Buying Vs Renting

Dated: 11/01/2016

Views: 1521

Why buying is better than renting?


Many people gets confused in buying vs renting. Of course this is the biggest and the hardest financial decision one has to make .

Owning a home is a huge responsibility. One has to compare the pros and cons before deciding whether to buy or rent.

Buying a home has some advantages over renting.

Tax Deductions:

The mortgage interest and the property taxes a home owner pays are income tax deductible .

Equity:

Homeowners start buliding equity as they  pay off the  principal on their mortgage and as the property prices appreciates.
Homeownership  is the best  and the smart investment one can make. If you are renting then your money is going in the drain .

Flexibility:

Its your space!! You can live like you want! You have a choice to decorate ,remodel or make some additions in your home.
Rental homes sometimes has pet restrictions. If you have your own home , you can adopt a pet without any restrictions.

Stability:

As a home owner you have stability of living at one place which might not be possible while renting.

Also there are no worries of expiring leases or landlord's notice to vacate.

Builds Credit History:

When you start paying off your mortgage ,your credit history builds up. A strong credit history makes life easier.

Before buying a house its always better to choose a lender and get pre-approved .By getting pre-approved the house hunter knows in advance how much they can actually afford to purchase a house .

It also prevents disappointment in home buyers as they know their price limit for buying a home and will not shop for anything higher than that.
Even a seller feels confident and prefers those buyers who are already pre-approved !
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Mamta Dhingra

Mamta is a professional Real Estate Agent serving King County, WA. She holds a Bachelor's Degree in Business administration with Majors in Accounting, Finance, Business Principles ,Statistics an....

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