One of the most crucial and hotly debated financial topics of the day is whether it’s better to rent or buy a house. If you’re currently on the fence about buying, this blog post will help you make up your mind by explaining why buying is the best investment you can make, even in this market. Here are five reasons why homeownership beats renting any day!
Rental costs in urban areas are crazy high
For young people starting out, the high rental costs in many urban areas can make buying a house seem like an unattainable dream. But there are several reasons why buying a house is actually the best investment you can make.
Landlords won’t always be around
It’s important to have stability in life, and one way to create that stability is by owning your own home. When you rent, you are at the mercy of your landlord – if they decide to sell the property, you could be forced to move. And even if they don’t sell, they could still raise the rent, leaving you struggling to make ends meet. By buying a house, you are in control of your living situation and can create the stability you need to live a happy life.
You have space for whatever you want
Having your own house gives you the freedom to do whatever you want with the space. You can put in an extra bedroom, get a pool, or anything else you might want. Plus, you don’t have to worry about things like noise from neighbors or having to share communal spaces.
You’re building equity With each mortgage payment, you’re slowly but surely building equity in your home.
There are tax benefits
When you own a home, you can deduct the mortgage interest and property taxes you pay from your taxable income. This lowers the amount of taxes you owe, which means more money in your pocket.
Do some research, then buy!
When you’re thinking about making a big purchase, it’s important to do your research first. The same goes for buying a house. There are a lot of factors to consider, and you want to be sure you’re making the best decision for you. But once you’ve done your homework, buying a house is one of the best investments you can make. Here’s why