Are you considering the pros and cons of buying a home versus continuing to rent? There are multiple advantages to owning a home such as social and tax benefits, but one of the most important
Buying A Home Is An Investment
Are you considering the pros and cons of buying a home versus continuing to rent? There are multiple advantages to owning a home such as social and tax benefits, but one of the most important advantages of home ownership is the financial perks. From federal tax credits to building equity. We all know that buying a home is big step, but if you’re planning to live in the house for more than a few years, buying is cheaper than renting in the long-term. Your interest payment on your mortgage will decrease as you continue to make payments, and you’ll eventually be paying less than you would have for renting. Plus, you build equity in your house, it’s an investment! Instead of making payments to a landlord, you’re making payments towards earning equity in your own house. Soon enough, your house will be paid off, or you can sell it to make a profit. If you’re still questioning whether it’s truly a solid investment, it’s been found that a homeowner’s net worth is nearly 46 times that of someone who rents.
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