Renting vs. buying? This has been an ongoing debate forever! Buying a home is a milestone in life that everybody is trying to achieve. Why not make it sooner rather than later? Here is why buying is a better option than renting:
- Want that feeling of ownership? Owning your home means you have the ability to alter or change any little thing you want without asking. If you don’t like a feature of the house, you can change it. The freedom of owning allows you to remodel, expand, and tear down any part of the house you want.
- Home ownership builds home equity and wealth, which will benefit you long-term.
- The federal government offers tax incentives for homeowners.
- Renting means constantly paying rent without any added benefits or the possibility of money back. With ownership, you have benefits that range from the mortgage improving your credit history to fixed payments you can budget accurately.
- Your mortgage is set in stone when you buy a house while rent continues to rise month after month.
- Locking-in mortgage payments means the ability to level out-living expenses and increases sustainability.
- After your mortgage is paid off, you are done paying a monthly balance. With rent, your payments never stop coming.
- Chances are that the rent payments added up every month is more than a down payment for a house.
- If you have a pet and are renting, you are most likely paying an extra monthly fee for your furry friend. Ownership means your pets can roam your home and yard for free.
- Being a homeowner may mean privacy compared to renters sharing walls with their neighbors.
- Home ownership also means you can rent out your home to others when you’re not using it, so you earn the option to create even more wealth.
- If you do want to move, you can sell. Then use the money for a bigger and better home.
Are you thinking of becoming a homeowner? Contact the RJ Homes team. They’ll be happy to answer all your questions.