Our team of loan officers at Flat Branch Home Loans want you to understand the differences between renting and owning your home. One side may benefit you more than the other. We’ve done the math and weighed the benefits. We hope to help solidify the decision that most homebuyers face!
It’s important to consider the length of time you plan to live in your home. If this length of time is fairly short for you, it may be beneficial to rent. In the event you plan to spend years in the same area, ownership proves to be the better decision and here’s why!
- You can build equity through owning your home over the years!
- With a fixed rate mortgage, you will never see an increase in your principal and interest payments. With renting, there’s a chance for fluctuation on your payments.
- Renting is not tax deductible, but as a homeowner, you might be eligible for tax deductions on mortgage payments and closing costs.
- Over the course of a few years, you will have saved thousands of dollars by owning instead of renting for the same amount of years.
Advantages of Home Ownership
- Build equity over the years through home ownership.
- Fixed rate mortgages will never see an increase in principal and interest payments.
- Homeowners are generally eligible for tax deductions on mortgage payments.