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Why should I buy instead of rent?

A home is an investment. There is more stability in owning a home than in renting. While a landlord can decide to not extend your lease and force you to move, you can remain in your own home as long as you pay the mortgage and the property taxes.
When you rent, you write your monthly check and that money is gone forever. You may live in the rental property for a long period of time but you will still not accrue any equity. You may decide to make improvements to the property if your landlord allows you to do so, but when you leave the leased unit, those improvements belong to the owner and not you. In addition, the owner is allowed to take the tax benefits for the property including interest deduction, property tax deduction and such, not the tenant.
Eventually you will have the home paid off and will only need to pay the property taxes in order to continue to live in the home. You should continue to maintain home owners insurance in addition. This can mean you have a very inexpensive place to call home during your retirement years rather than continuing to pay rent which will most likely continue to go up.
In addition, the value of your home may go up over the years. Over time property has increased in value making real estate a good way to create wealth. The richest people in this country own property. However, do remember that the property needs to be maintained in order to retain its value and increase.
Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are. When you own your own home, you can paint it and decorate it the way you like. You can plant trees and bushes as you like.
If you would like more information regarding real estate, please feel free to call me at 405-213-2992 or visit my website http://www.sandiwalker.net

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