Buying vs. Renting
Top 10 Reasons Why You Should Buy Instead of Rent
If you’re considering Gulf Coast real estate, owning a home has several advantages over renting.
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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.