Why Rent When Buying a House is Several Times Better

Home and FamilyFor those who are planning to start a family or live independently, renting is often the option for getting a roof to stay in, as it is faster to get done with. But, buying your own home certainly has its own benefits. Below, Westbrook Estate shares some of the reasons you might want to check out houses for sale later.

1. Buying a Home is More Affordable Now

According to an article published by Forbes Magazine, the difference between buying and renting a house in terms of costs varies from city to city. For example, buying instead of renting a house in Honolulu has only around 5% difference, whereas in Detroit, the difference is around 66%. Aside from the general slowdown in price increase, lower mortgage rates also helped keep home prices at a relatively lower level.

2. You Get Tax Deductions

Another advantage that will likely entice people to purchase their own homes is the tax deductions that they will be able to get. Here, you can include the mortgage interest and property taxes in the deductions. Also, if you are able to meet the requirements, you can get “capital gains” taxes waived when you sell your house later.

3. You Can Set Your Home According to Your Taste

While landlords do allow renters to decorate and modify their homes to an extent, there is still a lot of limitations, such as when it comes to providing for utilities and doing renovations. By owning your home, you get many creative liberties as to not only the look of the house but also how it functions.

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4. You Will be Able to Integrate More Into the Community

This might not be apparent initially, but since you own the house, you are likely going to stay longer in the community. With that, you are more likely to engage in a variety of community activities and build connections with your neighbours and other members of the community. These connections can be helpful in the future.

The process of buying a house may not be as simple as renting, which is perhaps why many people also consider the latter. But, the benefits you can reap when you have a house to call your own are what is priceless.