Benefits of Owning Versus Renting
Thoughts of home ownership can weigh heavily on the minds of renters and other prospective home buyers. Many renters are often apprehensive about the financial responsibility of owning a home, but there are number of benefits available to homeowners that aren’t available to renters.
Here are some benefits of owning over renting. Of course, always seek the advice of a financial professional:
- Deductible property taxes and interest. Most homeowners can deduct property taxes and interest paid on their mortgage for each year of ownership.
- Borrowing against equity. Homeowners can borrow against the equity they have built up in their homes. Equity from a home can be used to improve the property, buy a car or pay for education.
- Real estate tax exemption. Depending on the state, certain real estate tax exemptions apply for homeowners who meet specific criteria.
- Yearly home appreciation. Homes build equity over time. Renters receive no financial return on monthly rental costs.
If you would like to learn more about how home ownership can benefit you, please feel free to contact me.