Why should I Buy a Home instead of Rent? |
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Answer:
Most people will agree that buying a home is Home values have increased in recent years, and in some areas, it’s cheaper to rent. While renters save money on their housing expense, homeowners enjoy long-term benefits. Rent payments are often compared to “flushing money down the toilet.” Monthly payments profit the landlord. Renters don’t enjoy the benefit of equity. As homes appreciate, homeowners can sell their properties and purchase a larger home with the profit. Moreover, homeowners can tap into their home’s equity and use the money for home improvement, debt consolidation, etc. Additionally, some homeowners enjoy substantial tax benefits. In the beginning, the majority of monthly payments are applied to the interest, and the original mortgage payment barely decreases. Fortunately, homeowners can write-off the mortgage interest paid, and possibly receive a tax refund. This provision is a huge advantage for self-employed persons because the tax break lowers their tax obligation. Prior to buying a home, it is important to take several factors into consideration. While homeownership is a wise choice, owners are responsible for all repairs, maintenance, and other miscellaneous expenses. Unlike renters, you can’t call the landlord or pick-up and move as easily. Trackback(0)
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