When you’re assessing your living situation, one big question will arise: should you buy or rent? Renting can seem easy, flexible, and affordable, while homeownership can offer more stability and some financial benefits. How do you decide which option is the right choice for you?There are many benefits to renting, but they don’t provide the same benefits as buying. Read on to learn more about why you should consider buying a home today.
Personalize Your Space
One of the biggest benefits of owning your own home is that you can personalize your space. When you’re renting, there’s only so much you can do to make your home and landscape your own. You usually can’t paint and sometimes you can't even put holes in the walls.
When you own your own home, you can do anything you please with the décor. You can choose a design that suits you and create a space that makes you feel relaxed, happy, and at home.
Keep Your Pets
When living in an apartment, there are certain rules that must be followed when it comes to pets. Have you ever worried about a dog's weight limit in an apartment? Or possibly tried to hide a cat that you weren’t supposed to have? Even if your apartment allows you to have pets, you still have to walk your pet multiple times a day which can be a hassle.
When you have your own house, you can keep whatever pets you like, so long as they don’t break any city ordinances. And your pets can go out into a fenced yard, making their life and yours much happier.
Avoid Noisy Neighbors
One of the downsides of apartment living is dealing with noisy neighbors. And short of making a noise complaint to your landlord, your hands can be tied on how to best deal with a loud neighbor.
When you own your own home, it’s much less likely that you’ll have to contend with noisy neighbors. Not sharing a wall can grant you a much better and quieter relationship with them. You also don’t have to worry about being a noisy neighbor yourself!
Enjoy a Yard
One of the unexpected downsides of renting an apartment is not having a yard. Not only is this harder on your pets, but you don’t have your own green space. You may have to compete with fellow tenants to use grills, spots by the pool, or other green areas around the complex if there’s any at all.
Owning a house comes with all the joys of having your own yard. You can host cookouts, enjoy long summer evenings, grow a garden, and play with your kids and pets. You can also plant whatever sort of landscaping you please to make your yard into your own personal paradise.
Get Tax Breaks
If you’re looking for financial benefits of owning a home, one of the biggest is the tax breaks you can get. The government offers a first-time homebuyer's credit designed to make purchasing your own home more manageable. But the benefits don’t end after the first year you own your home.
Each year you file your taxes, your mortgage interest is deductible, as is your interest on home equity loans. You may also be able to deduct property taxes and some of your closing costs from your taxes the year you buy your home. This can save you a lot on your taxes and get you a bigger refund that you can then reinvest in your new home.
When you rent a house or apartment, your money is not being used to build equity. You’re paying your landlord for the privilege of using the property, but none of that money ever gets you anywhere with the property. You could rent for thirty years and have no more financial capital at the end of it than you began with.
However, when you buy a home, every mortgage payment you make goes towards building the amount of equity you have in the home. If you stay in the home throughout the life of the loan, by the end, you’ll own your home and be able to sell it for cash. And even if you move before you pay off your loan, you’ll be able to keep some of the proceeds from selling the house.
Discover the Benefits of Buying vs. the Benefits of Renting
Deciding whether to buy or rent is a personal decision that’s different for everyone. But in general, the benefits of buying a home far outweigh the benefits of renting. You can make the space your own, improve your sense of stability, and make stronger financial choices that set you up for a better future.
If you’d like to find your dream home, check out the rest of our site at Gray Point Homes. We believe that happiness begins in the home, and we’re here to help you find the place where happiness lives for you. Find your new home today by filling out the form below and start taking the first step into a better future for you and your family.