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EDUCATION
WHAT'S SO GREAT ABOUT OWNING A HOME VERSUS RENTING?
Owning a home is a lot more than just "taking the next step" in your life. There are so many benefits that comes with home ownership than just the personal gain.
IMPROVED STABILITY
The most popular type of mortgage when buying a home is a fixed rate mortgage. This means that your monthly payments end up being a consistent price for as long as you live in your home. Not only this, but buying home is a long term investment and moving every year or so is highly unlikely so you can really feel settled.
GOOD INVESTMENT
A home investment is a lot different than just any other investment you will make in life. While other purchases you make will typically depreciate over time, real estate can actually appreciate if you take good care of your home.
BUILD CREDIT
Having a mortgage on your credit history is a great way to extend the average of your score because the length of your mortgage is typically longer.
TAX ADVANTAGES
Buying a home leads to multiple tax benefits. The biggest one being that you can deduct paid monthly interest from your tax returns. One can also deduct mortgage insurance payments and other home-related purchases.
CHEAPER THAN RENTING
There are many upfront costs when buying a home, but over time, these payments end up costing you less in the future than it would if you continued to pay a monthly rent on top of utilities and other renting expenses. To put it into perspective, your 1 bedroom apartment living alone could potentially be costing you more than it would if you bought a 3 bedroom home with a roommate.
BUILD YOUR EQUITY
Building equity is probably one of the biggest advantages of owning a home that there is. The longer you own your home, the value of it increases and the more equity you gain. When it comes time to sell, the market value of the home will typically be a lot more than what you got it for.
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