Advantages Of Buying
The following are advantages of buying that one should consider:
- There are instances in which the cost of ownership can be less than renting.
- The buyer has control of the property and realizes that the acquisition of the home is a capital gain.
- The buyer has “forced” savings, which can be important when the buyer pays down the balance by a substantial amount.
- The buyer experiences tax advantages. Up to $10,000 in property taxes and interest on up to $750,000 of mortgage debt can be itemized for tax deductions.
- The buyer experiences personal freedom by being able to redecorate, remodel, or make improvements as they see fit.
- The buyer experiences fewer restrictions. There are a fewer number of rules that the homebuyer must abide by, which includes restrictions as far as pets, children, and noise goes.
- When mortgage payments are made on time, the homeowner can achieve a better credit rating.