What Are The Advantages Of Buying A Home

Okay, if you’re on our site then obviously you’re thinking about buying a home or you’re already started the search. Just in case you were second guessing yourself or you’re beginning to get scared, let me reassure you of all the advantages to home ownership.


Below are advantages of buying versus renting:


*Buying: A deduction is allowed on the annual interest paid on the principle loan amount borrowed from the bank.
*Renting: No deduction for you, that's for your landlord.
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*Buying: A deduction is allowed for the total amount of your yearly property tax.
*Renting: Sorry again, nothing for you, your landlord gets another tax write off.
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*Buying: If you refinance and consolidate other debts, the interest paid on this loan is tax deductible example – Credit card debts, car loans, etc.
*Renting: You didn't invest in a home so you have nothing to refinance.
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*Buying: homeowners Have More Stable Costs of LivingMonthly payments may change if property taxes and insurance go up, but increases usually are minimum. Your mortgage mostly likely be fixed. Unlike renting, year after year, as monthly mortgage payments are made, the principle balance decreases and equity begins to build up in your property. Over-time you may borrow or refinance.


*Renting: You have to renew your lease every one or two years. During the renewal process most landlords will increases on a percentage or flat fee basis. If your landlord decides not to renew your lease then you really have nothing to show for all those payments, especially if you have been renting for 10 or more years. But guess who benefits, your LANDLORD!
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*Buying: When You Own Your Property Over Time Will Appreciate In Value


No one can make any guarantees, but real estate definitely appreciates over time. But to get the maximum value from your home it has to be maintained and upgraded every four to five years. Also minimize how much equity you take out of the property as well, your home is not an ATM machine, it's an investment.


*Renting: Wait, you don't owe any property for it to appreciate in value, again that's your lucky landlord. You are helping your landlord have financial freedom.....you're so nice!
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*Buying: Your Equity Grows Each Month


During the first few years the interest paid on the loan amount makes up the majority of your monthly mortgage payment. Nevertheless, over a period, a larger amount from your monthly mortgage payment goes toward the principal borrowed which reduces the balance owed to the bank. At this time, equity gradually starts to build in your home. When, and if you decide to sell, you will make a PROFIT!


*Renting: Let me see do you make a profit when you leave an apartment, I think not! If anything you can count how much money you have thrown down the toilet over the years and walk away with ZERO!
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*Buying: You Are In ControlThe house is yours to do what you want.


There's no landlord breathing down your neck with his or her grubby little hands to take your money and put it in their pocket. You will also have the freedom to live in your home to decorate and renovate and have pets if you want.


*I found a great source that is excellent for helping you know what to be aware of during your home buying process called, the Home Buying Defense guide. This ebook that you can download right now covers everything you need to know to protect yourself and your finances and to help you make smarter buying decisions. Click here to check it out now!


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