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What are the advantages of buying over renting?

• Purchasing a home is one of the most important decisions of your lifetime.
• It is easy to become overwhelmed at the idea of finding, purchasing and finally owning your own home.
• You may feel that you are comfortable renting.
• Following are some good reasons why owning your home can be one of the best investments in your future you will ever make!
• Instead of paying someone else’s mortgage you can build equity in your own future!

When you are thinking about becoming a home buyer, it’s always good to run the numbers. A long-term renter can easily justify buying a home when he considers the total amount that he spends in rent over many years. Buying a home is a wise financial decision when you can afford it:

LIFESTYLE:

• Homeowners are different from renters.
• When you live in a neighborhood or complex that is primarily owner-occupied, your neighbors, like you, have invested in and care about their property.
• Naturally, they are willing to invest time, money and effort to improve their property and community, which in turn, improves the value of your property.

SECURITY FOR RETIREMENT:

• Unlike rent which goes on forever, the mortgage on your home will be paid someday, providing you with rent-free living for your retirement.

LEVERAGING:

• When you purchase your home you are leveraging your money. With as little as 5% down you can acquire 100% ownership, a great return on your investment!

PAY BACK ON IMPROVEMENTS:

• A renter typically gets no financial benefit from any of the improvements they make on the property, either to the home or yard.
• However, as a homeowner, you can realize some or even all of the costs (and maybe even a profit) from improvements when you sell your home.

TRADE-UP VALUE:

• Even if your first home isn’t your dream home, you will be working your way up to it.
• With appreciation and the possibility of a return on improvements, it may provide you with enough equity to make a down payment on your dream home later.

INVESTMENT PROPERTY:

For some, second single-family homes or condominiums are proving to be good income investments and tax shelters. You will be realizing profits and tax benefits from renters who may not know the benefits of owning a home.

MORE SPACE:

• Both indoors and outdoors, you will probably have more space if you own your own home.
• Even moving to a condominium from an apartment, you are likely to find you have much more room available – your own laundry and storage area, and bigger rooms.
• Apartment complexes are more interested in creating the maximum number of income-producing units than they are in creating space for each of the tenants.