12/20/2023
RENT VS. BUYING
There are many advantages to owning a home. But home ownership also comes with its own set of responsibilities.
Advantages to owning:
Build equity.
Unlike with renting, your mortgage payment builds equity in your home every month, meaning at the end of your mortgage period, you will actually own your home outright and never have to make another monthly payment again.
Increases in value.
Under most circumstances, your home will increase in value as it appreciates each year, as long as you maintain it and make improvements.
Better control of expenses
With a mortgage, you know what your monthly payment is going to be and won't have to deal with periodic rent increases, especially if you have a fixed-rate mortgage.
Tax advantages
When you own your home, you will have to pay property taxes, but you will also qualify for tax deductions like the Homestead exemption and federal tax deductions.
Low interest rates
When interest rates are low, you get the benefit when you lock in that low rate for the life of your loan.
Creative freedom
It's your home, so you can paint, decorate, and modify it however you like—provided you aren't violating any codes or bylaws.
