Many people ask what the advantages of buying a home vs. renting are, and if homeownership is worth it and if the experience will grant them more rewards than renting does.
The American dream has always been to purchase a home. Homeownership offers many advantages over renting and they include:
Make Updates and Upgrades to the Property
When you own your home you are free to make any changes that you choose to the property. While renting a property you would have to get permission to do any work on the house and in the end these updates would benefit the owner by giving him added value to the residence.
As a homeowner, you can claim a number of write-offs to lower your tax bill. There are deductions for mortgage interest, mortgage points and real-estate tax payments. When renting you do not have have any tax write-offs.
The trend in real estate is that your property will gain value over time. If you are flexible about when you want to sell your home you can stay in it until it appreciates to the price point you are happy with. This could take two to several years to occur. When you move out of a rental home there is no chance to gain any money.
Consistent Monthly Payments
Make sure to choose a fixed mortgage rate and you are guaranteed to pay the same amount each month for your home loan. If you rent, your monthly rental payment can go up every year.
Pride of Ownership
There is a feeling of great pride that one gets from being a homeowner. Homeownership gives you and your family a sense of stability and security. You might not get this feeling if you rent your home.
A house is probably the largest purchase you will make during your lifetime, and it can also be one of the greatest investments. Buying a home vs. renting has greater benefits and can be a very rewarding experience.
Kuper Sotheby’s International Realty specializes in San Antonio Real Estate but can also connect you with properties world wide. Search homes for sale in San Antonio Tx on KuperRealty.com . Browse our extensive list of San Antonio real estate agents and San Antonio realtors who can aid in the purchase of a new home or help sell your current one.