1. Savings and Equity
When you are renting a home, you pay your monthly rent check and that money is gone forever. When buying a home, every mortgage payment you make builds equity in your home and gets you closer to full ownership.
2. Interest Rates
With interest rates still low, now is a great time to buy and take advantage of the rates before they rise.
3. Tax Breaks
Everyone dreads tax season. The homeowner can deduct the real estate property tax, some or all of the interest on the mortgage, and the cost of insurance for the property.
A homeowner pays the same every month/year when they have a fixed rate mortgage, giving the owner a sense of stability. A renter may be faced with rent increases with the cost of living. Owning a home gives you stability in that your payment will not change regardless of the increase of cost of living.
Unlike renters, homeowners have the right to make structural and aesthetic changes to their home and yard as they want.
There is nothing like the feeling of owning your own home. You worked hard to get there so take pride in the accomplishment.
Leslie Green (225) 202-7935