Benefits of Buying a Home Instead of Renting
Research shows that owning a home has advantages over renting, especially for building net worth and providing a stable environment for your family. Here a more reasons to buy a home rather than rent one:
Buying is cheaper in the long run.
Although buying a house is more expensive at first, it can be more affordable than renting in the long term. According to Trulia, homeownership is 38% less costly than renting. Increases your network -And is considered an effective way to build one's net worth.
Researchers find that homeowners gain a sense of stability when they settle into their first home and contribute to neighborhood stability.
In a survey done by Freddie Mac, 86% of renters said that owning a home would provide more privacy than they currently have.
Property taxes, private mortgage insurance premiums, energy-efficient additions to your home, and the interest you pay on your mortgage are all tax-deductible.
A house is an investment and is most valuable when paying off down the mortgage and building equity. However, if you ever find yourself in a financial crisis, taking out a second mortgage to cash out on home equity is an option only available to homeowners.
Rent it out.
Many homeowners rent their homes when they purchase a second one or rent rooms to other tenants.