October 17, 2011
Ten reasons why owning is better than renting . . .
1. You own it: No landlord can tell you the have decided not to rent anymore, forcing you to move on short notice.
2. Your tax return: The IRS provides several tax deductions for homeowners including mortgage interest, property taxes and some costs involved with buying a home. In addition, people who work from home can claim home office deductions.
3. Interest rates: Rates are still at some of the lowest levels ever seen, making it a great time to jump into home ownership. Depending on the property it may even be as cheap as paying rent for a comparable property.
4. You are investing: Your rent money is gone forever, building equity for someone else. Your mortgage payments can build equity in the property.
5. You save for the future: As your equity grows, and you’re investment matures, you can sell it and make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: A fixed rate mortgage remains the same over time, so there are no unexpected increases in rent.
7. You decorate it: Unless you’re in an HOA with restrictions on paint and landscaping, you can do what you what you want with the decor of the property. Interiors offer even more creative license.
8. Your credit: Mortgage payments made on time over the course of the loan help build your credit rating even further.
9. You are investing in yourself: Even simple improvements like a new ceiling fan, fresh paint or new carpeting is in investment in your lifestyle, building equity in your property at the same time.
10. You are proud of it: Renters know their homes actually belong to someone else. Owners know that their homes truly are their home and are proud of what they have achieved.
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