Buying vs renting-which is better? Read on to learn why buying could make sense for you and why it can benefit you in the long run!
What are the pros and cons of buying vs renting?
- Freedom: When you own your home, you get to call the shots about what color the walls are painted, whether or not you want to remodel the kitchen, and more. Owning means YOU get to completely make the home your own.
- Appreciation: A home’s value can appreciate, making the investment of purchasing a home a smart move. Taking cash and using it as a down payment can allow the buyer to come out ahead, instead of using cash to gamble with the stock market or other investments.
- Tax Benefits: Homeowners have the luxury of deducting their property tax and mortgage interest from their taxes, which means more money back at tax return time. Just this benefit alone can make owning equal to or even less expensive than renting.
- Stable payments: Frequently, renters experience annual rent increases. When purchasing a home with a fixed interest rate, the mortgage payment remains the same and is always predictable.
- Savings: When making each mortgage payment, it can be likened to making a deposit into a savings account. When making mortgage payments, the value of your home simultaneously increases, while a rental payment goes straight to the landlord.
When deciding between buying vs renting, be sure to take a good look at your finances and decide what’s best for you. There are loans that are available that don’t require a large down payment such as FHA loans or VA loans. If you are looking for more information about buying a home, check out our buyer’s resource page. If you are interested in seeing starter homes in Plainfield and surrounding towns, visit our list of starter homes.
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