You might be torn between buying a house and renting one. Although there are merits to renting, you might be surprised on how beneficial it is to invest your money on a house that you can call your own instead.
What are the advantages to buying a home? Here are some examples.
- Investment – Instead of paying a fee for renting, why not invest it on mortgage instead? Consider this as a long time investment for you and the whole family. Aside from this, you will be able to personalize your space to add more beauty and character to your own sanctuary.
- Security – You will feel more secured living in your own home because, aside from being the one holding the keys, you will be able to increase your home’s security measures according to your needs without having to ask permission first.
- Advantage on Taxes – Owning a house can also help in giving you deductions in real estate tax depending on the type of home you will be purchasing. If you want to learn more about this, you can consult a tax lawyer before making any purchases.
- Leverage – Nowadays, you can purchase a house by giving a 5% down payment. If the house you bought has appreciated in value over a year, then you will be increasing your equity too. However, this can also go the other way round where you will get your equity reduced when your property’s value goes down.
- Saving Money – Anyone who is planning on renting or buying a house will most likely be thinking which one will give the most savings. Renting a house may sound cheaper than buying a house but if you will look at it in the long run, you will find that you will be saving a lot more when you purchase a house since the money you will be paying for your mortgage is to secure your future.
These are just a few of the advantages that you can get when you purchase a house these days as opposed to renting. Of course, you will still need to weigh the pros and cons of renting and buying especially when it comes to your current budget. If you have the means to buy a house right now, it is best that you invest your money this way. Otherwise, you can stick with renting for the meantime until you have enough savings to buy that house you’ve always wanted.
