There are lots of opinions about whether it’s best to buy or rent a home. While there are a few pros when it comes to renting, there are many more benefits to owning your own home! Our Flower Mound real estate professionals reveal a few of the benefits, some you may not have considered, of buying a home.
Budgeting is easier because you know how much your house payment is each month. You never know how much rent will increase when the lease expires; buying your own home means you’ll know how much your mortgage payment will be, and the money you spend will go toward owning your own home – not in the pockets of a landlord.
It costs less over the long-term. Of course you face a down payment and closing costs, however with current low mortgage rates, the money you’ll spend on a monthly basis is often less when you purchase a home than when you rent. Think of it this way: Your home will eventually be paid off; if you continue renting, you pay to live somewhere for the rest of your life!
You get to keep more of your money through tax benefits. The interest paid on your mortgage each year, property taxes, accounting costs – there are many expenses you can deduct on your tax returns.
Homes usually appreciate, which means they increase in value – a great asset for your future, and perhaps for your kids as well. Depending on market conditions and the length of time you intend to stay in your home, it will usually increase in value substantially. For instance, a home you pay $200,000 for could be worth far more than that in 10 years!
These are just a few of the benefits of home ownership; the biggest one of all is that you have a home that belongs to you, one you can live in for as long as you like. No worries about whether the landlord will decide to sell the home, leaving you looking for another place to live.