Owning a home is part of the American Dream, but many people erroneously believe they’re not qualified. Others might assume that it’s not worth the hassle and expense, especially if they’re not going to settle in the home forever. Should you buy instead of rent a home? That depends on your specific circumstances—but there are plenty of reasons to buy a home vs. rent one.
Here are seven reasons you should consider buying:
- Control over the property: One of the best things about owning your own home is that you can do whatever you want with the property. Want hot pink walls for your kid’s room? No problem. A new deck with an outdoor kitchen? Why not? Many homeowners are delighted to finally customize their living space in the exact manner they choose.
- Stable payments: Unless you’re in an area with rent control, your rent payments can increase any time the landlord renews your lease. Your rent might be affordable now, but if the cost of living goes up, and your paycheck stays the same, you might find yourself having to move very quickly. If you have a fixed-rate mortgage, you won’t have to worry about this issue. Plus, eventually, you should be able to pay off the mortgage, freeing up more monthly income.
- Tax incentives: You don’t get any tax incentives when you rent—but when you own a home, you can deduct your mortgage interest and other costs. For example, making energy-efficient upgrades to your house usually earns homeowners some hefty tax breaks.
- A smart investment: Owning a home allows you to build equity, which you can leverage for other purposes. It’s also a great way to ensure your loved ones are taken care of after you’re gone. Leaving the house to your family gives them a safe place to live, and a head start on their own investments.
- More privacy: When you rent, your home isn’t really “yours”—the landlord is entitled to come onto the premises after reasonable notice. If they want to rewire the lighting or repaint the walls, there’s not much you can do, even if it interferes with your daily life. Owning a home provides much more privacy.
- Housing security: Similarly, renting means you’re never truly guaranteed a place to live. Your landlord can raise the rent or evict you (within the confines of the law), which means you’ll have to pack up and find a new place to live in a hurry.
- Create long-lasting social ties: Finally, owning a home makes you part of a community. Create long-lasting social ties by buying into a neighborhood, and contributing to it in the decades to come.
While there are some upsides to renting, owning a home is one of many people’s life goals for a very good reason. Now that you’ve seen these reasons to buy a home vs. rent, why not tour an UpDwell Homes LLC neighborhood today? Reach out to us to learn more and schedule a consultation. We look forward to learning more about what you and your family are looking for in a home and community.