If you’re like millions of other Americans, you rent an apartment instead of owning a home. Depending on your current situation, this could be either a good or a bad thing. While renting is the ideal housing option for some individuals, for most individuals, it’s not.
Buying a house carries with it a number of different benefits which you just won’t get with renting an apartment. Wondering what they are? Here are 5 reasons why buying a home is a better option.
1. Comes With Few (Or No) Restrictions
Looking for maximum freedom in your living situation? If so, buying is the only option.
When you buy a house, that house and its surrounding area belongs entirely to you. You can do whatever you want with it.
This is not true of apartments. When you rent, you are subject to renovation restrictions, pet restrictions, and a variety of other restrictions. What you’re allowed to do in your apartment is controlled entirely by your landlord.
2. Reduces Your Tax Burden
Did you know that the interest accumulated on a mortgage can be deducted from taxes? Well, it can! This is one of the many reasons that buying a home is better than renting a home.
When you rent, you are not afforded any tax deductions. You are, instead, stuck paying the full amount of the rent which you agreed to in your lease.
3. Improves Your Credit
In the United States of America, there are a number of different things which you can’t get your hands on unless you have good credit. Having good credit allows you to take out loans with low-interest rates, allowing you to get good deals on expensive entities such as automobiles and real estate. A good credit score will also afford you high spending limits, allowing you to borrow more money overall.
Want your credit score to be as high as possible? Buying a home and making regular mortgage payments is a necessity.
4. Monthly Payment Amounts Stay the Same
As time passes, prices increase. Apartments and rental homes are certainly no exception to this rule.
What is an exception to this rule? Your mortgage rate! Once you agree to a specific monthly payment on a house that you buy, that payment will remain the same until the house is entirely paid off.
In essence, as rent prices rise each and every year, the price of your house remains the same.
5. Comes With an Ending
Do you want to be paying for your living quarters for the rest of your life? If your answer is no, you have to buy a house.
When you take out a mortgage on a house, there will eventually come a time when you’ll have completely paid it off. After this point, your monthly payments will come out to $0.00.
If you rent, on the other hand, you will always have a monthly payment to make. There is no ending.
Interested in Buying a Home?
Are you ready to kick apartments to the curb? Interested in buying a home? If so, Brockwell Bone, REALTOR, can help.
He will work tirelessly on your behalf in order to find you the home which you’ve always dreamed of.
