5 Benefits of Buying Instead of Renting

5 Benefits of Buying Instead of Renting

Should you buy a home or continue to rent? Interest rates are increasing and homes are selling for record numbers. Buying a home is expensive. At the same time, rent just keeps skyrocketing, and many people are paying more to rent than they would to own their own home. Is renting just throwing away money you could be putting toward an asset? If you’re thinking about buying a home, here are some of the benefits.

Boost Energy Efficiency

If you’re living in an aging home or apartment complex, the money you’re paying to heat and cool it may be literally going right out the window. If you pay your utility bills, your landlord doesn’t care what it costs you to keep things comfortable inside. They’re not likely to replace windows or install more energy-efficient insulation.

If you buy your home, you can look for one that already has energy-efficient upgrades. Higher SEER air conditioning units save a bundle over older units. Newer model homes have better insulation, energy-efficient windows and a lot of other upgrades that save you money and reduce your carbon footprint. If you buy a home in need of upgrades, many of them qualify as a tax credit.

Create Saving Habits

You don’t have to budget for repairs on a rental, which can save you a lot of money versus having to fix things yourself. However, even when you have to spend money on repairs and upgrades on your home, you’re making improvements that increase resale value.

Buying a home invests money rather than just spending it. When you pay your mortgage every month, you aren’t just turning over a huge chunk of your income to never see it again. The more you pay off your mortgage, the more likely you’ll make a profit if you decide to sell.

Earn Tax Deductions

The interest you pay on your mortgage is tax deductible. So are closing fees and property taxes. Many home repairs can also be claimed if you itemize. When you calculate the savings from tax deductions, owning a home is cheaper than renting for most buyers.

Control Future Costs

Landlords can raise rent every year. If you choose a fixed rate mortgage, your payment will stay about the same. Over the years most likely your income level will increase, but your house note won’t.

Mortgage rates are still relatively low. They are predicted to increase in the near future, which will drive inflation and increase home prices. Buying now will save money in the long term.

Be the King (or Queen) of Your Castle

You never have to deal with a landlord ever again. No one can tell you how loud to play your music, where to park or what to do with your pets. Paint the walls any color you want without having to ask for permission. When you own a home, you put down roots. You make it your own and begin to envision your life years into the future, not just months.

If owning a home is your dream, Hire Realty can help you make that dream come true. Contact one of our agents to get started.






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