The debate of renting versus owning is an ongoing one but there are many benefits to owning. It might be daunting to take the plunge and buy a home but the benefits are not only financial.
In video I take a look at some of the benefits of homeownership, both financial and non-financial.
I wanted to piggyback off of my last topic and take a look at the benefits of homeownership. There’s a lot of benefits so we’re just going to take a look at a few one of them.
- Upfront Cost – We talked about this in the previous video and it doesn’t have to be a lot of money. It can be comparable to a security deposit.
- Monthly Cost – This typically consists of your Principle, Interest, Taxes, & Insurance and many times works out to be pretty comparable to the average market rate for rent or even less.
- Equity – When you pay your rent that money goes into your landlords pocket and you never see it again. When you pay your mortgage a portion of that is applied to your principle and pays down your loan. You’ll see the benefits either you sell or when you pay that loan off.
- Mortgage Interest & Property Taxes – Both of these have tax impacts so you will see benefits when you file your taxes and might even get a larger tax return. Make sure to consult with your tax professional regarding these tax implications.
- Stability – When you sign a 30 year fixed rate mortgage or a 15 year it’s locked in so you know what your payment is going to be for the next 15 or 30 years. If you’re renting who knows what the markets going to do, prices might go up and become completely un-affordable.
- Control – You own the home and you can do whatever you want. If you want to knock a wall down go for it or if you want to add a center island to the kitchen, do it.
- Privacy – You don’t have to deal with landlords or property managers stopping by un-announced or with 24 hour notice.
- Pride – Being a homeowner is prideful it’s something to be proud about.
All things considered, there’s a ton of benefits of being a homeowner
Give me a call today to discuss if buying a home makes sense for you!