What are the benefits of buying vs. renting?

When looking for a place to call home one might ask themselves, “Should I buy or rent?”.

Here are 10 reasons on why you should buy a home instead of rent:

  1. Energy Efficiency

When you are a homeowner you can make energy-efficient improvements that will reduce costs. Simple improvements like adding insulation to upgrading your air conditioning unit can help reduce your monthly utility bill.

  1. Customize your Space

Make your home fit your needs and customize it to fit your lifestyle. If you want to knock down a wall to make a room larger or redo the kitchen you have the ability to do as you please.

  1. Less Furniture

As weird as this sounds, homeowners are likely to purchase less furniture then those who rent. When renting a property, you need to purchase furniture that fits that space. When buying a home for the long haul you can keep key pieces that fit your home.

  1. Investing in Yourself

While homeowners have to pay for their mortgage on a monthly basis they are investing in their home. Instead of spending your monthly income on rent, fancy meals and new shoes- homeowners are saving and putting that money towards a home they own.

  1. Another Income Stream

As a homeowner you can find ways to get that additional income stream. From renting a spare bedroom to renting out driveway space to commuters, you can even rent out small patches of grass for people who want to grow vegetables (in select cities).

  1. No Landlord!

Don’t leave fate to your landlord’s hands- unexpected eviction notice or extreme rules. This is also important for those who start a family or seniors that wouldn’t be able to just pick up their belongings and find a new place to call home with little to no notice.

  1. Home Repairs on your watch

When relying on a landlord it can take ages to fix appliances or clean out air vents. Simple repairs can be fixed easily when you’re in charge! If you need something done you are able to make a call and have a professional solve your repair issues when you need them.

  1. Fixed-Mortgage Rates

Fixed mortgage rates don’t increase, even if the cost of everything else does. It is suggested to make a 20 percent down payment and take out a 30-year fixed mortgage to lock in today’s low interest rates.

  1. Tax-Deductions

Homeowners have the ability to deduct mortgage interest payments as well as eligible expenses such as energy efficient improvements.

  1. Take Advantage of Low rates

When interest rates are low you can scope out the best deals that will benefit you. We can see that prices of homes have dropped while rent pricing has increased. Therefore, purchasing a home at a fixed-mortgage rate will most likely be beneficial in the long run.