Guest blogger alert!! One of the lenders I love to work with and my friend, Jessica Jakulski with BankSouth Mortgage, outlines below the benefits of owning your own home vs renting someone else's home. I think it's very timely given our blog post on Monday about how now is still a good time to buy and I think this info is especially important for first-time homebuyers. Jessica can answer all of your mortgage questions, so call her anytime at (770) 815-8634, email her at email@example.com or click here: https://jjakulski.banksouthmortgage.com/ NMLS #239178
Receive a better tax refund with a mortgage! You can deduct both your property taxes and interest, which is something you’re unable to do if you rent.*
When you purchase a home you are on your way to increasing your net worth, and your monthly payments benefit you instead of your landlord because equity is an asset. Each payment on your mortgage is a way to owe less and own more. You also increase the likelihood of being eligible to get cash using the equity in your home for future important expenses such as college funds or home improvements. However, renting simply means no opportunity for profit.
Fixed loan rates give you the assurance that you’ll be paying the same amount each month. When you rent, your monthly payment may increase each year because your landlord decides that they need funds to make improvements to the community. Plus, many affordable financing and term options have become available for those seeking a home.
Potential for Value Increase
Your home may become more valuable through appreciation and improvements, meaning there may be potential to gain a profit should you decide to sell it.
Ever wanted to build-on, add in more storage options, or even just paint a room? Home ownership means having the choice to do so, while renting is being stuck with whatever guidelines you’re given at the time of signing a contract.
If you’re renting, you may be missing out on commodities such as a garage, a deck, a laundry room, a pantry, a garden, and room outside for children or pets to play. Buying a home opens up all of these possibilities! You and your family deserve an inviting space to grow up together in.
* Consult a tax advisor for further information regarding the deductibility of interest charges.