If you are considering purchasing a home, it is always a good idea to stop and consider the timing of your purchase. Is it really a good time to buy or should I rent until the market is better?
In the current market, you may very well pay less per month to own a home than rent one! Even better, the amount you may need to put down in rents/deposits to move in may be enough to cover a portion of your closing costs and down-payment to buy.
In this case, the benefits of buying a home far outweigh the benefits of renting. Read our list of the top benefits of buying a home below:
1. You will have a fixed mortgage rate
With a “Fixed Mortgage Rate” you have a fixed monthly payment. When you rent, you have no control of monthly rent increases set by your landlord if you plan to remain in your lease over time.
2. You will build equity over time
If you buy and plan on keeping your home long-term, you will build up equity over time. When you rent, you receive no equity. Basically, when you move out of a rental, you have no chance of earning money from the property you have been living in.
3. You may have tax advantages
There are certain tax advantages you may get that are not available for renters. I am not a CPA, but I do recommend you speak with a local CPA to learn of the tax benefits of owning a home vs. renting because many of my clients can write off mortgage interest payments. You may qualify for that tax benefit too!
4. You never have to worry about the home selling
Landlords can sell the home you are renting without conferring with you! When you own, you never have to worry about your Landlord deciding to sell the property you are living in and kicking you out once your lease is up.
5. You will not have pet restrictions
Do you have pets or breeds that landlords will not agree to? When you own, in most cases, you can own any type/breed of animal you wish.
6. You do not have to pay realtor fees
When you buy a home, my fees to help you are paid by the seller of the home your purchase.