5 Reasons Owning a Home Beats Renting

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You’ve spent the past few years handing over your hard-earned cash to a landlord. But what do you really have to show for it?

Life as a renter can be frustrating, as well as expensive. But is the huge financial commitment of homeownership actually a viable alternative to renting? You may be surprised to know that the answer is usually “yes.”

Purchasing a home can be more beneficial than continuing to rent. These five reasons will show you why:

  1. Cheaper Payments: With rental rates on the rise, low fixed-rate mortgage payments can be a more affordable option. And while purchasing a home could require a large deposit upfront, the chances of recovering those initial costs increase the longer you stay in the home.
  2. Tangible Value: Unlike renting, homeownership is a long-term investment that stands to provide a substantial return. Quality properties in sought-after locations tend to appreciate in value. And, as you pay down your mortgage, your home equity will increase.
  3. Community Ties: As a homeowner, you’ll be more invested in your community and have an incentive to get to know your neighbors. In fact, 30% of homeowners make friends with their neighbors — something renters are far less likely to do.
  4. Freedom: Rental properties come with rules and regulations. That often means no painting, no remodeling and — perhaps worst of all — no pets. And even if pets are allowed, you’re likely to be paying exorbitant pet deposits and monthly fees. As a homeowner, you can customize your home at will and keep your pets!
  5. Tax Benefits: While it’s true that homeownership comes with additional expenses, some of those costs might actually be tax-deductible. They may include mortgage interest, property taxes, energy efficiency updates and private mortgage insurance premiums.

And these five advantages are just the beginning — you’ll also enjoy more privacy, less noise and no more pesky landlords. So yes, home ownership can be better than renting.

Ready to become a homeowner? Get in touch for a mortgage consultation today.

Marc Giles

About Marc Giles

Marc Giles is a registered mortgage loan originator (NMLS# 97969) with Arlington Financial (NMLS #5722) and a registered mortgage broker in New York State, Connecticut, and New Jersey Department of finance.

Marc Giles teaches you all about buying, selling, and owning a home.

DISCLAIMER: These blogs, videos, and articles are for educational and entertainment purposes only. This is not legal or financial advice consult your accountant or lawyers for that. Any results demonstrated in these videos are not guaranteed. You must apply and qualify. This is not an offer to lend. This is not a commitment to lend.

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