; renting is forever.
Source: National Association of REALTORS®.