Renting versus Buying a Home
If you are making a career change or newly married,
you are more than likely deciding whether to purchase your first home or rent for a while longer. The advantages of purchasing your home far outweigh renting and they include:
Pride of ownership - There is satisfaction in knowing that you are the owner and can improve your property in anyway you choose without having to get permission from the landlord. You are free to paint a room any color you choose or expand your deck knowing that you will reap the rewards not only during the time you live there but also once you sell it with the improvements.
Investment - The only benefit from paying rent is that you had a place to live that month. But with home ownership you will be building value by both paying down your principle and at the same time realizing the increased value that happens in a normal market.
Tax Advantage - The interest you pay on your loan is usually tax deductible although you should check with your tax professional. This can be a huge savings on your annual return.
Usually a Lower Payment - Landlords are trying to recoup their expenses of home owners dues, insurance premiums etc. and therefore have to keep the rent as high as the market will allow. Mortgage loan payments are being kept down since mortgage rates are still historically low.
I hope this helps make the decision easier so now let's go out and find your new home! I'm ready when you are!
AgentOwned Real Estate