Monday, October 24, 2022 / by Lauren Wilson
6 Reasons Owning Tops Renting
Build your dream home - One of the biggest advantages of owning a home is having the luxury to customize your living space completely. Not to mention that as life changes, families grow and tastes changes, owning a home will give you the flexibility to adapt your space to fit your lifestyle.
Tax deductions- There are several deductions for homeowners that may result in a higher tax return, including property tax deductions, private mortgage insurance deductions, vacation home tax deductions. A tax professional can further inform you on which deductions you may be eligible for.
Low interest rates- Interest rates are lower than they’ve been in previous years, and the rates are always changing. Now is a great time to take advantage of the current low rates before they potentially rise. Timing is everything when purchasing a home.
Opportunity for a second income- As a homeowner, you may have the opportunity to rent to others to gain a second source of income.
Fixed mortgage payments will not rise - When renting, there’s always a risk of monthly rent payments increasing depending on the landlord or property management company. Fixed mortgage rates are constant and will not result in surprise payment increases.
Stability- There is a sense of stability when living in a home versus renting. It’s more likely that a homeowner will stay in their home for much longer than the average renter would. This brings a sense of belonging and establishment.
Overall, buying a home is not as intimidating as it may seem. The final key to a successful purchase is having the right team of experienced professionals navigating you through the process.