Ask an Agent: Buying versus Renting

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Welcome to our new Monday segment on the Shorewest blog — Ask an Agent. If you have any real estate questions you want answered, email us at [email protected] and we’ll feature your answer on an upcoming blog post.

Question: Why should I buy a home instead of renting?

If you’re not sure whether you’re ready to buy a home, the thought of re-signing a lease seems like it might be an easier option. Buying a home is an important investment — check out these  seven reasons why owning is a better opportunity.

1. You can save money. The tax deductability of mortgage interest and property taxes significantly reduces the “Real” cost of your mortgage payment. Some homeowners save hundreds of dollars annually due to tax deductions.
2. It’s a good investment. Home values typically rise, usually at a pace that meets or beats inflation. so you may be able to sell your home for more than you paid. Plus, your equity  turns into cash when you sell.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan, should you ever need it.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years, so your housing costs may actually decline as you own the home longer.
6. Freedom. The home is yours. you can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years give  you a chance to participate in community activities, establish lasting friendship and offers children the benefit of educational continuity.

The process of buying a home may seem overwhelming, that’s why you will want to contact a Shorewest real estate agent to start your home search. Experienced professionals know how to take you seamlessly from start to finish. Using their expertise, they will ensure you buy a home that is the perfect fit for you. To find a Shorewest real estate agent near you, use our Agent Search feature at shorewest.com.

Tags: ask an agent, buy, buying a home, Home Buying, real estate agent, rent, renting a home, shorewest, shorewest real estate

Categories: Home Buying