4 Perks To Buying Your Home Over Renting
Buying Your Home Over Renting: There are many perks to renting a home at certain moments in your life. Owning a home requires a considerable amount of responsibility and more home-related expenses.
However, in the big picture, owning your home has significantly more perks than being a renter. Here are some of the biggest reasons why.
Buying Your Home Over RentingNo Worries About Increased Rent
Unfortunately, landlords are able to raise your rent at any moment, depending on where you live. When you’re not expecting an increase in your monthly expenses, it can come as a shock to find that you suddenly have to pay a lot more for where you live.
Owning your home means that the rent you pay will be going straight into your pocket rather than into your landlords. Once you find a loan to be approved to buy a house, you’ll be paying the lender a fixed amount rather than a potentially unpredictable amount to a landlord. If you are unable to get a loan, you can invest in mortgage bonds instead. This kind of investment will help you save up for a deposit on a new home.
No Landlord Disputes
Many renters find themselves butting heads with landlords regularly. They may have difficult landlords who don’t agree with something they’d like to do with their house.
Having to answer to someone else about what you can and can’t do in your own home can be infuriating. In some cases, landlord-tenant disputes can end up in lengthy court battles. Save yourself the stress and become your own landlord!
Tax Perks
Homeowners are eligible for a significant amount of tax savings. The IRS allows you to deduct your mortgage interest as well as property taxes from your return. Over time, this can be a significant amount of savings.
Rather than handing your hard-earned money over for nothing, you’ll be saving more money in your pocket.
Freedom
Landlords have the right to tell you whether you can paint a wall, install carpet, and even change an appliance. They are at the top of the food chain regardless of how much rent you’re paying.
When you own your own home, you can get an animal if you want to, knock down any wall that you want to, and throw all the parties that you want to.
It’s exciting and fulfilling knowing that you can do whatever you want with your house because- it’s all yours!
Ultimately, owning your own home will bring you more long term benefits than remaining a renter. You’ll be much more involved with your community and don’t have to answer to anyone else about your choices about how you’d like your home to look.
Having control over your living space gives you an increased sense of freedom and independence. If you haven’t considered being a homeowner yet, perhaps now you’ll start exploring the idea.