Many argue that there is no greater joy than owning a home and being able to have the title of a “homeowner.” While many people do believe that owning a home is better than renting, our market is still filled with a lot of renters. Renting is a great steppingstone for many people who may be looking for temporary housing, don’t have the funds needed for a down payment, etc., however, there are many reasons why people may argue that owning a home is much better than renting.
#1 Long-Term Investment
Your home purchase will most likely be one of, if not the most expensive purchase you’ll make in your lifetime which can be nerve wracking for many buyers. Luckily, this purchase can often allow you to build your wealth long-term. With growing markets, home improvements and upgrades, etc. By building the equity in your home, you are also building your wealth.
#2 You’re in Control
Want to paint a wall? Add a garden bed to the front yard? When renting you generally must request permission for any type of home improvement or upgrade from the homeowner/landlord who can often cause you to feel as if you are living in someone else’s home instead of your own, never providing you with the true feeling of “home.” When owning a home, you’re the boss!
Tax season is often dreaded by many, from filing statuses to standard deductions, itemized deductions and credits, it’s easy to see why you may get overwhelmed. Luckily when owning a home you are entitled to a long list of tax benefits such as mortgage interest as well as equity loans etc. all of which can help you either owe less, or in some cases receive a refund come tax season.
While the list of perks for owning a home seems near endless when you take the time to research the pros and cons of homeownership, tax benefits, flexibility to improve and upgrade your home, as well as the opportunity to build life-long wealth are among some of the most popular reasons renters choose to become homeowners, leaving the life of renting behind.
If you’re a current renter looking to purchase your first home, are ready to sell your home, or have any further questions regarding New York Real Estate, please feel free to contact our office at any time.