Making a list of the pros of homeownership versus renting to see if it’s time to buy? Consider these 7 key differences:
1. Acquire Tax Benefits
Homeownership comes with tax deductions. You’re generally able to deduct mortgage interest, property taxes, some homebuying costs, and energy efficient improvements.
2. Watch Your Value Grow
Real Estate is considered a good long-term investment.
3. Build Your Equity
Your payments increase your equity (ownership), building long-term value for yourself instead of your landlord.
4. Grow Your Net Worth
Homeowners generally build more net worth than renters.
5. Enjoy the Control
You’re in control of costs. No one can raise the rent unexpectedly or sell your home without asking you.
6. Feel the Freedom
Paint the walls any color you choose, add amenities that appeal to your lifestyle, and choose the upgrades you want!
7. Experience a Sense of Pride
What could feel better than painting your name on the mailbox, lounging on your own porch swing, and entertaining your friends for a summer backyard barbecue.