There are so many benefits to owning your own home versus paying rent for the use of a place to sleep. With rental rates at an all time high and interest rates at an all time low, it only makes sense to purchase your own home.
Tax-wise, you can deduct the property taxes you pay every year as well as the interest you pay on your mortgage, and in some cases, you can even write off some of your closing costs.
Look at buying a home like a savings account you live in. By paying your monthly mortgage every month, you are building equity in your home. You do not get this benefit when you rent, you walk away with nothing to show for it. When you sell your home, you take with you, all of the equity you built up over the years and are able to invest those funds in another home.
Historically, real estate appreciates. Your initial investment will grow over the years. Rentals – $0.
How about the freedom to express yourself? When you own your home, you can paint, upgrade, decorate and landscape anyway you choose (with a few association exceptions). When you rent, you might be able to hang a few pictures and put down a few throw rugs. The home is never truly yours when you rent.
Remaining in the same home or neighborhood means stability and building relationships. Having your children grow up together, getting in the best school zones, you having the choice to be there is important. Renting isn’t a long-term solution, rental prices rise – your mortgage payment generally does not. Renting is a more transient life style, if you want to set down roots, renting is not for you.
If you need help weighing your options of buying versus selling, giving Linda Ginsberg a call, 239.404.4222. I will guide you through the process of going from being a renter to becoming a home owner.