Buying - Buy vs rent
You will have a place of your own.
Homeownership gives you a sense of independence, privacy and security. The satisfaction of a place you can call your own truly is priceless. Your own home is a place to raise your family and be a part of your community. And it can be passed down to provide security for your children and grandchildren.
It can cost less than renting.
Homeowners see substantial tax savings through federal income tax deductions on property taxes and mortgage interest. These tax savings partially reduce, or offset, the actual cost of owning your home. These tax savings are not available if you rent an apartment or house. Use this calculator to compare the advantages and considerations of owning vs. renting a home.
Your monthly payments can be fixed.
If you choose a fixed-rate mortgage (one that stays the same for the life of the loan) when you buy your home, you will have the same mortgage payment each month.
Buying a home is one of the safest investments you can make.
Housing is not a quick-in, quick-out investment. When purchased for the long term (a typical holding period is six to 10 years) housing is one of the safest investments consumers can make. In addition to the savings accumulated through a buildup of equity and tax advantages, a home provides shelter. No paper investment provides this benefit.
You can build equity.
Owning a home is the single greatest source of financial security and independence for many people. You can expect to build equity as the value of your home appreciates steadily over time ─ as a result of any improvements you make, the strength of the local economy and other factors.
These benefits are also outlined in the following chart.
Talk with a REALTOR® today! He or she will use their experience to show you all your options, as well as negotiate on your behalf. Need a REALTOR®? Find one here
