As you plan for your future and where you and your family will live, you have a big decision to make: should you rent or should you buy? If you can afford it–which means that you can make a down payment, secure a loan at a reasonable rate, and make your monthly mortgage payments on time and in full–buying is often advantageous when compared to renting. Here’s an overview of some of the major benefits of buying versus renting. To learn more or to start your home search, call our Northwest Indiana real estate agents at The Jana Caudill Team today.
One of the best reasons to buy a home is that once you do, you don’t have to worry about your monthly mortgage payments increasing over time (assuming you don’t have an adjustable-rate mortgage). On the other hand, if you’re renting, you’re not in control of the rent and may experience year-over-year increases. If you want the peace of mind that your payments will remain consistent, buying with a fixed-rate mortgage is definitely a better option.
When you rent, you’re paying someone else every single month. When you own your home, you’re putting some of your monthly mortgage check back into your pocket in the form of equity each month. In other words, your home acts as a savings account in itself. And the best part about that savings account is that not only are you putting away money each month, but that home values tend to appreciate, or grow, over time. This means that after holding onto your home for a certain number of years, you can sell it and make money – something that would never be possible when renting.
Another benefit to being a homeowner is that there are certain tax advantages. To be sure, homeowners are allowed to deduct their property taxes and mortgage interest when they file taxes each year. On the contrary, you’re certainly not allowed to deduct the amount that you pay in rent each year. By owning your home rather than renting it, you can benefit by paying the IRS a little bit less.
Not only are there numerous financial benefits associated with owning versus renting, but there are other major advantages too. Primarily, when you own your home vs. rent it, you are in charge of whatever you want to do with your home. Want to remodel or paint a wall? Go for it. Thinking of planting a garden? There’s no one to stop you. Want to rent out the basement or an extra room in your home to make a little extra money? Who’s to say no? The sense of freedom and ownership you have when you own your home vs. rent it may be exactly what you’re looking for.
Looking for homes for sale in Northwest Indiana? Our experienced real estate agents from The Jana Caudill Team want to help! Call us today for the support and guidance you need when on the hunt for a new home.