When you’re still trying to finish up school or get settled into a career, renting a home or apartment is the easiest. But, if you plan on setting roots where you are, owning a house can be just as affordable as renting – if not more beneficial. To decide this, you should investigate the costs of renting and buying. Remember to consider the pros and cons!
Review the cost of what it means to own a house in your area compared to buying one. Find a reasonably sized home for your dollar and calculate what your monthly mortgage payment would be, and don’t forget to include the total for principal and interest payments. Get a feel for the property’s tax per year in that area, and then look at nearby homes for rent to compare with your property.
Unlike renting, buying a house builds equity. This means your home’s worth can increase, creating more wealth for you in the long run. You can also gain tax advantages for having to pay a mortgage. The interest is tax deductible.
Owning a home isn’t just about the money; it also creates a sense of security for you and your family. Renting a home doesn’t leave much room for personalization.