It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
RENTING
- Rising rental costs – Your monthly payment generally goes up each time you sign or renew a lease.
- Not earning financial benefits – No return on your investment or tax benefits, rent money is lost.
- Limited ability to save – As rents rise, it can be harder to save for a down payment and buy a home in the future.
- No maintenance costs
- Shorter time frame makes moving easier and less expensive
BUYING
- Stabilized housing costs – Your monthly payment is locked in for the length of your loan, usually 15-30 years.
- You own a tangible asset – Any home price appreciation helps grow the value of your home.
- Increased net worth – Your payments and price appreciation build equity and your net worth over time.
- Substantial tax breaks for homeowners
- Home may lose value
- Must pay maintenance, taxes, and insurance
If you want to learn more about the benefits of homeownership, reach out to a real estate professional today.
