The benefits of owning over renting a home
Monday February 18, 2019
If you’re in the market for a new place to move, whether you’re relocating or just changing things up, the renting versus owning question might come up. But what are the benefits of purchasing a house? We’ve laid out a few reasons here to help you make up your mind.
No one is ever going to tell you you’re going to have to move. That decision will solely be yours. In a rental situation, a landlord can at any time give a tenant notice they are selling their home forcing a relocation at a potentially inopportune time.
Freedom to Renovate
Don’t like the kitchen? Change it! Don’t like the color? Paint it! The only one in charge of these decisions is you. And it’s up to you how and when you decide to do them.
Growing Equity and Tax Perks
Typically, homes increase in value, which means so will your investment. And any home improvements you make will help keep the momentum going. Once you have some equity, you can borrow against it if you want, and you’ll receive tax benefits that you don’t get as a renter.
Once you lock in your mortgage rate, it won’t change unless you decide to change it. When you’re renting, you’re at the mercy of your landlord and rate increase laws to determine what your monthly outgoing is going to be or become.
Pride of Ownership
There is something to be said about owning your own home. It’s an impressive achievement to know you’ve saved and persevered to make, most likely, the biggest purchase of your life!
And if you decide to buy in the Central Valley of California, be sure to look us up. San Joaquin Valley Homes has homes to satisfy empty nesters, professionals and growing families! You can visit our communities here to see which one is best for your lifestyle.