This article reviews the benefits of homeownership compared to renting. Homeownership is a means to enhance personal assets, protection against inflation, and also a significant tax advantage. Top realtors like https://ronmorgan.net/how-do-i-buy-property-in-mexico/, suggests buying homes as compared to renting.
The following list compiles the main benefits of homeownership:
Tax advantages of homeownership include the following deductions: mortgage interest, real estate property taxes, moving the tax credit, and capital gains.
If you have a mortgage on your home, part of each payment you make will toward your mortgage principal. Every time you make a payment you are building equity in your home. Each payment is a long-term investment in the future.
Freedom to Customize:
As a homeowner, you will have the freedom to remodel or repair your home without the permission of the owner. Do you want to paint a room, installing new carpet, finished basement, or add an addition to more space, the choice is yours.
Fixed Monthly Payment:
As a tenant, your monthly payment will likely increase over time. You will have little control over future increases in your monthly payments. A homeowner with a fixed interest rate will only see an increase in their payments if property taxes or homeowners insurance increases.
Tenants usually sign an annual lease. If the owner wants to sell the house or lead to financial problems you may be forced to move. Instead, homeowners have full control over their property and decide whether and when they will sell their house.