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Buying VS Renting: How Owning and Renting a Home Really Compare

Buying VS Renting: How Owning and Renting a Home Really Compare

Stuck between continuing to rent and owning your own home? Buying a home is a major investment which raises the question… What’s the actual difference in buying vs renting?

Renting Is Full Of Uncertainty

Living in a rented home or apartment gives you the flexibility to change residence with only 30-days notice, but it gives your landlord the same power. Whether from a violation of your lease or because the property is up for sale, the landlord need only give you a 30-day notice to vacate.

Looking for a suitable home for your family that’s close to work and the children’s schools with room for everyone at a price you can afford is a lot to ask for in 30-days!

On the other hand, when you’re a homeowner, you give your family a permanent residence, a place to put down roots, and the certainty of a place to call home.

Owning Your Home Builds Equity

Another downside is that your rent payment doesn’t go toward building a long-term security or savings. However, with homeownership, your mortgage payment is an equitable investment!

A flexible housing market makes long-term homeownership one of the best investments to have in your portfolio. Plus, you can take steps to increase the value of your property by making key upgrades.

What about making renovations to your rented residence? You won’t see any added value – all of it goes to your landlord!

Renting Leaves You with Several Restrictions

Speaking of renovations, your renting lease likely restricts your ability to make decorative changes. From projects like updating the carpeting to installing a cost-effective ceiling fan, renting puts definite boundaries to customizing and upgrading your home.

As a homeowner, however, you’re the king or queen of your castle!

  • Always dreamed of a home with plantation shutters?
  • Does your inner baker crave a larger kitchen countertop?
  • Want to skip the traditional grass landscaping and build a hardscaped patio for entertaining?

Options for creating your dream home are limitless when you own your home!

Owning Your Home Gives You Tax Incentives

Owning a home gives you freedom, stability, and the ability to build equity, plus there are tax credits that you can also qualify for! The interest you pay on your home loan, as well as your property taxes, are tax-deductible.

Buying VS Renting

Buying VS renting are two different worlds. While renting gives you more flexibility in moving, you have higher limitations on what you can do and your rent payments don’t earn you any equity.

 

If you’re curious to see how low your first mortgage payment can be, contact us today! 

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Christelle Hollomon

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