Buying a home is everyone’s dream and now that you have cleaned up your credit and scraped together a down payment, it’s time to decide if you are ready to give up renting and buy your dream home. Buying a home comes with a lot of headaches and hassles, but it also comes with a lot of excitement and pride of ownership. If you are torn between continuing to rent or buying a home, here a just a few of the benefits that come with buying instead of renting.
Decorate Any Way You Want
Owning a home means you no longer have to get your landlord’s permission to paint, you no longer have to beg the landlord to replace the torn and stained carpet and you can knock out a wall if you want to expand a room size. You can paint every room in the house in the color you want, you can rip out the carpet and install hardwood flooring and you can knock out as many walls as you want. Another benefit of having the ability to make these changes is that in some cases, making changes will also increase your resale value.
Excellent Tax Benefits
When weighing the benefits and costs of renting vs owning a home, one of the most important things to consider is the tax benefits you’ll have when buying a home. Although renters insurance is generally less expensive than homeowner insurance, renters are extremely limited when it comes to tax benefits. However, when you own your property, there are a number of tax benefits. For instance, as a homeowner, you may be able to deduct your mortgage interest as well as the property taxes.
One of the best benefits of buying instead of renting is that as long as you get a fixed-rate mortgage when buying your home, the mortgage payment will never change, unlike when renting there is a risk of your rent being increased each time the lease ends. There are many other benefits as well that come with owning a home, for instance, when you provide your agent Paul Daneshrad with a list of the areas in which you want to buy, you may be able to afford to buy a home in an area that was out of your budget for rent.