1. You Can Make Your Space Your Own
Nothing is worse than being stuck in a home where all of the walls are white and you can’t even make your space your own. Owning a home will allow you to paint the walls how’d you like and make any changes you want to make your living space more customized and comfortable.
2. You Can’t Get Kicked Out By a Landlord
Renters can get an eviction notice unexpectedly if the owner decides to sell the home or rent it to others at any point of time. Owning your home could relieve this unnecessary stress and conflict that can come out of getting kicked out of your living space.
3. You Can Get Tax Deductions
If you own your home, you are able to deduct not only mortgage interest payments but also eligible expenses as well. In some situations, you may also be able to avoid federal taxes on earnings from buying the home.
4. Your Budget Can Become More Stable With a Fixed Mortgage
If you purchase a home and do a fixed rate mortgage, your budget is becomes more stable than when you rent because the payment for your house stays the same for the entire life of the loan.
5. You Will Be Paying Less Over Time
Buying your home is actually a cheaper alternative if you look at it in the long term. You will be paying less over time with the cost of the home compared to paying for rent, since rent is subject to change and is not at occurring at a stable rate. Our finance calculators can help you figure out the cost of a mortgage, how much you can afford to spend on a home, and more.