If you are on the fence as to whether or not you should buy a home or continue renting, you should know that buying will indeed benefit you more. Even if you are a young professional or someone who is readjusting their rocky finances, you still have access to affordable housing options out there.
Check out this list below. Here are five reasons you should buy a house rather than rent. No matter the type of property you want to purchase, these great tips can be applied to your situation.
- An Amazing Inventory
It doesn’t matter where you want to live. You should have plenty of great homes from which you can choose. You should be able to find the type of home you want because there is more inventory than ever.
Builders today are constructing all different kinds of homes, and you can quickly find great condos, townhomes, and single-family homes that could meet your needs. You also have unique and popular options in Co-Ops and foreclosures. And whether you want new construction or a previously owned home, there is an amazing inventory out there for you to consider.
- More Opportunities for Customization
It’s not just the type of home you get to specifically look for and pick. You also get to shop for the overall property features your desire. You can opt for a property with a yard conducive to entertaining and near great schools. A residence with a concierge service might be perfect for your busy professional life.
Once you own your property, you get to continue making customizations. If you opt for a residence in a condo building, for example, you will be limited as to what changes you can make. But regardless of what type of property you buy, you will have more options to make the home exactly how you want it to be for many years to come. You always have more opportunities to customize the living situation as an owner than you do when you’re a renter.
- Less Money Spent
You will spend less money in the long run. Think about how much you pay in rent. When you add that up, your annual rent payments likely exceed what your mortgage, taxes, and insurance would be for the year. Now, there are some times this won’t be the case with buying right off the bat. But once you add up the overall value, it always makes sense to buy when you can.
Make sure to spend some time with your financial advisor. And if you don’t have a personal relationship with one, you must establish one right away. A financial expert can sit down with you and go over your situation. They can help you determine your upfront and future costs. They can help you weigh the benefits of your choice.
- Portfolio Growth and More Credit Options
When you buy, your overall financial picture improves. As a result, you will have more doors to open for other financial investments. You will have an improved credit score and even more access to credit options. You could even choose to rent out part of the home for side income.
If you opt to buy instead of continuing to rent, you will see lower interest rates on your other big purchases, too. You open up more doors to afford investments like college funds, new cars, and vacations.
- Access to More Tax Breaks
But those are not the only financial perks you will receive with homeownership. Your home purchase and payments can be worked into your tax deductions. Improvements to your property can be deducted, and energy-efficient upgrades will give you even more deductions.
To ensure you’re making the right home improvements and the right deductions, there are pros that can help you. Only utilize the services of reputable professionals. Be sure to certify their performance record before using their services.