If you’re looking for a place to live, you may be trying to decide whether it’s better to buy or rent. Renting does have its advantages: there’s less upfront investment and you can move when your agreement or lease is up without having to sell.
However, for most people, it’s a much better option to buy a home rather than rent it. There are several reasons for this, from the freedom it gives you to all of the financial benefits. And because we happen to be experts on the topic, we rounded up nine reasons why buying a home is the superior option! Read on to learn more and give us a call if you decide to start searching for your dream home.
1. You’ll Have a Sense of Freedom
Want to paint your living room blue? Have a kitchen that is in serious need of an update? As a renter, it can be hard to customize your home exactly the way you want. When you own your home, you have more control over redecorating and remodeling—without having to worry about losing your security deposit. And if you’re an animal lover, owning a home means you won’t be thwarted by strict no-pet rental rules.
2. You’ll Feel More Secure
Unless the bank forecloses on your house, your home is yours until you decide to sell it. Many times, landlords can evict due to external circumstances—like if they decide to sell, destroy or repair the home. Being a homeowner means that you’ll never have to move because of factors outside of your control.
3. It Can Be Cheaper
Although buying a home is more expensive at the get-go, it can actually be cheaper than renting in the long term. Depending on the low fixed-mortgage rate and how much you put towards a down payment, your monthly payment can be way less than how much you’re currently paying for rent. Plus, while landlords can raise your rent at lease renewal, your mortgage payment won’t go up—even if the market inflates.
4. It Helps Build a Better Community
Buying a home is a big step towards putting down roots in a community. Research shows that because homeowners are more invested in their properties than renters, they’re actually more committed to their surrounding community. When you’ve settled down in a neighborhood, you get to know your neighbors, can participate in community events, and create long-lasting relationships that will make your community a better place to live.
5. Appreciation Benefits
Buying a home isn’t just a great investment in your future—it’s also a great financial investment. As a home appreciates, it accrues faster than a stock might because you get the appreciation of the entire home’s value (which includes any updates you make), not just the gain on your down payment cash investment. So if you’re looking to invest, buying a home could be a great option for you.
6. Tax Benefits
In addition to appreciation benefits, there are also plenty of tax benefits that come along with buying a home. That’s because homeowners are allowed to deduct mortgage interest and property taxes when they file tax returns each year. These tax deductions can actually save you hundreds of dollars a month, which makes owning the same as, or cheaper than, renting on a monthly basis.
7. It’s More Energy Efficient
Wanting to go green? Owning a home can actually be better for the environment than renting. Because you can customize your home to your needs, you can add your own energy-efficient improvements like adding insulation, upgrading your air-conditioning unit, or installing an energy-efficient roof—without having to depend on your landlord.
8. It Can Be a Second Income Stream
From putting the space above the garage on Airbnb to renting out driveway space to commuters, there are so many ways you as a homeowner can monetize your home. And while owning a home is a long-term commitment, many homeowners go on to rent out their first homes when they purchase a second—creating a seemingly endless second income stream that you can put towards your future!
9. It’s All Yours
When you own your home, there’s a feeling of pride and accomplishment that comes with it. You worked incredibly hard and the moment you hold those keys in your hand will be well worth it. And while there are plenty of benefits to renting, there’s nothing quite like the feeling of owning the place you call home.
Ready to Buy?
Let us help! Give us a call and we’ll connect you with one of our helpful agents. Or take a look at our Advanced Search tool to help narrow down exactly what you’re looking for in your dream home.