Long term, buying a home is cheaper and more beneficial than renting.
Buying is a more financially and emotionally beneficial path. It allows you to turn a house into a home and will also give you the opportunity to live mortgage free one day, bringing you security to retire comfortably. However, you won’t be stuck. Someday
your home will be worth more than you bought it, so when you move on, you’ll profit.
There are countless benefits that come with buying. Here are a few of the key reasons it may be the better option for you.
Individualism: You can do anything you want to the structure and design of your home. Paint your living room, finish the basement, install a new sink… the possibilities are endless.
Tax Benefits: When you become a homeowner, you can deduct mortgage interest and property tax each year. The difference in savings can make the cost of owning less than renting.
Home Value: A home’s value will increase overtime making your home an investment. Your hard-earned money will be put towards something that is only going to be worth more in the future. If you choose to move, you’ll make money back from selling your house,
rather than how with renting, that money is used to pay off someone else’s asset instead.