Is Buying A Home Better Than Renting?
Itâ€™s an age old debate and depending on who you ask you will get a different answer. There are those who spend their lives like vagabonds, moving from one place to another once their lease expires and others who staunchly believe in the value and security that comes with owning their own home. The skeptics will keep having their doubt, in the meantime there are a few good reasons why you should own your own home.
The biggest reasons to buy your own home is the pride and the freedom that comes along with it. After all it’s a basic human need to nest and own our own ‘nest’. When you live in a rented house you are restricted from doing many things. You can’t play loud music at night or modify the house to suit your needs. You can’t even change the color of the walls if you don’t like it. On the other hand, in your owned home you are the king or the queen. You have the complete freedom to customize the house to suit your tastes and style.
At the same time you donâ€™t have a need to worry about paying a rent to the landlord or worrying about where you will go when your lease expires. People who have lived on rent know how difficult it is to move from one place to another or even the process of searching for a house to rent in a good location at a reasonable price. All such worries come to a half when you own your own house.
Yes, itâ€™s true that you end up making mortgage payments every month however many people think of it more as a forced savings account to which you are contributing. After all a house is like an investment and the mortgage payment you make is your monthly contribution to it. As you keep making those payments and your debt decreases, the value of your equity increases. Even if you have to get a loan in the future, say for your kidâ€™s education, you can take it against the house that you paid off for already.
Whatâ€™s more is that tax laws allow you to deduct the amount of your mortgage payments from the final tax amount that you owe to the government. Similarly you can deduct the amount of the property tax from any income tax amounts as well. As you can see a home is not just a great investment for the future it also gets you substantial tax benefits.
So in the end buying a home turns out to be much better than merely renting one. You are still paying a monthly amount to someone however in the case of renting you end up owning nothing and live a life of immediate uncertainty. So the best thing is to get started on your house hunt and contact a good real estate agent for help