Buying a home can be totally intimidating. It takes time and patience to save enough money for a reasonable down payment. And, of course, it’s a big life step. A lot of thought goes into buying a home, but often, people get intimidated by it. Sometimes, people will rent for years and year simply because they have fears about becoming a home owner.
It’s certainly a big more (pun intended), but there are so many advantages to becoming a home owner that shouldn’t be ignored.
Here are 4 benefits to owning instead of continuing to rent:
1. Community- When you own a home, you become part of a community. People who own their homes want to take care of their space and the spaces around them. Generally, that helps foster relationships between neighbors who collectively value the community. Renters don’t feel the same pull to take care of their communities because they don’t feel as tied to where they live.
2. Privacy- Having a home that is all yours means you can design your space however you want. You can put up a privacy fence, a gate, or whatever makes you feel the most comfortable. Your space belongs to you, therefore you have the right to create clear boundaries on your property.
3. It’s a great investment- Financially speaking, owning a home is a great investment. Renting year after year is a lot like throwing your money into a black hole. You’ll never get that money back. When you own a home, all of the money and work that you put into your home, will eventually come back to you when you sell.
4. Tax benefits- Owning a home means your eligible for certain tax deductions and write offs. While renting can be equally as expensive, chance are, you won’t get the same tax benefits.