Renting Vs. Buying a Home
Filed under: Home Tips
With the current competitive buying market, you may be ready to throw in the towel and switch to renting. However, the reality is, even if you have to compete and make concessions to get your home right now, you will always find more benefits in buying than renting.
4 Benefits to Buying a Home Instead of Renting
Buying a home will always win out over renting. When you take the steps toward owning a home, you invest in your future. Here are the benefits to buying as opposed to renting:
- No Wasted Money: Each mortgage payment you make per month may be comparable to a rental payment, but at least it goes toward paying down the principal balance. By the end of one year, you’re going to have equity in your home.
- Tax Deduction: When you own a home, you can claim a tax deduction that reflects the deductible mortgage interest of your loan. This deduction can go toward reducing your taxable income for the year.
- Value Increases Each Year: All signs point to increased home values for the future. When you buy a home now, you can count on your investment increasing in value year-to-year.
- Pride of Ownership: One of the biggest benefits of owning a home is the pride you take in your property. You are free to customize the house to your preferences by updating, adding on, painting, landscaping, and renovating. The home is yours to change and grow with your family over the years. Or you can update it and sell it for a substantial profit.
Don’t be scared away from buying a home because of the competitive market. When you recognize the benefits of owning a home, you can make your dreams come true with the right team by your side.
If you are looking for a home in Temecula, you want a real estate expert who knows the area and acts quickly to secure the home you love. Take control of your real estate strategy by calling, texting, or emailing me at (951) 473-0390 or [email protected].