A debate that needs to be settled here and now is the one on whether buying a home is truly better than renting one. Not only has owning a home long been a huge part of the American dream it is also far less expensive in long term than renting.
- ) Prices Are Rising: The median sales price for exiting single family home increased from 2012 to 2013 by over 11% the highest year to year increase since 2005. Our experts expect prices to keep rising steadily for the next several years making buying a home now a truly great investment compared to renting.
- ) Buying Is Cheaper Than Renting: According to the experts out there owning a home is currently around forty percent cheaper than renting. Even though rising mortgage rates and home price increases have narrowed the gap between them buying is still currently a great deal cheaper than renting one nationally.
- ) Mortgage Rates And Home Prices Are Increasing: As we said earlier mortgage rates are starting to increase and home prices are continuing to rise. Making now the best time for you to stop renting and buy a home. Not only is buying better than renting but according to the experts buying now is better than waiting.
- ) You Can Build Up Equity: When you rent a home with each rent payment you make you are just helping your landlord build his or her own equity. But when you own home with each mortgage payment you make you are helping to build your own equity, which is an investment you just can’t pass up.
- ) You Are The King Of Your Castle: When you rent a home there is always someone you must ask before you go making any major changes which can be a huge hassle when it comes to getting your home the way you want it. But when you own a home you can shape it and mold it to your desires.
- ) You Enjoy Many Tax Advantages: By renting you afford yourself little to no tax advantages. However, with buying and owning a home many expenses such as interest and other things are tax deductible. Affording you with numerous tax advantages that really make homeownership extremely desirable.
These are great reasons for any potential homebuyer why buying is better than renting not just the potential buyers of the highly sought after real estate in Admirals Cove. So please consider sharing this article socially.