Buy vs. Renting? Here’s why…

Advantages Of Buying

The following are advantages of buying that one should consider:

1. There are instances in which the cost of ownership can be less than renting. This is especially true in real estate markets with fast appreciation (like the Pacific Northwest!)
2. The buyer has control of the property and can realize the the home as a capital gain.
3. The buyer has “forced” savings in the form of equity, which can be important when the buyer pays down the balance by a substantial amount.
4. The buyer will experience tax advantages with the ability to write off up to $10,000 in property taxes and interest on up to $750,000 of mortgage debt that can be itemized for tax deductions.
5. The buyer can experience personal freedom by being able to redecorate, remodel, or make improvements as they see fit without permission from a landlord. Also, the buyer can realize equity from these improvements.
6. 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.
7. When mortgage payments are made on time, the homeowner can achieve a better credit rating.

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