During the early years of your life, renting may seem like a better option because of the flexibility it provides you with. This may benefit you during a certain time but buying a home has the ability to benefit you much more in the long term. Here are some of the advantages that come with buying a home over renting.
As a homeowner, you will receive many more tax benefits. This on its own is a great incentive into investing into your own home. You will be able to deduct mortgage interest payments. Interest payments are often a very large part of mortgage payments in the early years of homeownership, making this a very large deduction. You will also be able to deduct some of your closing fees and property taxes.
Buying a home can offer you much more financial stability. Unlike rent, a fixed mortgage rate can’t be changed. This takes away the possibility of possible spikes in your rent. Knowing how much money you will need to pay every month allows you to plan out your finances much better and avoid sudden changes.
Owning your home allows you to be creative with your property. You can knock down a wall without the fear of losing your security deposit. You can redesign your bathroom to whatever you would like it to be. You can make the master bedroom larger. You are granted the freedom of unlimited customization when you decide to purchase a home while renting limits you to the ability to moving furniture around.
As the owner of the home, you are able to use it to create an extra income stream. Renting a spare room is an easy way to make more money month-by-month. If your financial situation allows it, renting an entire home out and buying another one for you to live in can be a great investment. Be sure to follow local rental property laws to ensure that you aren’t fined or forced to kick out any tenants you may have.
Homeowners tend to stay in their homes for longer than renters do, allowing you to become a part of the community. You can build relationships with the people around you. Being a part of the community lets you gain the support of those around you. You will have the ability to join neighborhood associations and participate in other events in your community.
Owning your own home comes with many advantages over renting. When you are ready to settle down for a long period of time, buying will likely be the best option for you.
