Renting vs. Buying…

The Great Recession that began in 2007 caused a major housing crisis.  Many are not to blame when they shy away from owning a home. There are many benefits to owning a home that outweigh the negative.

Long-term security and a sense of community. When you buy home, you are able to plant your roots. You can personalize your home without anyone’s permission. Liking your community and the neighborhood you live in improves your quality of life.

Owning a home gives you financial maturity. Home ownership forces you to keep your finances in check. Setting aside money for monthly bills and your mortgage is a must, but there are also unforeseen incidents that occur when owning a home that will need to be paid for.

Homeowners get a huge tax advantage. You will be able to deduct your mortgage interest from your federal income taxes. Renters are not able to claim any of their monthly rental payments.

Your fixed mortgage payments will stay the same. A fixed payment plan takes a good amount of stress off of a homeowner. When you rent you are at your landlord’s mercy and the landlord may choose to increase rent.

Long-term savings are a great benefit.  Once your mortgage is paid off you still have a home to live in. It is reported that home buying is 45% cheaper in the long-term. A house increases in value over time which is a great investment.

Renting a home comes with many rules and regulations.  Some rentals do not allow pets and you are not able to make changes to the property.  The do’s and don’ts when it comes to renting can be a hindrance.

Owning a home is a great investment for you and your family. Once you own a home a landlord cannot sell the house out from under you, leaving you stranded. Home-ownership gives you freedom and financial stability.

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