Benefits Of Buying Instead of Renting
After the mortgage crisis of the late 2000s, owning a home started to have a bad reputation. This was because many people were unable to afford their mortgages during this time, ending up underwater or in foreclosure.
Owning a home is supposed to be the American Dream though right?
Absolutely! Those times are finally turning around. Rent is on the rise and home prices are dropping thanks to the ebb and flow of the economy. Here are some of the top reasons to buy instead of rent in this day and age.
1. You Don’t Have To Deal With a Landlord
Why is is that you only seem to interact with your landlord when something negative is on the rise? Luckily, when you own a property, you don’t have to deal with surprise eviction notices or months-on-end waiting periods for them to come and fix that broken disposal in the kitchen. You’re the leader of your own home and you answer to no one else. That slice of freedom is the true American Dream.
2. You Can Upgrade Your Own Space
Most landlords will allow you to live on your property as long as you abide by their codes. Some of those mean that you can’t upgrade or customize your living space. When you own a home, you can improve it in a number of ways, from installing energy-efficient upgrades such as solar or spa-style showers, or knocking down that impractical wall between the kitchen and the living room. Your home is at your disposal and you have no security deposit to worry about losing in the process!
3. You Can Monetize Your Home
Who says that you have for the long run to sell your property and make money off of it? Thanks to the Internet, homeowners are beginning to discover more and more ways to monetize their homes such as renting out spare bedrooms and storage spaces, starting home businesses, or hosting events. If you want to go the standard route, we highly recommend signing your home up for a hosting site like AirBnb.
4. Take Your Tax Deductions
One of the most prominent benefits of owning a home is that you can deduct mortgage interest payments come tax season. If you really dig beneath the surface though, there are quite a few benefits to doing your taxes as a homeowner. Let’s say you get those energy upgrades that we were talking about earlier. That’s tax-deductible! If you have a home office, you can also deduct that space. We recommend taking a look at the long list of homeowner tax benefits here.
5. A Fixed Mortgage Won’t Increase
We’ve all heard the horror stories or major rent increase forcing tenants out. It’s one of the major downsides of gentrification. Luckily, homeowners don’t have to worry about fixed mortgage rates rising. If you lock yourself into a 30-year fixed mortgage at an incredibly low rate, you are essentially protecting yourself from inflation as you and your family grow and other costs rise around you.
Obviously buying a home isn’t in the cards for everyone, though don’t think of it as some negative or unattainable goal, especially if you’re young now. If you do have a steady job and are ready to make that next big step in your life, buying a home can be more than ideal.
We hope that our buying benefit guide has inspired you to begin your own home-buying journey. Do you own or have you ever owned a home before? Let us know your experience in the comments!