Why Buy Instead of Rent
Whether you’re moving out of your parents’ house or are moving for what feels like the hundredth time, everyone approaches the same fork in the road — Should I buy or rent? Before you do either, read these top four reasons why you should buy.
It’s an Investment in Your Future
When you lease a home, you pay rent each month that goes into your landlord’s pocket. But if you own, your monthly payment goes towards your mortgage, which increases the equity in your home. Equity also grows as the home appreciates in value, which is more likely to happen the longer you own.
According to the National Association of Home Builders (NAHB), the average homeowner lives in their home for 13 years. On the other hand, the average renter of a single-family home only stays for three years. Whether it’s because of an increase in rent or other issues with your landlord, these statistics mean that you’re likely to move more often if you rent than own. Worst of all, every time you move it costs you more money.
Increased Tax Savings
According to TurboTax, the mortgage on your primary home and a possible second home may be deducted. These savings can add up greatly and save you money that you wouldn’t be able to save as a renter.
Your Home, Your Rules
While renters may have to ask permission from the landlord to do things inside of their home such as painting a bedroom or changing the curtains, homeowners are in control. You can make the decisions for your home, and you don’t have to answer to a restrictive landlord.