Five Reasons To Buy a Home Instead of Rent

There are times when it is better for a person to rent, but most often home ownership has many more benefits and advantages. When considering home ownership, you need to weigh the advantages and disadvantages for yourself.  If you are like most people, you will find that homeownership is worth the risks and disadvantages.

Are there times when it is better for a person to buy rather than rent? Yes. In fact, most often homeownership has numerous advantages over renting. For example, recent studies have shown that there are many benefits for both homeowners and the community for owning your own home, which include increased education for children, lower teenage pregnancy rates and a higher lifetime annual income for children. So owning a home helps your family now and also in the future.

Still need convincing? Well, consider some of these other primary advantages for owning your own house.

1. Stability in housing costs. Rent payments can be unpredictable and usually rise yearly. However, most mortgage payments remain unchanged for the entire loan period, particularly with fixed rate loans. Even if taxes go up, the increase is usually gradual, unlike rent prices.

2. Buy a home; get a tax break. Homeowners can be eligible for significant tax savings. How? Because you can deduct mortgage interest and property taxes from your federal income taxes. This can mean a considerable amount of money, particularly at first when mortgage payments go mostly to  interest and taxes rather than to the principal.

3. Get help with debt consolidation. If you need money, you can often refinance a mortgage loan to consolidate other debts, which is something you can't do when you're renting. Plus, the interest on this is also tax deductible.

4. You have equity. Rent payments go into someone else's pocket. But as a homeowner you are building equity in your Bronx home. Each year you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows more the longer you have it. You can then use this equity to plan for future goals, like your child's education or even your retirement.

5. Best of all, it's yours. Homeowners are in control. You have the freedom to paint it, decorate it and landscape it any way you wish without approval from anyone. You can also have pets or children or both.

But home ownership isn't just for older adults or those with families. More and more young people, like college students, are realizing the benefits of home ownership. Taking this step of ‘investing' by owning a home is financially putting some young people ahead of others their age. But how can a college student afford a home? Often times a college homeowner buys a home and rents out rooms. Then when the student is ready to move on, he or she can sell the home (hopefully making a profit) or keep it as an investment and continue to rent it long after graduation.

Whether you're single or married, though, buying a home is an important life decision because it is often the largest purchase a person makes in his or her life. Home ownership does come with increased responsibilities, so it isn't for everyone. There are some possible disadvantages when you buy any Bronx homes, such as unforeseen added expenses, a risk of depreciation, decreased mobility or possible foreclosure.

So when considering home ownership, you need to weigh the advantages and disadvantages for yourself.  In the end, if you are like most people, you'll find that homeownership is worth any risks and has many more advantages.