5 Reasons Why Owning Beats Renting
Owning a home is a smart, long term investment that helps to provide wealth and security for you and your family. When you compare owning your own home to paying rent to a landlord, you can see that home ownership has many benefits.
- Personal Freedom – As a renter, you don’t have a lot of control over your environment. If you want to paint the walls or hang up your favorite pictures, be prepared to make sure it all is returned to the way it was before you moved in. When you own your own home, you can make improvements to your home and customize your home to your preference.
- Income Tax Reduction – The interest that you pay on your home loan is a tax deductible expense. The property taxes that you pay on your home are also deductible from your taxable income. These two tax deductions can lower your tax bill. Contact your tax advisor for more information about these deductions and your situation.
- Wealth Accumulation –When you own your own home, your monthly mortgage payments gradually pay down the balance of your home loan. As your balance goes down, you build equity in your home. Equity is the difference between your mortgage balance and the market value of your home.
- Borrowing Power – Once you have built up a certain amount home equity, you may be able to borrow against it. A home equity loan of credit can be used for home improvements, paying for college, a new car, or almost any other need.
- Stability for You & Your Family – When you’re renting you can face yearly increases in your rent. You may also find yourself moving from apartment to apartment in the search for less noisy neighbors or a landlord that responds to your repair requests more quickly. This constant moving can be upsetting to you and your family. When you own a home you can put down roots, get to know your neighbors, participate in your community and provide security and stability for your family.
If you are ready to move from being a renter to a home owner, contact a knowledgeable real estate consultant to guide you through the process.
If you are looking to buy a home in the San Antonio area, Trudy Edwards of Keller Williams Realty Heritage has the professional resources, technology and experience to help you find and purchase your new home. Contact Trudy Edwards at (210) 595-9801 or by email at firstname.lastname@example.org or start your home search online today at http://www.TrueSARealEstate.com