To buy or not to buy? That is the question for many individuals interested in today’s real estate market. While paying rent can certainly have its benefits, such as flexibility and enjoying a home without the obligations, repairs and maintenance associated with homeownership, renters may also miss some of these perks:
1)The Freedom To Customize Your Living Space
He or she who rents is often restricted to the rules of the landlord or homeowner. In other words, the renter may want to paint walls, remodel or make some type of alteration to the home, but at the end of their lease, the house must return to the owner in its original condition. Leaving the tenant with double the work and double the cost looking for the next place to live.
2)Tax Breaks
One of the best parts of being a homeowner are the tax breaks you can receive. The U.S Tax Code allows you to subtract the interest paid on your mortgage, property taxes, and certain other costs involved in acquiring your new home. Consult your CPA or financial adviser for more information about these and other options.
3)Savings
Instead of keeping money in the bank and earning very little interest, acquiring a property is another way to invest your cash and secure your capital. When you decide to sell, your money may return in the form of gains without owing any federal tax income —and in certain cases your gains might increase if you made substantial improvements to your home.
4)Stability
The hassle of moving over and over again can be time consuming and exhausting. It’s also hard to put a price on stability or tranquility. Owning a home takes the stress out of packing and moving as often, and gives you the opportunity to build memories in the place of your choice for as long as you desire.