6 Reasons to Buy Instead of Rent
You Can Ramp up Energy Efficiency
Energy-efficient improvements, from adding insulation to upgrading your air conditioning unit, can reduce your monthly utility bills. While renters can make plenty of green improvements on their own, from unplugging appliances to turning off lights, homeowners can make bigger changes, such as adding solar panels or installing an energy-efficient roof.
You Can Customize Your Space
Whether you need to knock down a wall to make a larger master bedroom or redo the bathroom to reflect your Art-Deco tastes, owning the space you live in means you have the freedom to do so, without worrying about losing your security deposit.
Owning a Home Forces You to Save
The so-called "forced savings" argument is a widely-held one: Since homeowners have to pay their mortgage every month, they are routinely putting money away (and into their house, which they own), instead of squandering it on new shoes or fancy meals. Then, if you eventually sell your home after the mortgage is paid off, there's a good chance that "you'll walk away with a payoff," even after
No Landlord Can Kick You Out and You are In Charge
Renters can face an unexpected eviction notice if their landlord suddenly decides to sell the home, rent to someone else, or otherwise end the lease. Landlords can take ages to fix a broken dishwasher, let the air vents fill with dust and particles, or leave pesky messages about repairs. If you're the homeowner, then you're in charge—which means you have to be home when the plumber calls, but the plumber reports to you. (And, of course, you also have to pay the plumber).
Unlike Rent a Fixed Mortgage Can't Go Up (even if inflation does)
Fixed mortgage rates don't go up, even if the cost of everything else does. Mortgage rates are historically low. If you lock in a low monthly payment now, it can never go up. Rent may go up any time as the market changes.
Homeowners Can Take Tax Deductions
Questions Please Contact Me Anytime!
The chief tax benefit of homeownership is the ability to deduct mortgage interest payments, but the perks don't stop there. Homeowners can also deduct eligible expenses (certain energy-efficient improvements, for example) and in some cases can avoid federal taxes on earnings from the sale of a home.
Licensed Realtor® in the Commonwealth of Virginia