A big decision that many people must make is whether or not they would like to rent or buy a home. Buying a home is definitely a big responsibility, but a lot of benefits come along with it. Here are three great benefits of buying a home for sale instead of renting one.
1. Tax Benefits
When you purchase a home, you get a lot of tax breaks that you don't get when you are simply renting. You can deduct the interest that accrues on your mortgage, as well as any and all property taxes that you may have. These tax deductions can either cut back on how much you have to pay in, or they can make your tax return even larger than it would've originally been. These tax benefits alone is enough for some people to consider purchasing a home instead of renting one.
2. Your Mortgage Won't Go Up
A lot of the time landlords like to raise the price of rent each year. They justify this by saying that prices are rising on just about everything, so their prices must rise too. This can be very frustrating for you as the renter, especially because you are likely on a budget. When you choose to purchase a home instead of renting one, you have the comfort of knowing that your mortgage is not going to rise each year. It will stay consistent for the life of the loan
3. You Can Do Whatever You'd Like With The Home
When you purchase a home, it is yours. This means that you don't have to answer to a landlord for anything. You can make whatever changes you'd like to the home, such as painting, updating the lighting fixtures, redoing the flooring, installing new cabinets and countertops, landscaping the yard, installing a fence, etc. The only thing that you need to take into consideration is what the city codes are in terms of any add-ons or remodeling work that you would like to do to the home. Knowing you can make the place your own and exercise your creative freedom is something that most homeowners really enjoy.
When you make the decision to purchase a home instead of renting one, you can reap the rewards of tax deductions, you don't have to worry about your mortgage going up in cost, and you have the creative freedom to do whatever you would like with your home.