Benefits of Homeownership vs. Renting
The pros and cons of owning a home versus renting a home is a hot topic for a reason. For most people, buying a home is often the largest purchase they’ll ever make. Afterall, it is a huge component of the “American Dream”. But, do you actually know the benefits of owning a home? We’ll break some of them down for you below.
4 Benefits of Homeownership
- It’s yours! Unlike renting, you can do whatever you want with your home. You have the freedom to make updates, express yourself and truly turn a house into your home. Plus, any renovations or improvements you make can increase the property value.
- Owning a home is an investment. When you buy a home, you’re buying an asset that will appreciate in value over time. This is a great way to establish a solid financial foundation, as the financial benefits can be significant. Contrarily, when you rent, you’re paying a landlord each month, who then uses your money to reap the benefits of home ownership.
- You receive tax benefits. Homeowners can deduct mortgage interest and property taxes when they file tax returns each year. This can add up quickly.
- You have predictable monthly payments. If you choose to get a fixed-rate mortgage on your home, your mortgage payment won’t ever change. Rent prices can unpredictably rise every year.
Ready to Buy a Home in Central Iowa?
Our real estate team’s comprehensive knowledge of the local real estate market, combined with a personal understanding of what you want in a new home, helps ensure a great experience. We are also extremely knowledgeable in land acquisition. Whether you are looking for an acreage or hunting/farming land, we can guide you through the process. Contact the Knickerbocker Real Estate Team today!