Deciding to buy a house can mean many things. It is an investment that involves a large purchase, a property acquisition with an intimidating process, and a commitment to a specific area for a long time. Choosing between renting or buying a home can be a great debate to many. Each side has pros and cons that make deciding difficult to do.
If you are looking for a voice of reason, this article will tell you the benefits you will get if you decide to purchase a home.
1. Fixed payments
When renting a home, the fees you pay depend primarily on your landlord. They are free to raise your rental cost, and you cannot do anything about it when they do. If you do not agree with them, you will have no choice but to look for another home.
On the other hand, buying a home means you will not have to deal with sudden increases in monthly payments. As long as you secure a fixed-rate mortgage, you will pay the same amount for the agreed number of years, regardless of inflation and other factors.
2. Living security
Life is unpredictable, and anything can happen, but living in a rented space can bring more risk than having a house of your own. Your living situation depends mostly on your landlord’s decisions. If they decide not to renew your contract, you have no choice but to find another home. However, if you buy a house, as long as you pay your mortgage on time, you will never lose it.
3. You have more freedom
If you want to make your apartment feel like a home and make some changes around it, you need to secure your landlord’s permission before implementing your ideas. Owning a home is the exact opposite. No one can tell you what you can and cannot do. You can make any changes you want to the property, like add new elements, change the wall color, and make some renovations.
4. Tax claims
Since the landlord technically owns your rented home, you cannot get any tax break from paying it. Meanwhile, if you buy a house, you can get homeowner tax credits, including mortgage interest deductions and local and state tax credits. You can also get some incentives if you invest in energy-efficient equipment for your property.
5. You know where your money is going
Renting a home means your money is going to other people’s pockets. Some people may convince you that purchasing a home is also the same thing. They will even tell you that your money goes directly to the bank instead of other people because of your mortgage.
However, that is not entirely true. It only means that the bank lent you the money you did not have yet and that you have to pay them back. Although there is interest, you know that a considerable chunk of your money will go into a home you can call your own.
While living in a rented apartment also has its perks, it can never give you the enumerated benefits of having a home. Certainty and freedom are the most crucial factors that make a home purchase more advantageous. If you want stability in your life, opt for a home purchase.
Have you decided to buy a house in Owensboro, KY? We can help you find the right one for you. The Blake Hayden Group is committed to assisting clients and providing them with the experience, knowledge, and expertise we have gathered over 35 years of service. Contact us to learn how we can help.