Benefits of Owning A Home
Jason Miller Realtor Discusses The Benefits To Home Ownership
Buying a home can seem like a daunting task, particularly because it requires so much money upfront and you know that you will be paying for it for years to come. It is one of the biggest financial decisions you will make in your life, so it requires careful consideration, but there are also a lot of upsides to owning your own home. Some of these advantages include:
- Privacy and autonomy over your home
- A mortgage is more predictable and stable than rent if it is a fixed rate
- Many payments that you make towards your home are tax-deductible
- Pride of homeownership and sense of belonging in your community
- Equity that goes to you as you make payments
- More options, especially if you have a budget window.
There are definitely many different factors to consider if you are weighing buying versus renting. Homeownership requires you to have a stable or growing income, as you will be making payments for a very long time. While there are significant financial benefits, they are long-term so having a budget or savings plan in place before you purchase your home is critical. Also, your credit will affect your ability to buy a home more than it will your ability to rent, so knowing what your credit score is and how to improve it is another thing to consider. Overall, there are many benefits to owning a home, especially if you think you will be in one place for a while and you feel financially stable. Here is a breakdown of the benefits of owning a home vs. renting a home.
Benefits To Owning A Home
BUYING A HOME VERSUS RENTING - Benefits of Home Ownership
BUYING A HOME VERSUS RENTING
There are obvious benefits of owning a home such as pride of ownership, status symbol, creation of asset and wealth, privacy, and feeling of freedom to customize according to your own liking. However, buying a home is a massive financial decision involving lots of money and a long commitment to a lender. Therefore, large numbers of individuals and families continue to live on rent. Here are the pros and cons of both owning a home and renting.
Pros of Renting
- You pay a small amount of money upfront and enjoy living in a home.
- You have no responsibilities towards the upkeep and maintenance of the rented home.
- You can easily move out and rent another home.
- Relocation is easy when you get a better job in another city.
Cons of Renting
- The landlord can increase the rent every year.
- Moving from one place to another can be difficult and costly.
- You have less privacy and little freedom of personalizing the space
Pros of Buying a Home
- Pride of ownership.
- Lots of privacy.
- Freedom to update and renovate according to requirements.
- No one can kick you out of your home
- You’ll enjoy the equity even if you cannot pay the mortgage under financial stress.
- Ownership is a form of forced saving that allows you to create wealth.
- You enjoy tax deductions when filing income tax returns.
- Your home grows in value over a period.
- You become rent-free after you have paid the mortgage.
Cons of Buying
- Relocation becomes very difficult.
- You cannot move to a new place because of your commitment to the lender.
- You need a large amount of money to pay for a down payment.
While buying a home has many advantages, buying or continuing to live on rent is totally dependent upon your circumstances. If you think you have settled in your life and earning enough to easily afford the EMIs to a lender, it is certainly prudent to try and buy a home for your family.
On the other hand, if you are young and still hoping for a better job and career, it is advisable to live in a rented place. You can always think of buying when you have found a good-paying job and started on your family.
Meet Jason Miller - Realtor
Jason Miller is a Realtor with The Shugan Group. He offers full-service real estate solutions for the Central Florida area.
He is capable and willing to work with both buyers and/or sellers in all aspects of a real estate transaction. This includes but is not limited to residential, commercial, vacation properties, property management, foreclosures, bank-owned properties, and short sales.
Again Jason Miller is a Realtor aligned with The Shugan Group. Jason Miller is committed to providing real estate services in a professional, competent, and ethical manner; while providing these services to the highest degree expected by the real estate consuming public. So if you are ready to get started to find your forever home – call Jason Miller today.