Purchasing a home was always one of my major life goals, and I bought a house as soon as I was financially ready. Now that I’m a property owner, I’m even more convinced that this was the right move for me.
Here are four big reasons I prefer owning my house to renting a place.
6 Simple Tips to Secure a 1.75% Mortgage Rate
Secure access to The Ascent’s free guide that reveals how to get the lowest mortgage rate for your new home purchase or when refinancing. Rates are still at multi-decade lows so take action today to avoid missing out.
By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time.
Please read our Privacy Statement and Terms & Conditions.
1. I can’t rent the type of house I want
It’s very important to me that I have land around my house, because I have dogs and I like to garden. With children and a large extended family who likes to visit, I also need plenty of space indoors. And I work from home, so I need a house where it’s comfortable to do my daily tasks.
Renting a house that meets all of my specifications would be almost impossible, since the types of properties I’m interested in don’t often come up for rent. But by buying, I can get exactly the type of house and lot that makes me happy.
2. Homeownership helps me build wealth
Each time I pay my mortgage, I acquire more equity in my home. My house is a valuable asset that becomes worth more over time as the property value grows, I pay down more of the debt, and the bank’s ownership interest shrinks.
Eventually, I’ll own my house outright, which will be worth quite a bit. I can sell it if I want to, and put the money into my retirement account. Or I can stay put and live mortgage-free as a senior. In either scenario, my house will make me more financially secure because it’s served as a wealth-building tool.
3. I can claim tax breaks for homeownership
Because I itemize when I file my taxes, I’m able to claim a tax deduction for the mortgage interest I pay, as well as for my property taxes.
…….
Source: https://www.fool.com/the-ascent/mortgages/articles/the-4-top-reasons-i-prefer-owning-to-renting/