Home Ownership vs. Renting?
Advantages Of Home Ownership
Every year, millions of people just like you enter the exciting world of homeownership. For many people, it is the biggest financial investment they will ever make; however, it doesn't have to be the scariest. Owning a home is one of the safest investments you can make. When a person decides to rent, usually very little thought goes into the financial ramifications that go along with it. It is understood that your rent money goes into someone else's pocket. Oddly enough, when a person decides it's time to own their own home, and thus start building equity for him or herself, they tend to get nervous. Even though it's probably the smartest and safest thing they've ever done with their money, they can become overwhelmed with anxiety.
Still not convinced? Using the chart below from the experts at Bigelow Homes, you can weigh the benefits of owning versus renting. Good sensible information will free you from fretting about your big decision. Rest easy. It's time for you to stop worrying and start enjoying the idea of becoming a homeowner.
After a quick comparison, we think you'll agree that there's no place like a home of your own.
|Owning a Home
||Renting a Home|
|Tax savings from your home and potential equity can be used to pay for your kids to go to college.
||Rent checks pay for your landlord's personal luxuries.|
|You are in control of your monthly payment.
||Your landlord controls your monthly expenses.|
|Your pets can live in the house with you.
||Your pets are often unwelcome in the house.|
|You tend a beautiful garden.
||You water a couple of potted plants.|
|You can try that new designer painting technique in your bedroom.
||You need to make eggshell white work with your décor.|
|You do laundry whenever you feel like it.
||You have to scrape together quarters each week to do laundry.|
|Your children can play in your yard.
||Your children play in a parking lot.|
|Mortgage interest is tax-deductible. The IRS's loss is your gain.
||Rent is not tax-deductible.|
|Each mortgage payment could go toward building a nest egg for your family.
||Every rent payment disappears forever.|