Good Reasons to Buy instead of Rent

Renting might seem like less hassle than buying a home. At some level, albeit in a limiting way, it’s probably true.

But have you ever heard of renting an apartment equated with living the American Dream?

In truth, long-time renters who make the move and buy a home often say the same thing: “I wish I had done it sooner.”

The advantages to owning instead of renting are both real and numerous. It just often requires taking the leap to fully appreciate them. So, let’s look at what some of these advantages are and what they mean for you once you buy into a share of the American Dream and own your own home.

1. Building Equity: You build equity on a home as you pay off the mortgage. And value builds over time as the property appreciates while you are paying off the mortgage. Values are increasing. So, ask yourself? Why keep paying rent when the money is not working for you, just going to someone else? Trust me, you will like the way this feels, too.

2. Mortgage rates are low: Historically, that is not always the case. It is now. It is still a very good time to buy.

3. Saving money for decades: When you buy a home, you see those savings from renting to owning build up over time. And if you locked into a fixed-rate mortgage, you don’t have to worry about the rate changing. You’ll like how this feels too.

4. Tax benefits: There are multiple tax benefits to owning a home. One big one is the MID – Mortgage Interest Deduction. Renters don’t get this, by the way.

5. A place to call your own: You can make your home your own, whether that’s with landscaping on the outside or by applying your own decorating touches and tastes on the inside. Having your own place also provides a feeling of control that’s also nice. You come home after work, it’s your place. Other good reasons to buy

■ Stability and Security: For decades, studies have shown neighborhoods are safer and more stable when they have high rates of home ownership. You’ll be part of that lifestyle and you’ll feel the difference, too.

■ Generational Equity: Maybe you will sell your home at some point and that money becomes part of your children’s or grandchildren’s inheritance. Or maybe you pass the home on to a family member.

■ You will learn more about you: Owning your first home is sort of like your first real job, your first real relationship. You find out what matters most to you. In the case of owning a home, you will likely discover a sense of pride you previously could not imagine.

When you’re ready to make the move forward and join millions of America’s homeowners, contact your local REALTOR® for valuable guidance.