Is buying a home the right choice for you?
There are many steps that you’ll need to take before you start packing your things and booking your moving services in Sanford, and one of the most important steps is figuring our whether you want to buy or rent a home. There are pros and cons to renting and buying, and in our last blog, we went over the cons of renting a home. Today, we’ll be going over the pros of buying a home over renting a home:
#1. You’ll have more financial stability.
As long as you aren’t under a lease, your landlord has the ability to raise and lower rent as he or she pleases. This can leave renters financially unstable. When you have a fixed mortgage, on the other hand, you may experience minor changes in your payments, but you won’t have to worry about any big shifts.
#2. You’ll build equity.
As we stated in our last blog, one of the downsides of renting is that you will never see your rent payments ever again. However, when you buy a home, a portion of your monthly mortgage payments will go towards building equity in your home. Someday, you may even own your home outright, and then you won’t have to worry about paying a mortgage!
#3. You’ll be able to take advantage of tax breaks!
There are many tax breaks that homeowners can take advantage of. You can deduct your property tax and mortgage interest payments from your federal taxes, and those deductions can help to offset the cost of owning a home.
There are many more benefits to owning a home, but there are downsides as well. Stay tuned for our next blog to learn about the cons of owning a home.