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Top 10 Reasons to Buy a Home Instead of Renting

Top 10 Reasons to Buy a Home Instead of Renting

Top 10 Reasons to Buy a Home Instead of Renting

10 Reasons to Buy a Home Instead of Renting

Are you torn between buying or renting a home? Many people struggle to decide which is the right option, but your choice is easier than you think. Consider the main reasons people buy instead of rent. When you look at buying housing vs. renting, you’ll realize that purchasing a home is the clear choice.

1. Security

When you’re renting a home, you don’t have much security regarding your living situation. If your landlord decides against renewing your lease, you’ll have to find a new place to live. When you own your home, it’s yours. You have to make your mortgage payments, but otherwise, you don’t have to worry about losing your home.

2. Stable Payments

If you rent a house, your landlord can raise the rent each time you renew your lease. On the other hand, if you get a fixed-rate mortgage, your payments will remain the same month to month. Your groceries might cost more, but your home won’t.

3. Tax Breaks

You won’t get a tax break when renting a home. However, if you buy a house, you will. You can deduct mortgage interest payments, energy-efficient improvements, and more. When comparing buying housing vs. renting, this is one of the key differences.

4. You Can Do What You Want With the Property

When you live in a rental, your landlord has control. That means you have to get approval to do anything to the apartment or house. That’s not the case when you own your home. You can paint the walls any color you want, remodel, and more. This freedom allows you to live in the home of your dreams finally.

Renting a Home vs. Buying a Home

5. Owning Is an Investment

Paying rent is essentially throwing money away. Yes, you get a place to live in exchange for the rent payment, but you don’t get anything else in return. The opposite is true after buying a home. Your house builds equity, so every time you make a payment, you add to your home value. You can even tap into that equity if you need an influx of cash.

Along with building equity, most homes increase in value. That means you can also net a nice profit when you sell it.

6. Payments Eventually Stop

Rental payments never end. As long as you are renting a home, you will have to pay rent. Fortunately, that’s not the case when you buy a house. Your mortgage payments will eventually come to an end, and you will own the house free and clear. If you want a future where you don’t have to pay for housing, buy a home.

7. Owning Is Often Cheaper Than Renting

Landlords often charge high rent to make a profit. Along with the mortgage cost, they charge additional money to pay for rental management and upkeep. They also might charge extra cash so they can make more than a regular mortgage payment. This allows them to build equity so they will own the property sooner. All those costs add up, making owning a home often more affordable than renting one.

8. Privacy

Landlords can’t just barge it at any time, but you still can’t expect much privacy when you rent. They can make scheduled appointments to inspect your property, and the landlord also has to come over if anything goes wrong. You don’t have to invite anyone into your house when you own it, though. Since it’s yours, you can enjoy as much privacy as you want.

9. Ownership Is a Legacy

Are you worried about taking care of your loved ones after you pass away? Buying a home is one way you can ensure they have money when you pass. You can give the house to them, and they can sell it or have a place to live. You can’t do that with a rental.

10. Strong Social Ties

It’s hard to feel like part of the community when you rent a home. However, when you own your house, you will be a part of the community and form strong social ties.

Start Looking for Homes Today

Are you interested in buying a house in the Chicagoland area? Kim Wirtz is a real estate agent and realtor and is here to help you find the best home for your needs.