1. NO RULES- When you rent a home the first thing you are told by the home owner is all the rules they have. They will tell you all the things you can’t do to the home and property. The number one rule is no pets. If you were to buy your home you wouldn’t have to worry about all the rules because you make them. You can decide what you want to do with your home.
2. Cash Investment Benefits– When buying a home there are many things you can do to make your home better. Those thing increase the value of your home. The money that you put into your home can get you more back if you ever decide to sell the home. For example… if you remodel your kitchen and you send $5,000, you may increase the value of your home by that much or even more. When you rent a home the money you put into the home is lost once you leave the home.
3. Tax Benefits- Home owners can deduct property tax and mortgage interest each year when they file their taxes. The savings often makes buying a home the same as of cheaper than renting a home.
4. Payment Doesn’t Increase- When renting a home in some areas, the monthly payment may increase for many different reasons. The homeowner is the one that decides what you pay each month. When buying a home you have a fixed amount each month unless you refinance your home in the future.
5. Money Savings- When buying a home you know how much you will pay and for how long. For example you may purchase a home for $69,000 and pay for that home for 30 years. You know what your interest rate will be and in the end how much you will pay total. If you are renting and you stay in that home for years, all the money is gone when you leave. For example… If you rent a home for $500 a month for 5 years you have paid $30,000. When you leave that home you have nothing to show for that money.
