Should You Rent or Buy?

Millions of people enjoy the rewards of home ownership.

Read the following reasons in favor of buying a home. Think about which advantages of home ownership are most important to you.

Advantages of Home Ownership

 

A Home is Usually a Sound Investment

When you carefully choose a home you can afford, the payoff can be great. Each month when you make your house payment, you're building equity in a place of your own. Equity is the portion of the property that you actually own through your payments, versus the portion that you still owe the mortgage lender. The longer you stay in your house, the more equity you will have. And unlike most things you buy, a home can actually increase in value as time passes, building more equity. (But remember: there is no guarantee that your home's value will grow; sometimes home values go down.)

 

HOME OWNERSHIP OFFERS CERTAIN TAX ADVANTAGES

The mortgage interest and real estate taxes are tax deductible, which allows you to subtract part of your housing-related expenses from your taxable income, which could reduce your tax bill.

 

A FIRST HOME OFTEN LEADS TO A BETTER SECOND HOME

As you build up equity in your current home, it is usually easier to afford another home in the future.

 

YOU GAIN THE SATISFACTION AND SECURITY OF HOMEOWNERSHIP

As a home owner, you can decorate and improve your home the way that best suits you. Owning a home may also give you a new sense of pride in your surroundings. You and your family may feel stronger ties to your community.