Home ownership is a dream that many of us have from the time we are very young. While buying a new home may seem overwhelming to many of us, the enhanced quality of life and many financial advantages associated with home ownership drive millions of people each year to take the steps to achieve their dream of home ownership. For most of us home ownership is the biggest financial investment we ever make and it is also the best financial decision we ever make.
If you are still deciding between renting a home versus buying a home consider the following items and we think you’ll agree, that there is nothing like owning your own home.
- Mortgage interest is tax-deductible. Rent is not tax-deductible. The IRS and landlord’s gain is your loss.
- The potential tax savings and equity that come from home ownership can be used for your future needs, helping to pay for your children’s college or your own retirement for example. Paying rent does not offer any long term financial benefits.
- With the wide variety of mortgage options available, you can control your monthly payments. When renting your landlord controls your expenses.
- When you own your own home you can personalize your home for your own decorator touches, like custom paint colors, unique flooring or light fixtures. Where in a rental you live with your landlord’s tastes and decorating.
- New homes have utility rooms allowing you to do laundry at your convenience, rather than searching for quarters for a Laundromat.
- Your own home offers a garage to safely park your car, while most rentals offer car ports or street parking.
- Your home will offer a yard where you’re able have pets and your children can play safely. Pets are often unwelcome in rentals and children have to play in streets, parking lots and other less secure areas.
- Your yard will also offer you an outdoor space you can customize for your own lifestyle with gardens, barbeques, gazebos and more. Where rentals often have room for a few potted plants and not much else.
- Most of all home owners have the satisfaction of accomplishing a major goal. Where renters never enjoy this sense of pride.