Purchasing a home does require quite a bit of an upfront investment, but then again, so does renting an apartment. Unlike throwing your money down the drain with an apartment rental, owning a home gives you confidence and a solid investment. Understandably, you need to crunch numbers first, but here are some of the best reasons to buy a home versus renting one:
- No Landlord— Ever!
The biggest pitfalls of renting an apartment happen to be dealing with management and rude landlords. You have to be ready for inspections on a whim and oftentimes, getting along with a landlord is an arduous task. When you purchase a home, you are also purchasing your freedom from landlords altogether.
- No Rising Rent Costs
It is possible to get locked into a deal with fixed mortgage rates. That means the awesome deal you get today is the same deal you get for the remainder of the time you live in your house. The rising costs of apartment rentals allows you to own your home without fear of being unable to pay.
- Decorate However You Want
You will start to notice the little things about renting apartments soon enough. For example, there are very strict guidelines you need to adhere to in order to decorate your new home. When you finally move into your new space, you just want freedom to revamp a space and renovate to your heart’s content— which is why owning a property is best!
- Your Property Is An Investment
Property prices are only going to go up over the years— especially if you purchase a home in a desirable neighborhood. Every month you pay your mortgage, you get closer to attaining financial freedom. The money you pay is money you put towards owning your home. You also have business opportunities at your door such as renting space in your home to others. Imagine if you had a few Sebastopol CA homes which you owned then you could make a lot of rental income; something to think about.
- You Get Tax Deductions
How does it sound to get tax deductions for owning your own home? Mortgage interest rates are wholly deductible each year as are certain things such as making energy efficient home improvements or starting your own office at home.
Home ownership outweighs the advantages of renting simply because it makes more financial sense. You have the ability to put money where it matters the most and gain freedom from landlords. Most importantly, you can sell your home later on and move wherever you want!