The Benefits of Owning vs. Renting Your Home
So, you’re thinking about whether or not to take the leap. Buying a home is likely to be the largest purchase of one’s life and not a decision to take lightly. But why exactly is it that 9 out of 10 homeowners say that owning makes them happier than renting? Let’s dive into some of the benefits!
Equity & Appreciation: Owning a home as a long term investment is a safe way to invest. Home values have a well-documented history of appreciating over time and this increase becomes equity you can benefit from when you sell.
Tax Savings: As an incentive to buy a home, the IRS offers excellent tax benefits to homeowners. You are able to write off home-related expenses like the interest paid on your mortgage and your property taxes.
Roots & Community: When people own their homes rather than rent, they are 4x more likely to stay longer. Putting down roots in this way allows people to feel a sense of community and have mutual support with their neighbors.
Education: Research has shown that the children of homeowners earn higher test scores and graduate at higher percentages than those of renters.
Happiness & Freedom: There is nothing quite like owning your own home. You have the freedom to make changes and improvements and knowing you are the owner, allows you the stability to really settle in and make it your own!
