Top 5 Reasons You Should Purchase a Home Instead of Renting

May 9, 2017

Top 5 Reasons You Should Purchase a Home Instead of Renting

Home ownership has been the subject of a lot of criticism over the past few years, but it still remains a better alternative to renting, in most cases. When the housing market bottomed out, many homeowners were left in homes with declining values. However, if they had been renters, they would have experienced problems, too, as rental property rates shot up soon afterward.

Generally speaking, there are five main reasons that purchasing a home is more advantageous than renting. They are:

  1. Stability: Renters have to renegotiate their leases annually, hoping that their rent won’t go up. When you own your own home with a fixed rate mortgage, you never have to worry about your monthly payment increasing. Other expenses (utilities, groceries, etc.) may go up, but you can depend on your monthly mortgage payment remaining stable. It’s a great asset for long-term budgeting.
  2. Tax deductions: Not only do you get to deduct the amount you pay in the form of interest on your mortgage, but you also get to claim eligible expenses. Improvements that increase your home’s efficiency can save you two ways on the way to the bank: through utility rate reduction and on your taxes. No renter ever gets to say that!
  3. Investment: You’re making an investment in something that will be worth a lot of money. When you rent, your money goes into your landlord’s pocket. As a homeowner, the money pays for something you own. Later, if you want to sell your home, it may earn you a nice little pay out.
  4. Control: Unlike renting, when you own your own home, you can remodel, paint, redecorate and change it up in any fashion that you want. You want a red wall? Go for it! You want to make the bathroom bigger? Knock out that wall! Also, you don’t have to wait for your landlord to finally get around to making repairs. It’s all on your own timeline.
  5. Long-term plan: As a renter, it’s difficult to set down roots, as you never know how stable your lease is going to be in the years to come. When you’re a homeowner, you can depend on living in a neighborhood for a long period of time. You can plant rose bushes or trees and watch them grow. You can plan long-term renovations, knowing that each phase has its own time. You can make plans, based around your home, and know that you can make them happen.

When you decided that renting is no longer an option for you, consider giving Pro-X Realty a call to help you find the perfect home for your lifestyle.