3 Benefits Of Buying A Home Versus Renting

When my youngest child moved out, I was left living in a large home by myself. Weekend visits from the grandchildren only filled the space part of the time. The home became more of a burden as each day passed. It was not until I was working with my real estate agent to sell my home and find a smaller home did I realize that there were so many others in the same position. I created this blog to help other empty nesters explore their options for downsizing and to provide guidance on finding a new home that fits in more with their lifestyle.

3 Benefits Of Buying A Home Versus Renting

3 Benefits Of Buying A Home Versus Renting

16 October 2017
 Categories:
Real Estate, Blog


If you're thinking about where to live and you're unsure if you should be a tenant or a homeowner there are certain things you should know. Of course, the amount of money you have for your living costs is the first item to consider. You will want to be certain to live within your means to avoid unwanted financial stress. However, being aware of owning a property versus renting one may be extremely helpful to you.

Benefit #1: Build up equity

One of the most significant advantages of making a home purchase is because you can build up equity. This can be extremely helpful in having a positive financial future and allowing you to have this money to rely on later.

The value of your home will depend on many factors, such as the square footage and location of it. However, the longer you live in your house, the more money you can potentially make on it when it comes time to sell it.

Benefit #2: Privacy

It's not uncommon to have much more privacy when owning a home. It's more likely that you will have a yard and a certain amount of acreage to do things you enjoy doing on a routine basis.

For instance, renting an apartment can cause you to be out in the public eye much more and around others most of the time. This may not be ideal if you're more of a private individual.

Benefit #3: Predictable costs

Once you have secured a loan for your home,  you will be able to keep it at this amount unless you refinance it. On the other hand, if you're a tenant the landlord can increase your rental costs at any time, and this can be difficult to handle when you're on a budget.

Benefit  #4: Tax Deductions

Being a homeowner will enable you to enjoy some tax deductions that you may not get if you rent. For instance, the interest you pay on your mortgage is deductible, and the insurance and property taxes are, as well.

The key to finding the best place to live may rest in doing your research and working to stick to your budget. It's ideal to think about owning a home if you can do so because of the numerous advantages that accompany this situation. Be sure to work with an agent in your area to assist you in making this real estate purchase today!

About Me
Home Buying Tips for Empty Nesters

When my youngest child moved out, I was left living in a large home by myself. Weekend visits from the grandchildren only filled the space part of the time. The home became more of a burden as each day passed. It was not until I was working with my real estate agent to sell my home and find a smaller home did I realize that there were so many others in the same position. I created this blog to help other empty nesters explore their options for downsizing and to provide guidance on finding a new home that fits in more with their lifestyle.

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