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Buying vs. Renting

Top 10 Reasons Why You Should Buy Instead of Rent

  • You own it: With no landlord, you make the decisions
  • You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
  • Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
  • You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
  • You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
  • You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
  • You pick it: Choose from different neighborhoods, styles and price ranges.
  • You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
  • You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
  • You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

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