How Does Buying a Home Compare With Renting?

One can get very comfortable in a rental situation, but there is no comparison between owning your own home and renting.

There are a couple of advantages to renting: one is being generally free of most maintenance responsibilities, and the other is not having to worry about making your mortgage payments should your financial situation fluctuate. But by renting you are paying someone else’s mortgage and you lose the chance to build equity, take advantage of tax benefits and protect yourself against rent increases. Also, you are at the mercy of the landlord’s whims and if you want to make upgrades and the landlord is unwilling you will be paying out-of-pocket with no return.

Owning a home has many benefits. When you make a mortgage payment, you are building equity and increasing YOUR net worth.

Owning a home also qualifies you for tax breaks that can help in dealing with your new financial responsibilities,such as insurance, real estate taxes, and upkeep which can be substantial. But given the freedom, stability, and security of owning your own home they are worth it.

 

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