The Five Pros Of Buying Versus Renting

Posted on: 30 August 2017

There's always a huge debate when it comes to determining whether or not buying or renting a home is the best option. Really it comes down your personal needs. However, many times, you will find that the benefits mostly come from buying a home. Here are the five major pros that usually make this a better decision:

  1. No Additional Monthly Fees: Unless you are living in an HOA community, there are no additional fees, such as pet rent, parking fees, and wall painting fees. However, even if you do live in an HOA community, the amount you are spending is fixed and it takes care of most of the neighborhood maintenance similar to what an apartment complex would do. 
  2. The mortgage is in Your Control: Once your mortgage is set, it's set forever unless you make changes, such as refinancing, in which case you can possibly lower your monthly payments. When you rent, you have no control over whether or not the amount goes up after your lease contract is up. This can possibly lead to the rent being much too high, and thus forcing you to have to find a new place to live.
  3. It's an Investment: When you buy a home, you are making an investment to help you financially in the future potentially. If you are able to pay off your home, you then have a home that is no longer costing you anything except the cost of maintenance. You can also sell at any point for a potential profit and buy a home that costs less in order to have more money in your pocket. 
  4. Tax Deductions: Every year, you can look forward to tax deductions as a homeowner. This includes mortgage interest, real estate taxes, and more. These can definitely help give you a break, which allows you to work towards other financial goals, such as saving for retirement or buying a car even. 
  5. Loan Options: Many people don't end up purchasing a home simply because they cannot save up the money for it. However, just because you don't have the money for it doesn't mean that it isn't possible. There are many loan options, such as a loan for the down payment on the home, which is extremely helpful if you are unable to save up for it. This way, you reap the benefits of owning a home rather than feeling like you are stuck renting. 

When you know these five pros of buying a home, you can see why it's definitely worth working up towards not only for the here and now benefits, but also the long-term benefits. Contact a local realtor for more information and assistance.