Are you currently renting, but thinking about buying your first home?
If so, here are five reasons you should quit paying rent and start paying a mortgage:
Homeowners can deduct the interest they pay on their mortgage from their taxable income. Those with recent home loans typically see the greatest tax benefit as the newer the mortgage, the higher the interest payment. With this tax break, many people find owning a home costs less than renting one.
Buying real estate is one of the safest long-term investments a person can make. This is because the home should increase in value over time, unlike a car which depreciates in value. Making smart improvements will help owners see a better return.
Owning a home means no longer needing to worry about a hefty rent increase or needing to move because the owner decides to sell the home or move back into it.
Renters may not have the freedom to do things such owning a pet, painting the walls the color of their choice, or putting up a basketball hoop. Homeowners can decide these things for themselves and not be concerned about breaching a contract.
Sense of Community
For many, owning a property gives them a feeling of belonging in the neighborhood as they are getting established and putting down roots.