Are You Renting Your Home? Why You May Want to Buy Instead
Posted on: 12 July 2021
When it comes to housing choices, many people feel as though renting gives them greater versatility. While this may be true, buying a home comes with many rewards as well. If you've been debating between renewing your lease or buying a house, here's a look at a few of the reasons why you might want to consider looking into the homes for sale in your area.
Tax Benefits
One of the biggest reasons to consider buying a home instead of renting is the tax benefits and savings that you'll get from the investment. As a renter, you're often paying more in rent to offset the property taxes that the owner pays. However, you probably won't get to recognize any of the income tax savings from those property tax payments because you aren't the one legally responsible for them. When you choose to buy your home instead, you can deduct some of your property taxes from your annual income tax liability. Additionally, you can also deduct your mortgage interest, which is not an option as a renter.
Equity Development
Another reason to consider buying a home instead of renting is that you'll gain equity in your home over time. Home values have grown considerably over the years, and most residential developments and properties continue to appreciate. That property appreciation will prove to be a benefit for you over time as the home you buy continues to gain value. The value appreciation gives you access to home equity loans when needed, and will also give you the opportunity to potentially recognize a net gain on the sale of your home if you decide to do so years down the road.
A Stable Environment
If you've been looking for more consistency and stability in your living environment to create a home for your growing family, buying a house may be a good solution for you. As a renter, you're always at risk of having to move, whether the landlord chooses not to renew your lease or the property is sold. This can lead to a lot of upheaval for your children if they have become comfortable where you're currently at. When you own your home, your children will have a neighborhood where they can forge friendships and become familiar with the location. Additionally, it provides you with a place where your children can always come back to, whether it's after college or years down the road.
Talk with a real estate agent, such as those from Arlington National Landing Real Estate, in your area today to see what homes may be available for sale that meet your needs.
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