Benefits of Home Ownership vs Renting

1. You Won’t Always Have a Monthly Housing Payment

As a homeowner, you can eventually eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs begin to work for you as forced savings in the form of equity. When you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.

Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.

3. Monthly Housing Costs Are Predictable

With a mortgage, you can keep your monthly housing costs relatively steady and predictable. Your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a longer period of time. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, reach out to a local real estate professional to determine if buying sooner rather than later is right for you.

Of course whether you choose to own or rent, I can help you with your Homeowners Insurance or your Renters Insurance

Call me at Cory Ellerbee (707) 419-5787, or email me at coryellerbee@gmail.com or feel free to fill out a contact form on bigcory.com