How Buying is Better than Renting
Whether you’re looking to move out of your parents’ house or just ready to relocate in general, there are a few options for you to consider. We’re talking about buying or renting. While there are benefits to each, we believe that buying has an amount of benefits. Have you spoken to a BHHS Select real estate agent before? Maybe it’s time to consider this option. Keep reading to find out how buying is better than renting.
Call the Shots
If you rent an apartment or home, that piece of property does not ultimately belong to you. In order to make any changes, you will need to check with the owner beforehand. If you don’t consult them, then you will have to pay for it later – literally. Owning a home, you get to call the shots when it comes to painting, flooring, and so much more. There’s a true sense of freedom when you have control over your living space.
Maintain a Set Budget
Has a landlord ever increased your rent? This is certainly a frightening possibility when it comes to renting – especially if utility bills are already weighing you down. When you are applying for a mortgage to buy a home, there is something called a fixed rate. Think of it like an agreement to avoid raising your payments. It will help you to maintain a set budget and save money over time.
Build Home Equity
As we mentioned before, when you purchase a home that property becomes yours. Ownership isn’t just about being able to hammer in as many nails in the walls as you want. It is an investment and probably the biggest one of your life. This is where building home equity comes in – a crucial element to buying over renting. Home equity is the portion of your property that you truly “own.” While you are still paying the bank to continue owning a home, portions of the loan will be paid off and the home is considered yours more and more over time.
Take Advantage of Appreciation
Once you have built equity you can look forward to home appreciation. Each year, your home’s value will increase based on multiple factors. These could include improvements on the home or even just in the neighborhood. Essentially, when you go to sell the home and you can sell it for more than you bought it, that’s additional money in your pocket. If you have been renting this whole time, you just have to give up the space when you leave.
Write it Off
According to Mortgage Calculator, “there are many tax benefits that could potentially make owning a home quite profitable.” Check out their website to learn more about those specific benefits.
The next step is up to you. Now that you understand how buying is better than renting, find your perfect home. We have an amazing team of real estate agents who make it their mission every day to put your needs first.
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