Buy vs. Renting? Here’s why…
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. This is especially true in real estate markets with fast appreciation (like the Pacific Northwest!)
- The buyer has control of the property and can realize the the home as a capital gain.
- 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.
- 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.
- 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.
- 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.
Ready to talk about becoming a home owner? Contact me and let's figure it out together!