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Why You Should Buy A Home Instead of Renting

One big goal that almost everyone strives for is home ownership.  Whether you have just moved to a new location, are starting a family or have gained a steady career that makes it financially feasible for you to afford a home, there is one important decision to be made…should you rent or buy?

When deciding between buying and renting, you should consider these benefits to purchasing a home:

  • Maintenance/Improvements – When owning a home, you are fully responsible for any maintenance or improvements needed.  While some may think this could be a pain, it is actually beneficial in the way that the homeowner is not at the mercy of the landlord’s schedule or choices.  Being able to fix the problem gives homeowners the option to choose which replacement appliances or materials to use, and to fix the problem on their time. When owning a home, the owner has the choice to make bigger energy efficient improvements, which in turn saves them money.
  • Customization – Owning a home gives you the opportunity and freedom to customize it however you’d like.  Customization includes painting, renovating and landscaping in the way that the owner desires. A home should be a haven from the stresses of everyday life. If you find bright colored walls relaxing, there are no restrictions – and by having your own home, you don’t have to worry about losing any type of security deposit.
  • Investing – As a homeowner, you are gaining equity each time you pay your mortgage. A home is something that will eventually be 100% yours and if it is sold, you get the benefit of a payout. Building equity in a home has great advantages.  The more equity, the more credit that can be accessed meaning that if needed, you could refinance by borrowing against it.
  • Tax Benefits – Mortgage interest, property taxes and energy efficient improvements can be deducted on taxes.  If you work from home, office space can also be written off. With rent payments, nothing is gained when tax time comes, and the money spent on rent is still reported as income. This may be reason enough to invest in a homeownership.

As you can see, owning a home has great benefits.  At Raleigh Cary Realty, we think the choice is clear, which is why we’re ready to help you find the perfect home! Contact us today and let us show you around town.

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Our agents write often to give you the latest insights on owning a home or property in the Triangle area.